CALGARY, Alberta, Sept. 03, 2019 (GLOBE NEWSWIRE) -- (PIPE – TSX-V)Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) announces that it has issued 120,000 restricted share units (“RSUs”) and 180,000 performance share units (“PSUs”) to a newly-hired officer of the Company under the long term incentive plan for the Company (the “LTIP”), which allows for the issuance of stock options (“Options”) exercisable for up to 5,688,690 common shares of the Corporation (“Common Shares”), RSUs exercisable for up to 5,688,690 Common Shares and PSUs exercisable for up to 5,688,690 Common Shares, for a total of 17,066,070 Common Shares issuable to Pipestone Energy’s directors, officers, employees and consultants pursuant to awards.
The RSUs are subject to vesting as to one-third on each anniversary of the award date and the PSUs are subject to vesting in April 2022. All of the RSUs and PSUs were issued at the 5-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (“TSXV”) and are subject to forfeiture in certain circumstances.
The Company has made an application to the TSXV pursuant to TSXV Policy 4.4 – Incentive Stock Options for approval of the LTIP. The LTIP and the grants approved to date are subject to TSXV and shareholder approval. Following the completion of these grants, Pipestone Energy has the following long-term incentive awards outstanding, all of which are governed by the LTIP: (a) 12,696,438 legacy pre-amalgamation Blackbird Energy Inc. stock options entitling the holders thereof to acquire 1,269,643 Common Shares (as a result of the 10:1 share consolidation pursuant to the amalgamation of Blackbird Energy Inc. with Pipestone Oil Corp. to form Pipestone Energy on January 4, 2019); (b) 234,000 new Options entitling the holder thereof to acquire 234,000 Common Shares; (c) 648,970 PSUs entitling the holders thereof to acquire up to 1,297,940 Common Shares; and (d) 707,981 RSUs entitling the holders thereof to acquire 707,981 Common Shares, all subject to the terms thereof and the LTIP, are outstanding.
Pipestone Energy Corp.
Pipestone Energy Corp. is an oil and gas exploration and production company with its head office located in Calgary, Alberta. The company is focused on developing its pure-play condensate-rich Montney asset in the Pipestone area near Grande Prairie. Pipestone Energy is committed to building long term value for our shareholders and values the partnerships that it is developing within its operating community. Pipestone Energy shares trade under the symbol PIPE on the TSX Venture Exchange. For more information, visit www.pipestonecorp.com.
Pipestone Energy Contacts:
President and Chief Executive Officer
Chief Financial Officer
|Dan van Kessel|
VP Corporate Development