Adriana Resources Inc.

Adriana Resources Inc.

September 17, 2009 19:12 ET

Adriana Engages Investor Relations Specialists & Grants Incentive Stock Options Under New Option Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI) announces that it has entered into an agreement to retain the services of Linear Capital Corp. ("Linear") to provide an investor relations and market development program for the Company.

Linear was founded in 1998 to partner with emerging growth companies and provide an array of corporate finance and consulting services to facilitate the achievement of growth objectives, satisfy financing requirements, and accelerate the process of developing shareholder value.

Linear is based in Toronto and registered with the Ontario Securities Commission as a limited market dealer, and is arms' length to the Company. For additional information on Linear, please visit their website at

Linear will receive an aggregate of $57,000 in fees over the term of their contract. In addition, Linear has been granted 250,000 stock options with a term of three years, vesting 25% on a quarterly basis over twelve months and with an exercise price of $0.46 per share. The stock option grant to Linear is subject to approval of the New Plan by the shareholders of the Company and by the TSX Venture Exchange (the "TSXV").

"We are pleased to be working with Linear as part of our market and investor relations development strategy. With its track record of providing strategic marketing advice, Linear will enable us to expand our communications to increase investor awareness," said Allen Palmiere, CEO of Adriana.

New Stock Option Plan

The Company also announces that in order to retain and attract key management, the Board of Directors of the Company has approved a new Stock Option Plan (the "New Plan") which is subject to approval by the shareholders of the Company at the next shareholders' meeting. The New Plan is also subject to approval by the TSXV.

Pursuant to the New Plan, the Board of Directors may, from time to time, authorize the grant of stock options to directors, officers, employees, and consultants of the Company and its subsidiaries. The maximum number of common shares which may be issued pursuant to options granted under the Plan is 9,452,032 common shares in the capital of the Company, (equivalent to 13% of the currently outstanding shares of the Company), including stock options currently existing outside the Plan which are exercisable to purchase up to 7,155,000 common shares of the Company and which shall, upon TSXV and shareholder approval of the New Plan, be included under the New Plan.

It is the Company's intent to revise the Plan as soon as practicable, such that the number of shares issuable under the Plan would be a maximum of 10% of the number of outstanding common shares of the Company.

The Plan provides that the number of shares which may be reserved for issuance to any one individual may not exceed 5% of the issued shares of the Company in a 12-month period, and any options granted to any consultant may not exceed 2% of the issued shares of the Company in a 12-month period.

The number of shares under option from time to time and the exercise price of such options, and any amendments thereto, is determined by the directors in accordance with the policies of the TSXV.

Subject to the approval of the New Plan by the shareholders of the Company and the TSXV, the Company has granted to an officer of the Company incentive stock options to purchase up to 1,000,000 common shares in the capital stock of the Company. The options have a term of five years, can be exercised at a price of $0.46 per share and vest over a period of 18 months.

Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.


Allen J. Palmiere, President and CEO

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the 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.

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