Minerals International Inc. (the "Company") announces that it has
adopted a Stock Option Plan (the "Plan") dated May 1, 2003, subject
to regulatory and shareholder approval.
to the Plan, the Board of Directors may from time to time authorize the issue
of options to directors, officers, employees, and consultants of the Company
and its subsidiaries. The maximum number of common shares which may be issued
pursuant to options granted under the Plan is 2,146,004 common shares in the
capital of the Company, or such additional amounts as may be approved from
time to time by shareholders of the Company, including stock options
currently existing outside the Plan which are exercisable for up to 770,000
common shares of the Company and which shall, upon regulatory and shareholder
approval of the Plan, be included under the Plan.
The Plan provides that the number of common shares issuable to optionees under the Plan may not exceed 20% of the total
number of issued and outstanding common shares of the Company. In addition,
the number of shares which may be reserved for issuance to any one individual
may not exceed 5% of the issued shares of the Company on a yearly basis. Any
options granted under the Plan vest as to 25% upon grant and 12 ½%
every quarter thereafter.
number of shares under option from time to time and the exercise price of
such options, and any amendments thereto, is
determined by the directors in accordance with the policies of the TSX
behalf of the Directors of IMPACT Minerals International Inc.
W. Davidson", President
For further information please contact:
Fred Davidson - President or
Darrell Rader - Corporate Development