CALGARY, ALBERTA--(Marketwired - April 2, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS
Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) announces that it has issued stock options to purchase a total of 1,815,000 common shares of the Company ("Common Shares") to certain of its directors, senior officers and employees in accordance with the Company's shareholder approved stock option plan (the "Option Plan"). The stock options are exercisable at a price of $2.32 per share, expire in five years and vest as to 1/3 of the total number of stock options granted on each of the first, second and third anniversaries of the date of grant.
The Company also announces that it has amended the terms of all issued and outstanding stock options (the "Existing Options"), other than the stock options issued today, to reduce the respective exercise prices thereof, as permitted pursuant to the terms of the Option Plan. This amendment has been carried out in connection with the distribution to the Company's shareholders of a pro rata entitlement to an aggregate of 13,629,442 common shares of Storm Resources Ltd. ("Storm Shares") under the plan of arrangement (the "Arrangement") carried out by the Company effective March 20, 2014. The Option Plan permits the board of directors to make an appropriate and proportionate adjustment to the exercise price of outstanding stock options in the event that the Company carries out a distribution to its shareholders of securities or other property or assets. Accordingly, and as the holders of the Existing Options were not entitled to the distribution of the Storm Shares under the Arrangement in respect of the Common Shares into which the Existing Options are exercisable, the board of directors has determined that a reduction in the exercise prices of the Existing Options is appropriate. The exercise prices of the Existing Options have been reduced by $1.08 per share, which reduction is equal to the reduction in the fair market value of the Common Shares as a result of the distribution of the Storm Shares under the Arrangement, as measured based on the closing prices for the Common Shares on the TSX Venture Exchange on the trading days immediately prior to the effective time of the Arrangement ($3.62 per share) and immediately following the effective time of the Arrangement ($2.54 per share).
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Yoho will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.
Neither 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.