LANGLEY, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2009) - Shoreham Resources Ltd. (TSX VENTURE:SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in South America and Canada, is pleased to announce that the board of director's of Shoreham granted 2,100,000 stock options on February 2, 2009 exercisable at $0.20 for three years to February 2, 2012. The exercise price is based upon the closing price of $0.20 for the last private placement with Mulgravian Ventures Corporation on December 23, 2008. At the same time the Board also approved re-pricing 450,000 options granted to non-insiders May 9, 2007 at a price of $0.45 each to a revised price of $0.20 (Directors, Officers and Insider`s Options granted at the same time remain fixed at $0.45). The Board cancelled 400,000 outstanding options to various consultants. The stock option grants and re-pricing and cancellation of existing options are subject to regulatory approvals. The grants included 1,000,000 options to the six directors including 500,000 to two of the directors who are also senior officers and 100,000 options to an Investor Relations consultant. The remaining 1,000,000 options were granted to employees and consultants.
Effective January 26, 2009 a total of 5,881,514 outstanding warrants have expired since the end of the company`s last Quarterly Financial Filing for the quarter ending October 31, 2008.
David Bending, M.Sc., P.Geo., President and CEO of Shoreham Resources Ltd. states that; "The purpose of the Company`s Stock Option Plan is to advance the interests of the Corporation by encouraging equity participation in the Corporation by its directors, senior officers, employees and consultants through the acquisition of Common Shares of the Corporation and to enable the Corporation to attract and maintain highly qualified directors, senior officers, employees and consultants."
For further information, please visit our website at www.shoreham.ca or our Investor Relations Hub at www.agoracom.com/IR/Shoreham where you can post questions and receive answers or review questions and answers already posted by other investors or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mike@shoreham.ca. |
