St. Eugene Mining Corporation Ltd.
TSX VENTURE : SEM

St. Eugene Mining Corporation Ltd.

December 24, 2010 15:50 ET

Stock Option Grant

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2010) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

St. Eugene Mining Corporation Limited (TSX VENTURE:SEM) ("St. Eugene" or the "Company") announces that it has granted an aggregate 3,325,000 incentive stock options to officers, directors, consultants, and employees. The stock options are exerciseable at a price of $0.25 per share for a period of 5 years, and, with the exception of accelerated vesting provisions, shall vest and become exerciseable as to one-quarter of the number granted on a quarterly basis over the ensuing year. 100,000 of these stock options were granted to principals of Auburn Partners, an investor relations firm engaged by the Company. In addition to the options already held, the principals of Auburn will hold an aggregate 350,000 stock options. The grant of options to the principals of Auburn are not related to the achievement of certain market-oriented factors, such as trading volume or price parameters. In further consideration of the services to be provided by Auburn, the Company will pay additional per diem compensation for services performed that are in relation to specific pre-approved activities, in addition to reimbursement of all direct costs incurred in providing the services. 

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of St. Eugene contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause St. Eugene's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding St. Eugene's expectations regarding ownership, entitlements, drilling and exploration activities on properties in which St. Eugene has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from St. Eugene's expectations. St. Eugene undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • St. Eugene Mining Corporation Limited
    Jennifer L. Boyle, B.A., LL.B.
    Chief Executive Officer
    (647) 430-0966 (work) or 416-904-2714 (cell)
    jennifer@capexgroupinc.com