Bonaventure Enterprises Inc.
TSX VENTURE : BVT
FRANKFURT : YQG

March 16, 2010 13:06 ET

Bonaventure Enterprises Inc. Election of New Director and Shareholder Approval Received to New 10% Stock Option Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2010) - BONAVENTURE ENTERPRISES INC. ("Bonaventure" or "the Company") (TSX VENTURE:BVT)(FRANKFURT:YQG) announces that Mr. Herb Duerr was elected as a director at the Company's Annual General Meeting ("AGM") held on March 15th, 2010. Mr. Duerr is a self-employed consulting geologist, and is a director of two other companies listed on the TSX Venture Exchange (the "Exchange"). The Company welcomes Mr. Duerr to the Board.

For clarification, the following comprise the current directors and officers of the Company:

Richard Kern, President, CEO and Director
Basil Pantages, Chairman and Director
Richard Barnett, Secretary and Chief Financial Officer
Jurgen Wolf, Director
Mark Billings, Director
Herb Duerr, Director

Adoption of New 10% Stock Option Plan

The Company also announces that shareholder approval was received at the AGM for the adoption of a 10% Stock Option Plan (the "New Plan"), which replaces the Company's former 20% stock option plan (the "Former Plan"), subject to acceptance by the Exchange.

Pursuant to the New Plan, the maximum number of common shares that may be reserved for issuance under outstanding stock options will be 10% of the Company's issued and outstanding common shares, from time to time, as constituted on the date of any grant of options under the New Plan. Under the New Plan, options will be exercisable over periods of up to 10 years as determined by the Board of Directors and are required to have an exercise price no less than the closing market price of the Company's shares on the trading day immediately preceding the day on which the Company announces the grant of options (or, if the grant is not announced, the closing market price prevailing on the day that the option is granted), less the applicable discount, if any, permitted by the policies of the Exchange and approved by the Board of Directors. In addition, the number of shares which may be reserved for issuance to any one individual may not exceed (without shareholder approval) 5% of the issued shares on a yearly basis or 2% if the optionee is engaged in investor relations activities or is a consultant. The New Plan contains no vesting requirements, but permits the Board of Directors to specify a vesting schedule in its discretion.

All options governed by the former Plan that were outstanding as of the date of implementation of the New Plan (the "Existing Options") count against the number of shares reserved for issuance under the New Plan as long as such options remain outstanding. Upon implementation of the New Plan, all Existing Options will forthwith be governed by the New Plan; however, any vesting schedule imposed by the Former Plan in respect of the Existing Options will remain in full force and effect.

On behalf of the Board of Directors

Basil Pantages, Chairman

For further information on the Company, please visit our website at www.bonaventure.us The Company's public documents may be accessed at www.sedar.com.

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.

Contact Information

  • Bonaventure Enterprises Inc.
    Basil Pantages
    Chairman
    (604) 718-2800
    (604) 718-2808 (FAX)
    www.bonaventure.us