The board of directors of Sheer Energy Inc. has approved a stock option grant to purchase 70,000 common shares of the corporation to a newly elected director at an issue price of $0.25 per share.
Such grant is subject to regulatory approval. The Corporation currently has 6,057,863 shares issued and outstanding and will have total stock options to purchase 570,000 common shares leaving a possible future option to purchase and additional 35,786 common shares.
The grant is to provide compensation incentive for future services provided to the corporation and demonstrates the commitment that the corporation has to encourage and enable the acquisition of an equity interest by the participant.
Sheer Energy Inc. is a Calgary based oil and gas exploration and production company operating in Canada and through its wholly owned subsidiary, Sheer Energy (Cyprus) Limited, in Iran. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
