Thompson Creek announces completion of stock option cancellation program
June 23 2009 - 6:49PM
PR Newswire (US)
NYSE: TC TSX: TCM, TCM.WT Frankfurt: A6R TORONTO, June 23
/PRNewswire-FirstCall/ -- Thompson Creek Metals Company Inc.
("Company"), one of the world's largest publicly traded, pure
molybdenum producers, today announced that it has completed a
voluntary stock option cancellation program offered to all holders
of stock options with an exercise price of C$16.19 per share and
above. Under the terms of the program, options to acquire an
aggregate of 2,414,500 million common shares were voluntarily
surrendered for cancellation by 55 holders effective June 22, 2009.
The Company's existing stock option plan currently allows for a
maximum of approximately 8.6 million outstanding options. Following
this cancellation, there are a total of 6,055,166 options
outstanding with exercise prices ranging from C$0.60 to C$23.93.
The cancellation of options provides the Company with the
flexibility to issue stock options in the future. The Company
regards the flexibility to issue new options as an important
element in attracting and retaining highly qualified employees and
directors. A non-cash compensation charge of approximately US$2.8
million will be recorded in the quarter ending June 30, 2009,
representing the remaining unamortized, stock-based compensation
cost for the cancelled options as of June 22, 2009. As a result,
the current quarterly charge related to these options will be
eliminated, representing approximately US$0.9 million for the
quarter ending September 30, 2009, and US$0.8 million, $0.7
million, $0.3 million, and $0.1 million for the subsequent four
quarters, respectively. About Thompson Creek Metals Company Inc.
Thompson Creek Metals Company Inc. is one of the largest publicly
traded, pure molybdenum producers in the world. The Company owns
the Thompson Creek open-pit molybdenum mine and mill in Idaho, a
metallurgical roasting facility in Langeloth, Pennsylvania and a
75% share of the Endako open-pit mine, mill and roasting facility
in northern British Columbia. Thompson Creek has two high-grade
underground molybdenum deposits, the Davidson Deposit near
Smithers, B.C., and the Mount Emmons Deposit near Crested Butte,
Colorado. The Company is continuing to pursue permitting of the
Davidson Project and is evaluating the Mount Emmons Deposit. The
Company has approximately 750 employees. Its principal executive
office is in Denver, Colorado, and it has other executive offices
in Toronto, Ontario and Vancouver, British Columbia. More
information is available at http://www.thompsoncreekmetals.com/.
Cautionary Note Regarding Forward-Looking Statements
---------------------------------------------------- This news
release contains "forward-looking information" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation which may
include, but is not limited to, statements with respect to the
timing and amount of estimated future production. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Thompson Creek and/or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include those factors
discussed in the section entitled "Risk Factors" in Thompson
Creek's current annual information form which is available on SEDAR
at http://www.sedar.com/ and is incorporated in its Annual Report
on Form 40-F filed with the United States Securities and Exchange
Commission which is available at http://www.sec.gov/. Although
Thompson Creek has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and Thompson Creek does not undertake to update any such
forward-looking statements, except in accordance with applicable
securities laws. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers are cautioned not to place undue
reliance on forward-looking statements. Readers should refer to
Thompson Creek's current annual information form which is available
on SEDAR at http://www.sedar.com/ and is incorporated in its Annual
Report on Form 40-F filed with the SEC which is available at
http://www.sec.gov/ and subsequent continuous disclosure documents
available at http://www.sedar.com/ and http://www.sec.gov/ for
further information on mineral reserves and mineral resources,
which is subject to the qualifications and notes set forth therein.
CONTACT: Wayne Cheveldayoff, Director of Investor Relations,
Thompson Creek Metals Company Inc., Tel: (416) 860-1438, Toll free:
1-800-827-0992, ; Dan Symons, Renmark Financial Communications
Inc., Tel.: (514) 939-3989, DATASOURCE: Thompson Creek Metals
Company Inc. CONTACT: Wayne Cheveldayoff, Director of Investor
Relations, Thompson Creek Metals Company Inc., Tel: (416) 860-1438,
Toll free: 1-800-827-0992, ; Dan Symons, Renmark Financial
Communications Inc., Tel.: (514) 939-3989,
Copyright