In January 2009, Northland Resources Inc. granted an incentive stock option to purchase up to 125,000 shares exercisable at a price of $0.61 per share until January 4, 2019.  In addition, 225,000 existing stock options expired unexercised and 2,625,000 existing stock options were cancelled in January 2009.

 

After these transactions, there are a total of 10,036,500 incentive stock options outstanding in Northland.  The issued share capital remains unchanged at 109,682,065 shares.  Therefore, as at January 31, 2009, the total fully diluted share capital of Northland was 119,718,565 shares.