Acceleware Ltd. Announces Option Grant
Calgary, AB, January 24, 2020 – Acceleware® Ltd. (“Acceleware” or the “Corporation”) (TSX-V: AXE), today announced that it has granted stock options to acquire up to 1,462,466 common shares of the Corporation to certain of its employees, consultants, officers and directors. The options have an exercise price of $0.10 per common share and expire on January 23, 2025.
Of the 1,462,466 options granted, 582,500 shall vest on the first anniversary of the grant date, 582,500 shall vest on the second anniversary of the grant date, 148,733 shall vest when the share price of the common shares of the Corporation closes at or above $0.125 for ten consecutive trading days, and 148,733 shall vest when the share price of the common shares of the Corporation closes at or above $0.15 for ten consecutive trading days. The Corporation’s stock option plan allows for 10,527,167 common shares to be reserved for issuance under the plan. Upon issuance of the options granted, there will be 10,225,868 common shares reserved under options outstanding, leaving 301,299 common shares that may be reserved for issuance under the Corporation’s stock option plan. The stock option grant is subject to regulatory approval.
Acceleware (www.acceleware.com) is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.
Acceleware is developing RF XL and Modular RF, its patented and patent-pending low-cost, low-carbon production technologies for heavy oil and oil sands that are materially different from any heavy oil recovery technique used today. They will use no water, require no solvent, have a small physical footprint, can be redeployed from site to site, and can be adapted to a multitude of reservoir types, while expected to greatly reduce and eventually eliminate production of greenhouse gas emissions (GHG). In shallow oil sands implementations, no tailings ponds will be required.
Our seismic imaging software solutions are state of the art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Geoff Clark, CEO
Tel: +1 (403) 249-9099
435 10th Avenue SE
Calgary, AB, T2G 0W3 Canada
+1 (403) 249-9099