VANCOUVER, Nov. 27 /PRNewswire-FirstCall/ -- Petromin Resources Ltd. (the "Company" or "Petromin") is pleased to announce grants of stock options to certain members of its International Advisory Board.
The International Advisory Board assists Petromin's growth and contributes to the creation of shareholder value through the provision of expert advice to the Board of Directors. Members of the International Advisory Board are independent consultants who advise the Board of Directors in the areas of:
- Specialized expertise in engineering and science; - New business opportunities; - International law and forms of agreement; - International business cultures and negotiations; - Diplomacy; - Sustainable energy development; - International finance.
The Company has granted share options to International Advisory Board members as follows:
--------------------------------------------------- Recipient # of Shares Under Option --------------------------------------------------- Phillip Bretzloff 50,000 --------------------------------------------------- Robert Collette 50,000 ---------------------------------------------------
Each option shall be exercisable for one Petromin common share. The exercise price for the options shall be $0.20 per Share, and one third of the options shall vest on March 27, 2010, another third shall vest on July 27, 2010, and the final third shall vest on November 27, 2010. The options shall expire on November 27, 2014.
The options are issued under the terms of the Petromin stock option plan (the "Plan"). The Plan was adopted by shareholders on March 19, 2003 and amended on March 21, 2004. As of today's date, there are 3,816,177 options outstanding under the Plan. The maximum number of shares that may be reserved for issuance under the Plan is ten per cent of the issued and outstanding shares of the Company. As of November 27, 2009, Petromin has 58,294,374 issued and outstanding shares.
Petromin Resources Ltd. is a progressive international petroleum and natural gas exploration and production company listed Tier 1 on the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Petromin Resources Ltd.
CONTACT: Visit http://www.petromin.ca/, or contact Mike Suk at (604) 682-8831
