Northland Resources Inc.

Northland Resources Inc.

May 22, 2009 02:52 ET

Northland Grants Options to Executive Chairman and Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2009) - Northland Resources Inc. (Northland) (TSX:NAU)(OSLO:NAUR)(FRANKFURT:NBS) reports that it has granted the following incentive stock options to members of its Board of Directors: Anders Hvide, Executive Chairman, 500,000; Ralph Rushton, Director, 100,000; Birger Solberg, Director, 100,000; Frode Teigen, Director, 100,000.

The exercise price of the options is CAD 1.39 per share, which is the closing price of Northland's shares on the Toronto Stock Exchange on May 19th plus a premium of 25%. The options will have a term of 5 years, and a vesting period of 4 months. The options were granted in accordance with the terms and conditions of Northland's Stock Option Plan, which was approved at the Company's 2008 Annual General Meeting, and came into effect October 1, 2008.

Northland Resources Inc. in brief

Northland is preparing to supply iron, copper and gold to Europe's metal-hungry markets. In Sweden and Finland, Northland controls one of the continent's last major undeveloped iron ore provinces. Iron ore is essential to steel fabrication, a key element of European heavy industry.

Visit our website:

Contact Information

  • Northland Resources Inc. - Oslo
    Anders Hvide
    Executive Chairman
    +47 92 88 98 58
    Northland Resources AB, Stockholm
    Deborah Craig
    Vice President
    +46 70 638 4300