News out after the close:
Canadian Royalties Inc.: Announcement
Monday June 23, 4:04 pm ET
VAL-D'OR, QUEBEC--Canadian Royalties (TSX-V symbol: CZZ - News) announces that the Nunavik (Ungava) exploration camp is open and 20 people are on site setting up drilling equipment and carrying out tasks necessary for the commencement of ground geophysical surveys, prospecting, geological mapping and diamond drilling.
The Corporation further announces that it granted, subject to receipt of regulatory approval, an additional 25,000 incentive stock options to Mr. Jens Zinke, a private investor consultant who holds a doctorate in geophysics, has been an investment analyst and, most recently, was Director, Investor Relations for Norsat International, Inc. in Burnaby, BC. Mr. Zinke lives in Germany and travels extensively in Europe and North America with his work. He is an independent contractor with Canadian Royalties and there is no relationship of employment, partnership or joint venture with Canadian Royalties, other than as consultant responsible for outside investor relations activities. Mr. Zinke will provide investor relations services generally, and in particular, will be instrumental in increasing the Corporation's profile in European, American and Canadian markets. His agreement with the Corporation may be terminated by either party on 30 days notice. The 25,000 options to Mr. Zinke have an exercise price of $2.31 per share, expire on the earlier of the 90th day following expiry or termination of Mr. Zinke's services and June 23, 2007, and vest in four equal portions over the Corporation's next four financial quarters. Mr. Zinke also holds 65,000 stock options that were previously announced on April 8, 2003 as being held by Vancadia Capital Corporation, but Mr. Zinke has elected to hold these options personally, and not through Vancadia. The options are in no way related to achievement of certain market-oriented factors, such as trading volume or price parameters. In further consideration of the services provided by Mr. Zinke, Canadian Royalties will pay additional per diem compensation for services performed over a 15 month period in relation to specific pre-approved programs and projects, in addition to reimbursement for all direct costs incurred in providing the services.
The Corporation has also approved the granting of 25,000 incentive stock options to a director of the Corporation, having an exercise price of $2.31 per share, expiring on June 17, 2013.
The Corporation recently announced that it had entered into two letters of intent with Little Mountain Resources Inc. with respect to option and joint ventures on two of its Ungava properties (Lac Felix and Generals). Subject to entering into formal agreements with Little Mountain, and to Little Mountain incurring $500,000 in exploration expenditures on the properties during the 2003 summer exploration season, a finders fee of 20,000 common shares will be payable to a registered representative of a Member. An additional 5,000 common shares will be reserved for issuance in the event that Little Mountain completes its required exploration expenditures of $1,000,000 in the second exploration season (summer 2004). The issuance of the shares is further subject to the availability of an exemption from the requirement to deliver a prospectus and to the receipt of all applicable regulatory approvals.
The Corporation further announces that it has been granted Tier-1 status on the TSX Venture Exchange.
Canadian Royalties Inc. has discovered significant nickel-copper-platinum-palladium mineralization in the Raglan Mining Camp, and is currently preparing for the upcoming field season on its Ungava Properties.
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Contact:
Canadian Royalties Inc.
Glenn J. Mullan
Chairman
Phone: (819) 824-1030
Email: mullan@canadianroyalties.com
www.canadianroyalties.com
