Business
Corridor announces new directors and grant of options
Corridor announces new directors and grant of options.
About this update from Headwater Exploration Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Jan. 30 /CNW/ - Corridor Resources Inc. (CDH - TSX-V)\n(\"Corridor\") is pleased to announce the election of three new directors,\nAchille E. Desmarais, Robert D. Penner and W. C. (Mike) Seth, at its annual\nand special shareholders' meeting held on Thursday, January 26, 2006. The\nelection of Messrs. Desmarais, Penner and Seth as directors is subject to\nregulatory approval.\nMr. Desmarais is a Chartered Accountant and a Chartered Financial Analyst\nwith more than 14 years of experience as a senior portfolio manager and\ninvestment analyst with the Caisse de dDepFot et placement du QuDebec\nspecializing in the energy sector, oil and gas, pipelines and public\nutilities. Mr. Penner is also a Chartered Accountant whose entire career was\nspent in private practice with KPMG LLP focused primarily on providing\nadvisory services on taxation and related matters until his retirement in\n2004. Mr. Seth is an expert in the field of reservoir engineering and analysis\nand is well known and respected within both the oil and gas industry and the\ninvestment community. He recently retired as President and Managing Director\nof McDaniel & Associates Consultants Ltd., having been with the firm for over\n37 years.\nThe addition of Messrs. Desmarais, Penner and Seth increases the number\nof qualified independent directors with financial and oil and gas expertise to\nCorridor's board of directors. The board currently consists of nine directors:\nCharles MacDonald (chair), Jack Bray, Achille Desmarais, Douglas Foster, Paul\nHopkins, Norman Miller, Robert Penner, Jacques Plante and Mike Seth.\nCorridor is also pleased to announce that the board of directors has\nappointed Robert Penner (chair), Achille Desmarais and Charles MacDonald, each\nof whom is independent and financially literate, as members of the Audit\nCommittee; Doug Foster (chair), Jack Bray and Robert Penner as members of the\nGovernance Committee; and Mike Seth (chair), Achille Desmarais and Norman\nMiller as members of the Reserves Committee.\nIn addition, the board of directors has approved the grant of 200,000\nstock options pursuant to Corridor's stock option plan to each of Messrs.\nDesmarais, Penner and Seth. The options vest over three years, have a five\nyear term and an exercise price of $4.40. The exercise price is a discount to\nthe current tradin...