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



    TSX.V Symbol: PTR

    VANCOUVER, Oct. 27 /CNW/ - 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.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    





For further information:

For further information: Mike Suk, VP Corporate Affairs, Phone: (604)
682-8831

Organization Profile

Petromin Resources Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890