PAN - TSXV
CALGARY, Oct. 26 /CNW/ - PanTerra Resource Corp. (The "Company") announces that pursuant to the terms and conditions of its 2007 Stock Option Plan, it has granted, in the aggregate, 800,000 incentive stock options (the "Options"), to certain Directors, Officers and Employees of the Company. The Options will be exercisable over a three year period at $0.28 per share, with 33.3% vesting immediately, then 33.3% in one year, and the final 33.3% vesting in two years.
PanTerra is also pleased to announce, conditional on approval from the TSX Venture Exchange, that it has entered into an independent contract with Big Picture Geoscience Inc. ("Big Picture"), to provide investor relations services for the Company. This contract may be renewed semi-annually.
Big Picture is a Calgary-based investor relations firm run by Jim Letourneau P.Geol. that provides corporate and investor relations services to Canadian public companies. The services to be provided include increasing the Company's visibility to current shareholders and to reach out to potential shareholders via the introduction of the Company to money managers and institutional fund managers.
Pursuant to the agreement, Big Picture will receive a retainer fee of $1,500 per month and the reimbursement of pre-approved expenses. These fees will be paid out of the Company's general working capital. Additionally, Big Picture will receive 150,000 incentive stock options. The Options will be exercisable over a 12 month period at $0.28 per share, with 25% of the options vesting every three months.
PanTerra Resource Corp. is an Alberta-based resource company focused on the exploration and development of unconventional shallow and shale gas in the Province of Saskatchewan. The Company holds three Exploration Permits and four licenses for a total of 1.1-million acres on four properties in Saskatchewan. PanTerra trades on the TSX Venture Exchange under the symbol "PAN". Further information can be found at www.panterraresource.com.
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the adequacy or accuracy of the contents of this news release.