MagIndustries Announces Grant of Options

MagIndustries Corp. (TSX:MAA) reported that pursuant to its stock option plan and subject to approval of the TSX, the Company has granted a total of 6,625,000 incentive stock options to 22 directors, officers and employees of the Company and its subsidiaries on April 17, 2010.

The press release is quoted as saying:

These options vest in five equal installments over a period of 12 months commencing on the date of grant, have an exercise price of Cnd$0.50 per share, being a 14% premium to the closing price of the shares on the TSX on April 16th, 2010 of Cnd$0.44, and have a term of five years.

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