Some NewsMACMILLAN MINERALS INC.
NEWS RELEASE 2011-03
MacMillan Minerals Early Warning News Release
TORONTO, CANADA – April 21, 2011 – Mr. George A. Brown of Toronto,Ontario, President of MacMillan Minerals Inc., (CNSX:MMX) reports thathe currently owns 4,038,321 common shares of the Company representing9.61% of the 42,027,375 issued and outstanding common shares. Mr. Brownwas elected to serve as a director and appointed President on March 31,2011. This early warning release is issued as a result of the purchaseof 93,000 common shares at
.12 by Mr. Brown through one buy order inthe public markets of the CNSX between April 11 and April 18, 2011(settlement dates from April 14 to April 21, 2011) combined with thevesting of 180,000 stock options on April 18, 2011.
In addition to his 4,038,321 common share holdings, Mr. Brown has600,000 stock options exercisable at
.05 until October 18, 2015. Theseoptions vest over a period of three years and on April 18, 2011 becamevested for up to 180,000 (30%) of the 600,000 stock option grant. On apartially diluted basis, if only Mr. Brown exercised 100% of his vestedstock options, his holdings would represent 4,218,321 common shares or9.99% of the 42,207,375 partially diluted shares. If all vested stockoptions were exercised, Mr. Brown would own 4,218,321 common shares or9.79% of the 43,107,375 partially diluted shares. An additional 120,000(20%) of these stock option grants become vested on October 18, 2011which would represent an increase of 0.29% of the issued shares on apartially diluted basis. If all options were 100% vested and only Mr.Brown exercised his options, his holdings would represent 4,638,321common shares or 10.88% of the partially diluted 42,627,375 commonshares. If all stock options were 100% vested and exercised, Mr. Brown’sholdings would represent 4,638,321 common shares or 10.17% of the45,627,375 partially diluted shares.
Mr. Brown also owns 900,000 warrants exercisable at
.08 to September30, 2012. On a partially diluted basis, if only Mr. Brown exercised 100%of his warrants, his holdings would represent 4,938,321 common sharesor 11.50% of the 42,927,375 partially diluted shares. If all warrantswere exercised, Mr. Brown would own 4,938,321 common shares or 9.31% ofthe 53,027,375 partially diluted shares. Mr. Brown is bound by apersonal undertaking to MacMillan Minerals Inc. not to exercise any ofhis 900,000 warrants until he has either filed an Early Warning Reportor otherwise satisfied MacMillan Minerals Inc. that the exercise of anyof his warrants does not require an Early Warning Report.
If only Mr. Brown exercised all of his vested stock options andwarrants, he would own 5,118,321 common shares or 11.87% of the43,107,375 partially diluted shares. If all vested stock options andwarrants were exercised, Mr. Brown would own 5,118,321 common shares or9.46% of the 54,107,375 partially diluted shares. If 100% of the stockoptions were vested and only Mr. Brown exercised his stock options andwarrants, his holdings would represent 5,538,321 or 12.72% of the43,527,375 partially diluted shares. If 100% of the stock options werevested and all stock options and warrants were exercised, Mr. Brownwould own 5,538,321 common shares or 9.78% of the 56,627,375 fullydiluted shares.
Mr. Brown has purchased these shares for investment purposes and maycontinue to increase his position up to and not exceeding 20% of thecommon shares on a partially diluted basis which would not result in adefined change of control. Mr. Brown will be required to file furtherEarly Warning Reports for each 2% increase in his position. The holdingsof Mr. Brown in MacMillan Minerals Inc. can be viewed at any time bythe public on SEDI.