Eastfield corrects exercise price on stock options

2009-01-13 06:07 ET - News Release

Mr. William Morton reports

GRANT OF STOCK OPTIONS - CORRECTION OF OPTION PRICE

On Dec. 19, 2008, Eastfield Resources Ltd. had granted a total of 1.35 million incentive stock options to directors, employees and consultants to the company, pursuant to the company's stock option plan. The stock option plan (a rolling plan with a maximum of 10 per cent of issued shares reserved for issuance) was approved by shareholders on July 21, 2008. The option exercise price had been announced as five cents per share. In accordance with exchange policy the minimum option exercise price is 10 cents per share and the option grant has been corrected accordingly. The 1.35 million options are exercisable for a period of 10 years at a price of 10 cents per share and are subject to the approval of the TSX Venture Exchange. Following this grant, there are 4.41 million stock options outstanding with expiries from 2009 through 2018 and exercise prices ranging from 10 cents to 20 cents per share.

The company presently has 44,394,919 shares issued and outstanding.

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