QUEBEC, CANADA, Mar. 16, 2010 (Marketwire) -- NEMASKA EXPLORATION INC. ("Nemaska" or the "Corporation") is pleased to announce that it has entered into a financial public relations service agreement (the "Agreement") with MI3 Communications Financieres Inc. ("MI3") whereby MI3 will act as Nemaska's financial public relation advisor. MI3 will target private, retail and institutional investors interested in investing in Nemaska's securities and will work so as to increase the visibility of Nemaska's projects with the financial community and answer questions from various private and institutional investors as well as from news media.
The Agreement has a term of twelve months with renewal terms of six to twelve months unless terminated by either party.
In consideration for its services, MI3 will receive a monthly service fee of $4,000. MI3 is also entitled to the reimbursement of certain fees and expenses in connection with the services provided to Nemaska.
Under the terms of the Agreement, MI3 has been granted incentive stock options to purchase up to a maximum of 150,000 common shares of Nemaska at a price of $0.50 per common share for a period of five years following the grant thereof, or one year following the termination of the Agreement. The options may not be exercised during the three months following the grant thereof. Thereafter, the options may be exercised, in whole or in part, in respect of one-fourth of the options for each three-month period.
The Agreement, the payment of the cash fee and the issuance of the incentive stock options are subject to the approval of the TSX Venture Exchange.
Mr. Mario Drolet is the President and the sole director and main shareholder of MI3. The head office of MI3 is located at 440 Boul. Rene-Levesque West, Suite 205, Montreal, Quebec H2Z 1V7.
There is no prior relationship between MI3 and Nemaska, nor is there any prior direct or indirect interest in Nemaska or its securities or any right to acquire such an interest on the part of MI3, except for the aforementioned incentive stock options to purchase common shares of Nemaska.
About Nemaska Exploration
Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region in Quebec. Its main assets are the Lac Arques (about 32,000 hectares), Whabouchi (about 1,600 hectares) Lac Levac and Lac des Montagnes properties (about 32,000 hectares) all 100 % owned. These properties are contiguous and cover about 70 km of the Lac des Montagnes green belt polymetallic formation and are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km). They are located near the Cree community of Nemaska and the Nemiscau airport. The Corporation has also the option to acquire the Kativik Property.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.