QUEBEC CITY, QUEBEC--(Marketwire - Jan. 15, 2013) -Virginia Mines Inc. ("Virginia") (TSX:VGQ) announces that today it has granted 175,750 stock options to its directors, officers, employees and service providers.
Of this number 50,000 have been granted to its directors and officers and 125,750 have been granted to its employees and service providers. Each stock option entitles its holder to subscribe to one common share of Virginia at a price of $9.87 per share, which is higher than the January 14, 2013 closing price on the Toronto Stock Exchange. These options are valid for a 10-year period.
(TSX:VGQ) Virginia conducts its exploration activities over the vast, unexplored territories of Northern Quebec in order to create value for its shareholders while protecting the quality of life for both present and future generations. With a working capital position of $40.3 million as at November 30, 2012, and a large area of mining claims in Quebec North, Virginia is among the most active mining exploration companies in Québec. Strengthened by the discovery of the Éléonore project and more than 15 years expertise on the territory, Virginia's exploration team is recognized as one of the best in Canada. Virginia also holds a 2.2% to 3.5% royalty in the Éléonore property.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia's periodic reports filed with the security commissions of Quebec, Ontario and Alberta, and in the annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.