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Solana Resources Limited ("Solana" or the "the Company") Appointment of New Director
Solana Resources Limited ("Solana" or the "the Company") Appointment of New Director.
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[{"type":"text","content":"\n\n\n\n\nCALGARY, Nov. 24 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL), formerly Adulis Resources Inc., the Colombian focused independent\noil and gas exploration and production company, is pleased to announce\nMr. Joaquin Moreno-Uribe of Bogota, Colombia, has been appointed a director of\nSolana.\nMr. Moreno-Uribe is a professional engineer who has recently retired from\nRoyal Dutch/Shell Group after more than 33 years having worked in several\ncountries and sectors, including upstream gas and oil, downstream oil and\nchemicals. He has served as Country Chairman in Mexico, Colombia and\nVenezuela. Mr. Moreno-Uribe also carried out international roles in the Head\nOffices of London and The Hague.\nMr. Moreno-Uribe also has relevant corporate governance experience. He\nhas acted as a board member of various Shell subsidiaries and other third\nparty corporations. In addition, he has been active in promoting and leading\nother business associations such as the Colombian Petroleum Association and\nthe Venezuelan Petroleum Association. He is currently a member of the Board of\nGovernors of Instituto de Estudios Superiors de Administracion, a school in\nVenezuela for advanced studies in administration with a prominent MBA program.\nIn connection with his appointment, Mr. Moreno-Uribe has been granted\nstock options to purchase 200,000 common shares at a price of $2.72 per share\nfor a period of five years and vest on a 1/3 basis on each of the date of\ngrant and the first and second year anniversaries of the date of grant. The\nstock option grant is subject to regulatory approval. Solana has determined\nthat exemptions from the various requirements of TSX Venture Exchange Policy\n5.9 are available for the grant of stock options to Mr. Moreno-Uribe. The\nCorporation has further determined that an exemption from the various\nrequirements of Ontario Securities Commission Rule 61-501 is available as the\nfair market value of the grant of options is less than 25% of the market\ncapitalization of the Corporation.\n\nStephen Newton, Solana's President and CEO, commented:\n\n\"We are pleased to welcome Joaquin Moreno-Uribe to the Solana Board and\nwe look forward to drawing on his excellent reputation and vast experience in\nthe oil and gas business in Latin America.\"\n\nThe TSX Venture Exchange does not accept responsibility f...