Alibaba Innovations Corp. Announces Issuance of 100,000 Shares
22.06.2015 | Marketwire
VANCOUVER, June 22, 2015 - Alibaba Innovations Corp. ("AIC" or the "Company") (CSE:ABJ) is announcing that the Company is issuing the shares required to maintain its WestZen mining claim option for an additional year. The WestZen property is located on geophysical magnetic low anomalies as shown on government maps. The property lies 7-11 kilometres west of Zenyatta Ventures Ltd.'s high purity graphite property. Within the last year, partly under the terms of an option to Xmet Inc., Xmet undertook more detailed airborne geophysical surveys over most of the area.At this time the property is held by Alibaba Graphite Corp., a subsidiary of Alibaba Innovations Corp. and in part by Xmet Inc.
The Company also announces the adoption of a "rolling 10%" Stock Option Plan (the "Option Plan"), which was approved by the Board of Directors on June 16, 2015. A copy of the Option Plan is filed on SEDAR. The Option Plan allows the grant of options to purchase up to 10% of the issued and outstanding share capital of the Company on a rolling basis. Prior to the adoption of the Option Plan, an aggregate of 5,900,000 stock options were granted and outstanding. The stock options were granted to officers, directors and consultants of the Company. Each stock option is exercisable at $0.05 per common share and expires February 19, 2019. The terms and conditions of these stock options are governed by the Option Plan.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Further details are available under the Company's profile on SEDAR at www.sedar.com, and the Company's profile on the CSE's website at www.cnsx.ca.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of AIC. Forward-looking information is based on certain key expectations and assumptions made by the management of AIC, including future exploration plans. Although AIC believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward- looking information because AIC can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. AIC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Contact
Alibaba Innovations Corp.
Robert Komarechka, President, CEO, and Director
1 (705) 690-8118
bkomar@fibreop.ca
www.alibabagraphite.com