Under the terms of the agreement with First Canadian (the "Agreement"), Canadian Orebodies will pay First Canadian $6,000 per month for a twelve month initial term (with a right of termination by either party after six months) and has granted 400,000 stock options at an exercise price of $0.25 per share, which shall vest quarterly in accordance with the policies of the TSX Venture Exchange. Kindly note that the Agreement and related stock option issuance to First Canadian remain subject to the approval of the TSX Venture Exchange.
The Company also announces that it has granted incentive stock options to Directors, Officers and consultants of the Company in the aggregate amount of 1,725,000 under the terms of the incentive stock option plan of the Company. The options are exercisable at a price of $0.25 per share for a period of five years and are subject to a four month hold period from the date of the issuance thereof.
About First Canadian Capital Corp.
Based in Toronto and in the investor relations business for thirteen years, First Canadian Capital Corp. has assisted numerous North American corporations in gaining exposure and recognition within the global investment community and specializing in providing investor relations services to emerging small-cap and mid-tier companies. FCCC's core competencies are found in identifying quality assets and undervalued companies with high growth potential and providing effective investor relations and market awareness services to these companies. FCCC is proud to have had two clients win the PDAC Prospector of the Year Award.
About the Company
Canadian Orebodies Inc. is a Canadian-based mineral exploration company with a portfolio of properties in Nunavut and Ontario. Canadian Orebodies' primary focus is on advancing and developing its Haig Inlet Iron Project, located on the Belcher Islands in Nunavut. Canadian Orebodies trades on the TSX Venture Exchange under the symbol "CO".
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
Forward Looking Information:
This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to mineral resources, potential mineralization, exploration results and the Company's plans with respect to the exploration and development of the Properties) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in commodity prices, changes in equity markets, failure to establish mineral resources, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other ecological data, and the other risks involved in the mineral exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.