March 18, 2009
ARMSTRONG, BRITISH COLUMBIA - GWR Resources Inc. (the “Company”) (TSX Venture: GWQ) announces that the following incentive stock options have been granted, repriced, cancelled or lapsed:
|Officers and Directors||710,000||1,724,000||2,199,000||Nil|
|Employees and Consultants||350,000||700,000||130,000||485,000|
The newly granted options are exercisable for 5 years at a price of $0.17. The repriced options are now exercisable at a price of $0.17.
Most of the lapsed options lapsed within the last 60 days.
After new options were granted to officers and directors in accordance with the Company’s stock option plan, their cancelled options were voluntarily cancelled. These cancelled options were exercisable at prices between $0.86 and $1.30. While these options could have survived along with the newly granted options, the Board of Directors was of the view that the resulting number of options would have been excessive.
Accordingly, 4,210,400 options are now outstanding, equating to approximately 7.4% of the Company’s issued and outstanding shares. The Company’s stock option plan allows the customary 10% number of options.
The last closing price of the Company’s shares on the TSX Venture Exchange was 16 cents. While the above options could have been granted or repriced as low as 12 cents, the Board was of the view that 17 cents was a more appropriate price.
For further information, please contact:
Responsible Officer: Irvin Eisler, President
Company Telephone Number: (250) 546-8048Neither 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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