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16 Jan 2014 07:00
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Ithaca Energy Inc.
Grant of Share Options
16 January 2014
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces that in accordance with the Company's Stock Option Plan, the Board of Directors has approved the grant of 7,165,000 share options to Directors, Officers and employees at a price of C$2.71, which was the closing price on the Toronto Stock Exchange on 15 January 2014. The options shall be granted effective 16 January 2014 and may be exercised for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the effective date.
Of the recipients, a total of 3,150,000 share options were granted to Directors and Officers as follows:
Les Thomas | Officer and Director | 600,000 |
Graham Forbes | Officer | 600,000 |
Nicholas Muir | Officer | 400,000 |
Mike Travis | Officer | 400,000 |
John Woods | Officer | 400,000 |
Jack Lee | Director | 150,000 |
Ron Brenneman | Director | 100,000 |
Brad Hurtubise | Director | 100,000 |
John Summers | Director | 100,000 |
Frank Wormsbecker | Director | 100,000 |
Jay Zammit | Director | 100,000 |
Jannik Lindbaek | Director | 100,000 |
The total number of shares under option is now 21,758,567 Common Shares, representing approximately 6.3% of total shares outstanding and under option.
Fully diluted, the Company now has 345,392,187 Common Shares on issue.
- ENDS -
Enquiries:
Ithaca Energy
Graham Forbes gforbes@ithacaenergy.com +44 (0)1224 652 151
Richard Smith rsmith@ithacaenergy.com +44 (0)1224 652 172
FTI Consulting
Edward Westropp edward.westropp@fticonsulting.com +44 (0)207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0)207 269 7212
Cenkos Securities
Neil McDonald nmcdonald@cenkos.com +44 (0)131 220 6939
Beth McKiernan bmckiernan@cenkos.com +44 (0)131 220 9778
RBC Capital Markets
Tim Chapman tim.chapman@rbccm.com +44 (0)207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0)207 653 4871
About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
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