Petromin Grants Stock Options
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
VANCOUVER, Sept. 17, 2012 /CNW/ - 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|
|Edward Vader||Vice-President of Field Operations||500,000|
|Jinwei (Julie) Xu||CFO||450,000|
About Petromin Resources Ltd.
Petromin is progressive international petroleum and natural gas exploration and production Company listed Tier 1 on the TSX Venture Exchange. Petromin was ranked 24th of the Top 100 Fastest Growing Companies in BC by Business in Vancouver in 2009 based on a 704% revenue increase over the previous 4 years.
Neither 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.
SOURCE: Petromin Resources Ltd.For further information:
PETROMIN RESOURCES LTD.
390-1090 W. Georgia St.
Vancouver, B.C. V6E 3V7
Telephone: (604) 682-8831
Fax: (604) 682-8683
Attn: Ross Gorrell