Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V: BRZ) announces that its Board of Directors, subject to shareholder and TSX.V approval, has approved the re-pricing of a total of 2,135,000 options to purchase common shares ("Options") to an amended exercise price of $0.15 per Option (the "Re-Pricing"). The closing price of the Company's common shares on the TSX.V on Friday, March 15, 2013, prior to the approval of the Re-Pricing, was $0.07. A total of 1,935,000 of the Options had been issued on July 12, 2011 with an original exercise price of $0.72. A further 200,000 Options had been issued on December 15, 2011 at an original exercise price of $0.38.
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 Annual General Meeting to be held on April 24, 2013. The Re-Pricing of the Options is subject to the approval of a simple majority approval of the Company's shareholders excluding votes attached to shares 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 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 management, who have accepted a significant reduction in their salaries in order to preserve the Company's treasury; and directors, who receive no cash compensation.
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. Bearing is exploring at the ~40,000 hectares Mapimi gold-silver project located in the Altiplano Region of eastern Durango, Mexico. The Company's Mount Polley and October Dome copper-gold projects are located in British Columbia near Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary property, with Imperial. In the Yukon, the company has three projects optioned out including the Flume Project where Ryan Gold Corp. has been granted a right to earn up to 75% interest.
BEARING RESOURCES LTD.
"Robert Cameron"
Robert Cameron, President & CEO
For further information please visit Bearing's website at www.bearingresources.ca or contact either Robert Cameron at (604) 682-5546 (rcameronr@bearingresources.ca) or Paul Reinhart at (604) 488-4907 (preinhart@bearingresources.ca)
Other News:
Bearing Resources announces Repricing of Options
BSA 2013 Annual Convention presents “Top Gun Leadership: Never Fly Solo”
SKF divests metallic rods operation to Precision Castparts Corp.
Property market woes hit Vietnam steel industry
Schaeffler honored for its very high precision and quality
Timken Recognized as One of World's Most Ethical Companies
NTN Bearing Corporation Celebrates 50 Years in America
RKB T3 Plant acquires new large size CMM
