Grant of Stock Options

TORONTO, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Matachewan Consolidated Mines, Limited (the “Company”) (TSX-V: MCM.A) announces that it has granted stock options to directors and employees of the Company to purchase up to 1,200,000 common shares, in aggregate (“Common Shares”) in the capital of the Company at an exercise price of $0.28 per Common Share, the closing price of the Common Shares on August 29, 2022, expiring on August 29, 2027 The current number of issued and outstanding Common Shares is approximately 12,445,025. The options were granted pursuant to the Company’s incentive stock option plan (the “Plan”), under which a maximum of 1,240,000 Common Shares are reserved for issuance. Following the grant of such options, a further 40,000 Common Shares will be available for issuance under the Plan.

Read more at globenewswire.com