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PETROMIN GRANTS STOCK OPTIONS
 
PETROMIN GRANTS STOCK OPTIONS

Tuesday, 18 September 2012

 

Petromin Resources Ltd (the "Company") announces the grant of 3,500,000 stock options to certain members of Management and consultants.

Each option shall be exercisable for one Petromin common share. The exercise price for the options shall be $0.10 per common share. The options shall expire on September 16, 2017.

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 and August 23, 2010. As of today’s date, there are 750,000 options outstanding under the plan and 67,294,374 common shares outstanding.  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.

Recipient information is as follows:

Recipient

Position

Number of options

Arthur Ross Gorrell

CEO ,Co-Chairman and President

1,000,000

Kenny Chan

Co-Chairman

1,000,000

Edward Vader

Vice-President of Field Operations

500,000

Jinwei (Julie) Xu

CFO

450,000

Others

consultants

550,000

 

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