CALGARY and LONDON, Dec. 13 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is pleased to announce that it has granted stock options to purchase 1,665,000 common shares to various Directors, Officers, employees or consultants of Solana or its wholly owned subsidiary, Solana Colombia Petroleum Exploration (Colombia) Limited. Seven Directors of Solana received an aggregate of 400,000 of the 1,665,000 options which were granted. Details of options granted to Directors are:
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Name Number of Options
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Ray Antony 50,000
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Stan Grad 50,000
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Grant Howard 50,000
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Roy Hudson 50,000
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Keith Jackson 50,000
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Joaquin Moreno 50,000
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Scott Price 100,000
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The options were granted with an exercise price of $2.25 per share, being the closing price of the Company's shares on the TSX Venture Exchange on December 12, 2007. All options expire on December 12, 2012. The options shall vest as to one-third on the first anniversary, one-third on the second anniversary and the remaining one-third on the third anniversary. 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 held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.