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1 Oct 2009 17:30
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FRONTERA RESOURCES CORPORATION
Houston,Β TexasΒ U.S.A.Β -Β 1Β OctoberΒ 2009
Stock Option Exchange Program
Frontera Resources CorporationΒ announced the completion of a stockΒ option exchange program for employees and directors of the Company pursuant to which options to purchase shares ofΒ Common StockΒ previously granted at strike prices ranging from $1.00 to $2.87 were eligible to be exchanged for a lesser numberΒ ofΒ options on a three-for-one basis and at a strike price equal toΒ the closing price on the AIM onΒ September 29, 2009, theΒ dateΒ theΒ electionΒ period ended. All vesting and expiration datesΒ of the optionsΒ remainedΒ unchanged. TheΒ exchangeΒ ratio was determined by the BoardΒ of Directors of Frontera to be fair and reasonableΒ based on a comparative analysis of similar programs for other publicly traded companies. As a result of the exchange program, directors elected to exchange theirΒ previously grantedΒ optionsΒ that were eligible for the programΒ as follows:
|
Directors |
NumberΒ of Options |
Weighted AverageΒ Strike Price |
Number Exchanged |
Number Following Exchange |
Strike Price |
Expiration Dates |
|
Steve Nicandros |
1,000,000 |
$1.00 |
- |
1,000,000 |
$1.00 |
2012-2013 |
|
Steve Nicandros |
1,867,500 |
$2.75 |
- |
1,867,500 |
$2.75 |
2010-2018 |
|
Lan Bentsen |
600,000 |
$1.00 |
- |
600,000 |
$1.00 |
2012-2013 |
|
Lan Bentsen |
800,000 |
$2.68 |
800,000 |
266,667 |
Β£0.17 |
2010-2018 |
|
Steve McGregor |
467,500 |
$1.00 |
- |
467,500 |
$1.00 |
2010-2013 |
|
Steve McGregor |
1,075,000 |
$2.87 |
1,075,000 |
358,333 |
Β£0.17 |
2016-2018 |
|
Andy Szescila |
25,000 |
$1.00 |
25,000 |
8,333 |
Β£0.17 |
2014 |
|
Andy Szescila |
150,000 |
$2.87 |
150,000 |
50,000 |
Β£0.17 |
2017-2018 |
|
Luis Giusti |
150,000 |
$2.87 |
150,000 |
50,000 |
Β£0.17 |
2017-2018 |
|
Spyros Karnessis |
8,000 |
$1.00 |
8,000 |
2,667 |
Β£0.17 |
2013 |
|
Spyros Karnessis |
175,000 |
$2.75 |
175,000 |
58,333 |
Β£0.17 |
2010-2018 |
Employees other than directors elected to exchange in the aggregate 5,403,500Β previously grantedΒ options for 1,801,167 options with a strike price ofΒ Β£0.17. The exchange program was offered for the purpose ofΒ incentivization andΒ retention of employeesΒ in line with the Company'sΒ currentΒ strategy.
Enquiries:
Frontera Resources Corporation
Liz WilliamsonΒ
Vice President, Investor Relations and Corporate CommunicationsΒ
(713) 585-3216
lwilliamson@fronteraresources.com
Nominated Adviser and Broker:Β
Canaccord Adams LimitedΒ
Jeffrey Auld/Ryan Gaffney/Elijah ColbyΒ
+44 20 7050 6500
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