Olivut Resources Ltd.

Olivut Resources Ltd.

January 18, 2007 16:58 ET

Olivut Resources Ltd. Grants Incentive Stock Options

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 2007) - Olivut Resources Ltd. (the "Company") (TSX VENTURE:OLV) announces that it has granted stock options to officers and directors of the Company to purchase up to 1,950,000 common shares ("Common Shares") in the capital of the Company at an exercise price of $1.00 per Common Share. A further 250,000 stock options were granted to a geological consultant of the Company. The stock options shall vest over 18 months, in the case of stock options granted to the President of the Company, and over three years in the case of the remaining officers, directors and the consultant. The stock options shall expire on January 17, 2012. The options were granted pursuant to the Company's incentive stock option plan (the "Plan"), under which a maximum of 10% of the issued and outstanding Common Shares are reserved for issuance. The current number of issued and outstanding Common Shares is 26,521,357. Following the grant of such stock options, a further 202,855 Common Shares will be available for issuance under the Plan.

TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Olivut Resources Ltd.
    Leni Keough
    President and Chief Executive Officer
    (780) 866-2221
    (780) 866-2276 (FAX)