NEMI Announces Grant of Incentive Stock Options and Provides Update on Litigation
Vancouver, BC, Canada – May 29, 2009 – NEMI Northern Energy & Mining Inc. (the "Company" or "NEMI" / TSX: NNE.A)
NEMI announces that it has granted to directors an aggregate of 250,000 incentive stock options exercisable into Class "A" common shares of the Company for a period of five years at an exercise price of $0.41, pursuant to the Company's 2006 Stock Option Plan (the "Plan"). The Plan was approved and ratified by shareholders of the Company at its last Annual and Special Meeting.
On May 12, 2009, Patrick Devlin ("Devlin"), commenced an action in the Supreme Court of British Columbia against the Company alleging that the Company wrongfully dismissed Devlin from his employment with the Company, or alternatively, that the Company's actions constituted a constructive dismissal of Devlin or a repudiation of a contract of employment between the Company and Devlin. Devlin is claiming liquidated damages in the amount of $800,000.00, or alternatively, damages for wrongful or constructive dismissal and/or breach of contract, special damages, interest and special costs.
The Company disputes the allegations made in the action and will take all steps available to it to fully protect its interests and those of its shareholders.
For more information, please contact:
Michael Cooney
Director
NEMI Northern Energy & Mining Inc.
(T) 604 684-1554
(T) 415 339-8825
(F) 604 684-1556
E-mail: mcooney@nemi-energy.com