Sept 15 (Reuters) - Pelican Resources Ltd PEL.AX :
* Sale of sibuyan nickel properties development corporation
* Appointment of the receivers and managers forms part of a recapitalisation
and restructure proposal
* Company expects dynamo to complete its technical, legal and financial due
diligence investigations shortly
* Entered into mou with dynamo atlantic limited for sale of 100% ownership of
sibuyan nickel properties development corporation
* Cip will also be granted 14.5 million advisor options which will vest on
completion of an acquisition by Pelican
* Says it is proposed the incentive options will be exercisable at $0.02 and
expire on 31 December 2019
* Company proposes to grant of 20 mlnincentive options to directors
* Source text (http://bit.ly/1W1mexG)