Montreal, Quebec: Aurvista Gold Corporation (“Aurvista” or the “Company”) (TSX-V: AVA, OTCQB: ARVSF; Frankfurt: AV2) is pleased to report that the Board of Directors has adopted amendments to the Aurvista Stock Option Plan which will enter into effect immediately until ratified by shareholders at the next annual and special meeting of shareholders. The amendments include i) a clarification of language permitting the Board to accelerate vesting provisions in the event of a change of control; ii) providing that if an option is to expire within a blackout period or within two business days thereafter, the option expiry date will be automatically extended for 10 days; iii) providing that the Board of Directors may extend the 90 day period during which an optionee may exercise its options following ceasing to fulfill a function at Aurvista for up to a year; and finally, iv) providing that the stock option plan be changed from a 10% floating plan to a fixed number of options (16,740,000 options, equal to approximately 12.5% of the presently issued and outstanding shares).
In addition the Board of Directors has adopted an advance notice by-law (the “By-Law”). The By-Law requires that an advance notice be given to Aurvista when shareholders intend to nominate candidates for election as directors of the Corporation otherwise than pursuant to (i) a notice of meeting given in accordance with the provisions of the Canada Business Corporations Act (the “Act”) or (ii) a shareholder proposal made in accordance with the provisions of the Act. In the case of an annual meeting of shareholders, the advance notice to Aurvista must be given at least 30 days and no more than 65 days before the date of the annual meeting, provided, however, that if the annual meeting of shareholders is to be held less than 50 days after the date of the first public announcement of the date of the annual meeting, a shareholder nominating a candidate may give notice no later than the close of business on the 10th day following the date of such public announcement. In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), the advance notice to Aurvista must be given no later than the close of business on the 15th day following the date of the first public announcement of the date of the special meeting of shareholders. The By-Law takes effect immediately until ratified by shareholders at the next annual and special meeting of shareholders. The full text of the By-Law is available under the Corporation’s profile in the SEDAR database at www.sedar.com.
For Investor Inquiries or Further Information Please Contact:
Mr. Joness Lang
Phone: +1 778 686 6836
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Forward Looking Statements
This news release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Aurvista Gold Corporation’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.aurvistagold.com.