VANCOUVER, British Columbia, April 10, 2002 (PRIMEZONE) -- Olympic Resources Ltd. (CDNX:ORL) (OTCBB:OLYRF): Further to the news release dated February 5, 2002, the Company has re-negotiated a private placement providing for the placement of up to 3,000,000 units at $0.25 per unit. Each unit will consist of one common share of the Company and one two-year non-transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company for $0.35 This transaction is subject to acceptance for filing by the Canadian Venture Exchange. It is expected that the Company will be paying a finders fee of 5% on some of the proceeds from this private placement.
Proceeds of this placement will be used to advance the Company's primary oil and gas properties located in California, new properties that the Company is considering, and for working capital purposes.
In addition, the Company announces that it intends to cancel 70,000 and re-price 880,000 previously granted Incentive Stock Options at $0.25 per share. Subsequent to the cancellation of certain stock options, the Company intends to grant 495,000 incentive stock options at a price of $0.25 per share, exercisable up to April 9, 2005. The grant of stock options is subject to notice thereof being accepted for filing by the Canadian Venture Exchange.
To find out more about Olympic Resources Ltd., (CDNX:ORL) (OTCBB:OLYRF) visit our website at www.orlresources.com
OLYMPIC RESOURCES LTD.
Daryl Pollock, President