Grand Banks Energy Corporation
TSX VENTURE : GBE

Grand Banks Energy Corporation

July 19, 2005 16:25 ET

Grand Banks Energy Corporation Grants Stock Options

CALGARY, ALBERTA--(CCNMatthews - July 19, 2005) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES.

Grand Banks Energy Corporation (TSX VENTURE:GBE) ( the "Corporation") announces today the granting of 580,000 stock options exercisable at $1.25 per share to directors, officers, and employees for a period of five years from the later of the date of grant or the date of vesting. The options will vest in three equal parts with one part vesting immediately and the other two parts each vesting on the next two subsequent anniversary dates. (On a change of management or control these options vest immediately). After the grant of these options, the Corporation will have a total of 2.3 million options outstanding at an exercise price of $1.00 to $1.25 per share. The Corporation currently has 26.57 million shares outstanding.

The granting of the said options is subject to acceptance by the applicable securities regulatory authorities.

Grand Banks is listed on the TSX-Venture Exchange under the Symbol GBE.
This offering is subject to the approval of the TSX-Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Grand Banks Energy Corporation
    E.C. (Ted) McFeely
    Chairman, President and Chief Executive Officer
    (403) 262-8666
    or
    Grand Banks Energy Corporation
    1600, 444 - 5th Avenue S.W.
    Calgary, Alberta T2P 2T8
    (403) 262-8666
    (403) 262-8796 (FAX)