On August 4, 2006, the board of directors of Covalon Technologies Ltd. (TSX VENTURE: COV) granted 875,000 options to purchase common shares to certain of its directors, officers, employees and consultants. The options have an exercise price of $0.50 per share with a vesting period of two years, on a quarterly schedule, or 12.5% per quarter and expire on the third anniversary of the date of grant.
