CALGARY, ALBERTA–(Marketwired – Feb. 17, 2015) – Manitok Energy Inc. (the “Corporation“) (TSX VENTURE:MEI) announces that its board of directors approved the granting of incentive stock options (“Options“) under its stock option plan to certain of its directors and officers to acquire up to an aggregate of 805,000 common shares (“Common Shares“) of the Corporation and the granting of Options to certain of its employees and consultants to acquire up to an aggregate of 330,000 Common Shares.
All of such Options are exercisable for a period of five years at a price of $0.81 per Common Share and 33 1/3% of the Options will vest one year after the date of the grant of such Options and the remainder will vest 33 1/3% per year thereafter.
Upon the granting of the Options described above, Manitok will have 6,440,273 Options outstanding, which represents about 9.9% of the 65,279,607 Common Shares currently outstanding. Manitok’s stock option plan currently limits the issuance of Options to no more than 10% of the outstanding Common Shares.
Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills and southeast Alberta. The Corporation will utilize its experience and expertise to develop the untapped conventional oil and liquids-rich natural gas pools in both the foothills and southeast Alberta areas of the Western Canadian Sedimentary Basin.
Manitok Energy Inc.
Massimo M. Geremia
President and Chief Executive Officer