CALGARY and LONDON, May 30 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is pleased to announce the election of a new member to its Board of Directors. Mr. Luis Miguel Morelli was elected as a Non-Executive Director to Solana's Board of Directors at the Company's Annual General and Special Meeting of Shareholders on May 7, 2008. In addition, Mr. Stan Grad did not stand for re-election as a Director at the meeting. The Company wishes to thank Mr. Grad for his past service and the contributions he has made to Solana over the years. Solana's Board of Directors is now comprised of Ray Antony, Grant Howard, Roy Hudson, Scott Price, Keith Jackson and Luis Miguel Morelli.
Mr. Morelli is an independent businessman. He was the Governor of the department (province) of Norte de Santander in the Republic of Colombia from 2004 to 2008. Prior to that, he spent 15 years with Occidental Petroleum's Colombian affiliate, Occidental de Colombia, in legal, environmental and external affairs.
In connection with his appointment, Mr. Morelli has been granted stock options to purchase 200,000 common shares at a price of $4.13 per share for a period of five years and vest on a 1/3 basis on each of the date of grant and the first and second year anniversaries of the date of grant. The stock option grant is subject to regulatory approval. Solana has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options to Mr. Morelli. The Corporation has further determined that an exemption from the various requirements of Ontario Securities Commission Rule 61-501 is available as the fair market value of the grant of options is less than 25% of the market capitalization of the Corporation.
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 held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
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