Bear Lake Gold appoints Fennell executive chairman2010-10-19 16:28 ET - News Release
Shares issued 110,223,879
BLG Close 2010-10-18 C$ 0.30
Mr. Francois Viens reports
BEAR LAKE GOLD APPOINTS EXECUTIVE CHAIR AND GRANTS OPTIONS
Bear Lake Gold Ltd.'s chairman, David Fennell, will assume the role and duties of executive chairman of the company. In addition to the normal duties of chairman, the executive chairman will lead the assessment of potential strategic initiatives to create and enhance value for shareholders. In consultation with Francois Viens, the company's president and chief executive officer, he will ensure that action plans and policies are in place to meet the company's objectives.
The company also announces that, subject to regulatory approval, it has approved the grant of an aggregate of 5.25 million stock options to directors, officers, employees and consultants of the company. Of the total, 1.63 million options are subject to the achievement of certain performance objectives and vest only if the 20-day volume-weighted average price of the company's common shares on the TSX Venture Exchange is 90 cents per share or above. Of the total, 700,000 are subject to the achievement of certain defined performance objectives. The balance of 3.62 million options vest over a two-year period. The options have a five-year term and are exercisable at a price of 30 cents, the closing price of the company's stock on Oct. 15, 2010.