CALGARY, AB–(Marketwired – February 08, 2016) – Stonehaven Exploration Ltd. (“Stonehaven” or the “Company“) (TSX VENTURE: SE) reports that it has cancelled an aggregate of 627,050 options to purchase common shares of the Company previously granted under its stock option plan to certain directors, officers and employees of the Corporation. The cancelled options had an exercise price of $1.40 per share and expired February 27, 2020. The Company has issued 93,150 options to purchase common shares of the Company to a director and officer of the Company in accordance with the Company’s stock option plan. The issued options are exercisable at a price of $0.50 per share and expire three years from the date of grant.
There remains available for issuance 534,543 stock options to purchase common shares or 47% of the amount of stock options eligible for future grant.