Lamelee Iron corrects option grant information

2014-01-08 17:33 ET - News Release

Mr. Jean Lafleur reports

GRANT OF OPTIONS BY LAMELEE

Lamelee Iron Ore Ltd. wishes to correct information that was mistakenly conveyed in a press release of the company dated Dec. 20, 2013, regarding a grant of options to its directors and officers.

The grant of options mentioned in the Dec. 20 press release did not occur. Rather, the following options were granted on Jan. 8 to directors and officers of the company in accordance with a directors' meeting:

Jean Lafleur: 500,000

Guy Girard: 500,000

Pierre Lortie: 500,000

Jean Depatie: 750,000

Paul Ankcorn: 350,000

All the options are exercisable for a period of 10 years at an exercise price of 11 cents.

The board of directors of the company amended the stock option plan to allow for the exercise price of options to be no less than the market value less the discount permitted by the TSX Venture Exchange. Such amendment is subject to shareholder approval. Accordingly, the grants of options mentioned above are conditional upon the approval of the shareholders. Should such approval not be granted, the exercise price of such options will be 14.5 cents and the number of options will be increased by 25 per cent. Should the optionees choose to exercise their options before the granting of the approval by the shareholders, the exercise price of such options will be 14.5 cents and no increase in the number of options will occur.