NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWSWIRE SERVICES
VANCOUVER, British Columbia, June 08, 2018 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (TSX-V:BRD) (OTCQB:BDWYF) ("Broadway" or the "Company") announces that its Board of Directors, subject to disinterested shareholder and TSX Venture Exchange (TSX-V) approval, has approved the re-pricing of a total of 840,000 options to purchase common shares ("Options") to an amended exercise price of C$0.20 per Option (the "Re-Pricing"). The closing price of the Company's common shares on the TSX-V on June 7, 2018, prior to the approval of the Re-Pricing, was C$0.165. A total of 440,000 of the Options had been issued on April 3, 2017 with an original exercise price of C$1.11. A further 400,000 Options had been issued on July 13, 2017 at an original exercise price of C$0.74.
In the coming weeks, Broadway will approach warrant holders to determine if there is unanimous approval to reprice existing warrants given the exercise rules triggered by such an event.
The Re-Pricing of the Options will be submitted for TSX-V approval shortly and shareholder approval will be sought at the Company's upcoming 2018 Annual General Meeting. The Re-Pricing of the Options is subject to a simple majority approval of the Company's shareholders excluding votes attached to shares that are beneficially owned by insiders to whom options may be granted under the Company's stock option plan or associates of such persons. Prior to the Company's receipt of TSX-V and disinterested shareholder approval, none of the Options may be exercised at the revised price.
The Re-Pricing of the Options to insiders, employees and consultants is undertaken to attempt to ensure that the objectives of the Company's stock option plan are fulfilled and to compensate directors, who receive no cash compensation.
About Broadway Gold Mining Ltd.
Broadway Gold Mining Ltd. is focused on the exploration and development of the Broadway and Madison mines and the discovery of the porphyry source of their mineralization. The Company owns a 100% interest in a four-square-mile property, which is in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for exploration and bulk sampling. Of two underground mines, one, the Madison, is Mine Safety and Health Administration (MSHA) compliant. While actively expanding known copper and gold zones open for development, the Company's exploration program has identified new anomalies along the two-mile contact zone, and across its extensive four-square-mile land package. The Company confirmed a Latite porphyry discovery in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appears to be of significant size with intercepts to-date measuring up to 234 meters, open in all directions.
For more information:
Thomas Smeenk
President and CEO
Broadway Gold Mining Ltd.
1-800-680-0661
IR@broadwaymining.com
www.broadwaymining.com
Media:
Adam Bello
Primoris Group Inc.
+1 416.489.0092
media@primorisgroup.com
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of The TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.