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Petromin Resources announces granting of stock options to members of its International Advisory Board
Petromin Resources announces granting of stock options to members of its International Advisory Board

Tuesday, 28 October 2008

 

VANCOUVER, Oct. 27, 2008 (Canada NewsWire via COMTEX) -- TSX.V Symbol: PTR

Petromin Resources Ltd. (the "Company" or "Petromin") is pleased to announce grants of stock options to 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. The Chairman of the International Advisory Board is Don Downing. International Advisory Board positions are non-compensatory, except for incentives provided in the form of these options.

The Company has granted share options to International Advisory Board members as follows:


    
    -----------------------------------------------------------
    Recipient             Aggregate No. of Shares Under Option
    -----------------------------------------------------------
    Donald Downing                  100,000
    -----------------------------------------------------------
    Phillip Bretzloff                   50,000
    -----------------------------------------------------------
    Dr. William Gunter                 50,000
    -----------------------------------------------------------
    


 

Each option shall be exercisable for one Petromin common share. The exercise price for the options shall be $0.12 per Share, and one third of the options shall vest on February 7, 2009, another third shall vest on June 7, 2009, and the final third shall vest on October 7, 2009. The options shall expire on October 7, 2013.

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 5,166,177 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 October 21, 2008, Petromin has 58.294 million issued and outstanding shares.


 

Mike Suk

VP Corporate Affairs

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