Revett Seeks to Amend Warrant Exercise Prices to US Dollars
SPOKANE VALLEY, WASHINGTON -- (Marketwire) -- 06/20/11 -- Revett Minerals Inc. (TSX: RVM)(NYSE Amex: RVM) today announced that it will seek to amend the Series 2010-I warrants that were issued in connection with a private placement completed in August 2010 such that the exercise price will be expressed as the US dollar equivalent of the Cdn$1.75 exercise price based on the noon rate in effect on June 30, 2011. A total of 1,452,554 Series 2010-I warrants are outstanding as of the date hereof and expire on August 26, 2013. Insiders of the company as a group hold 244,836 of the warrants. The amendment is subject to the approval of the Toronto Stock Exchange and the consents of affected warrantholders. Only the warrants held by holders that provide their consent will be amended. The company has determined that it is preferable for the company under US GAAP (which was adopted by the company effective January 1, 2011) to have warrant exercise prices expressed in US dollars.
About Revett
Revett, through its subsidiaries, owns and operates the currently producing Troy Mine in Lincoln County, Montana and development-stage Rock Creek Project located in Sanders County, Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project forms the basis of our plan to become a solid mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan, President & CEO
Contacts:
Revett Minerals Inc.
Monique Hayes
Corporate Secretary & Director Investor Relations
(509) 921-2294
www.revettminerals.com