Selwyn Resources (CVE:SWN) announced that it intends to put forth a normal course issuer bid .
The press release is quoted as saying:
The purpose of the Bid is to enable SCM to establish an incentive share option plan (the “Plan”) for its employees under which Shares may be purchased by the employees pursuant to options (“Options”) granted under the Plan. SCM will purchase the Shares through the facilities of the Exchange at the prevailing market price for the Shares. Options will be granted to employees of SCM who are not seconded employees of Selwyn and the Shares will be sold to the employees upon exercise of their Options. The exercise price under an Option will be established at the closing price for the Shares on the Exchange on the day prior to the day of grant of the Option