In December 2008, Northland Resources Inc. granted an incentive stock
option to purchase up to 200,000 shares exercisable at a price of
$1.00 per share until March 31, 2009. In addition, existing stock
options to purchase up to 100,000 shares of Northland expired
unexercised on December 28, 2008.
After these transactions, there are a total of 12,761,500 incentive
stock options outstanding in Northland. The issued share capital
remains unchanged at 109,682,065 shares. Therefore, as at December
31, 2008, the total fully diluted share capital of Northland was
122,443,565 shares.
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