Duran Ventures Inc. (TSX VENTURE:DRV) wishes to announce that the board of directors have granted 3,110,000 stock options to qualified recipients of the Company's existing 10% rolling stock option plan. The plan was approved by a majority of the dissinterested shareholders at the June 30, 2009 Annual and Special Meeting of Shareholders and on August 28, 2009 by the TSX Venture Exchange. The Company maintains a 10% rolling stock option plan to attract, retain, and motivate well qualified and experienced individuals. The options granted vest over fifteen months in accordance with provisions of the stock option plan and the policies of the TSX Venture Exchange.
The grant includes 1,860,000 stock options to six individuals that are either directors, senior officers, or both and 1,250,000 stock options to four individuals that are consultants to the Company. These options are exercisable at $0.10 until expiry on September 1, 2014. These included options for the directors which are granted annually after their election at the Annual Meeting of Shareholders, options for the Chairman of the Audit and Chairman of the Technical Committees, options for the recruitment of a new CEO effective September 1, 2009, options for the recruitment of a new CFO effective September 1, 2009, and options granted to the Officers and Consultants to the Company.
The Company wishes to note that these options were granted at the $0.10 warrant exercise price and not the $0.05 unit price of the financing announced August 28, 2009. The Company also wishes to note that the board of directors eliminated all director's attendance and committee fees as well as any cash bonuses to officers effective June 30, 2009.
The Company also wishes to announce that five directors or officers of Duran Ventures Inc. have voluntarily resigned their positions as unpaid consultants to Duran Resources ULC (formerly MacMillan Gold Corp.) This will result in the September 29, 2009 expiry of 575,000 existing options granted on October 31, 2008 as a result of the amalgamation of Duran and MacMillan.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "DRV".
