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Solana Resources Limited ("Solana" or the "Company") - Announces Grant of Stock Options
Solana Resources Limited ("Solana" or the "Company") - Announces Grant of Stock Options.
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[{"type":"text","content":"\n\n\n\n\nCALGARY, Oct. 12 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL)\nannounced that it has granted stock options to purchase 200,000 shares to each\nof Keith Jackson, a non-executive director of the Company and Ricardo Montes,\nthe acting Chief Financial Officer of the Company, as well as an additional\n375,000 common shares to various employees and consultants of the Corporation\nand its subsidiary. The options were granted with an exercise price of $1.15\nper share, being a price greater than the closing price of the Company's\nshares on the TSX Venture Exchange on October 11, 2006. All options will\nexpire on October 12, 2011. One-third of the options vest after one year,\nanother one-third after two years and the remaining one-third after the third\nyear.\nThe stock option grant is subject to regulatory approval. The Company has\ndetermined that exemptions from the various requirements of TSX Venture\nExchange Policy 5.9 are available for the grant of options. The award of\noptions to a Non-Executive Director represents a departure from the guidelines\nset out in the QCA Corporate Governance Guidelines for AIM companies. However,\nthe options so granted are not subject to performance criteria. In the opinion\nof the directors, the options granted to Keith Jackson are not considered to\nbe material enough to either the Company or to Keith Jackson to impair his\nindependence. These arrangements have been approved by Solana's Board of\nDirectors as being in the best interests of the Company and its shareholders,\nreflecting the need to attract, retain and incentivize top quality directors,\nofficers, employees and consultants in present market circumstances.\n\nSolana Resources Limited\n\nSolana (www.solanaresources.com) is an international resource company\nengaged in the acquisition, exploration, development and production of oil and\nnatural gas. The Company's properties are located in Colombia and Paraguay,\nSouth America and are primarily held through its wholly owned subsidiary,\nSolana Petroleum Exploration (Colombia) Limited. The Company is headquartered\nin Calgary, Alberta, Canada.\n\nNO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS\nRELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE\nADEQUACY OR ACCURACY OF THIS RELEASE.\n\n\n\n","length":2373,"tagName":"di...