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.