I have to agree with Stomper on this one. I don't think they are supposed to issue stock options while in a blackout and have undisclosed material information.

Here from a legal website:

"Staff guidance from the TSX provides that when undisclosed material information exists, it is not appropriate for the board or committee of a listed issuer to grant options under a stock option plan, even where (i) the recipient of the option is not aware of the undisclosed material information or (ii) there are regularly scheduled annual grants proposed. The Staff Notice also cautions listed issuers about granting options during a blackout period, whether or not the blackout period is directly related to a material undisclosed event.?"

Apparently, however, it is not uncommon for companies to do this. I guess it's one of those rules that befuddle corporations.

So either they got it wrong, or there is no undisclosed material information, or they are no longer in blackout.

http://www.lwlaw.com/blog/2009/01/29/do-your-option-grants-violate-tsx-rules-and-black-out-policies/