CALGARY, Dec. 1 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) announced that it has granted stock options to purchase 100,000 shares to Joaquin Moreno Uribe and stock options to purchase 50,000 shares to each of Ray Antony, Stan Grad, Grant Howard and Roy Hudson - all are non-executive directors of the Company. The options were granted with an exercise price of $1.15 per share, being a price greater than the closing price of the Company's shares on the TSX Venture Exchange on November 30, 2006. All options will expire on December 1, 2011. One-third of the options vest immediately, another one-third after one year and the remaining one-third after the second year. The stock option grant is subject to regulatory approval. The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of these options. These arrangements have been approved by Solana's Board of Directors as being in the best interests of the Company and its shareholders, reflecting the need to attract, retain and incentivize top quality directors, officers, employees and consultants in present market circumstances.
Solana Resources Limited
Solana (www.solanaresources.com) is an international resource company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's properties are located in Colombia, South America and are primarily held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
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