The maximum number of RSUs/DSUs issuable under the RSU/DSU Plan together with the number of stock options issuable under the Amended Stock Option Plan may not exceed 10% of the number of issued and outstanding common shares of the Company as at the date of a grant under the RSU/DSU Plan or the Amended Stock Option Plan, as the case may be. Based on the number of common shares currently outstanding, an aggregate of 2,516,534 RSUs/DSUs and/or options can be granted pursuant to the RSU/DSU Plan and/or the Amended Stock Option Plan. The Company currently has 1,982,500 stock options outstanding, leaving 534,034 RSUs/DSUs and/or options available for grant. In connection with the adoption of the RSU/DSU Plan, the Company has made an initial grant of 63,000 DSUs to the Board of Directors and the Company’s Corporate Secretary at a reference price of $3.50 per share and vesting as 1/3 per year over three years. The Company has applied for TSX Venture Exchange approval of the RSU/DSU Plan and the plan. The RSU/DSU Plan and awards granted thereunder remain subject to TSXV and requisite disinterested shareholder approval in accordance with the policies of the TSXV.
The Amended Stock Option Plan will contain certain changes, including setting the maximum number of equity-based compensation units (including stock options and RSUs/DSUs) that may be reserved for issuance under the RSU/DSU Plan and the Amended Stock Option Plan at 10% of the Company’s outstanding common shares on a non-diluted basis. The Amended Stock Option Plan will be subject to requisite TSXV and shareholder approvals in accordance with the policies of the TSXV.
Further details regarding the RSU/DSU Plan and the Amended Stock Option Plan will be included in the management information circular of the Company which will be sent to shareholders and filed on SEDAR in connection with our next Shareholder’s meeting.
[expand title=”Advisories & Contact”]About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities. Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Southeastern Saskatchewan and West Central Saskatchewan. These properties have a deep inventory of long-term economic drilling opportunities across multiple zones as a platform to increase Company cash flows, long term, at an attractive return on invested capital.
Saturn has an unwavering commitment to building an ESG-focused culture and contributing to the communities it works in and disadvantaged communities globally. Saturn is an active supporter of: KidSport Canada, Children’s Cottage Society, Alberta; Carlyle & District Food Bank, Saskatchewan; and German youth sports charities.
Saturn’s shares are listed for trading on the TSXV under ticker ‘SOIL’ and on the Frankfurt Stock Exchange under symbol ‘SMKA’. Further information can be found at www.saturnoil.com.
Investor & Media Contact:
John Jeffrey, MBA – Chief Executive Officer
Tel: +1 (587) 392-7902
www.saturnoil.com
Kevin Smith, MBA – VP Corporate Development
Tel: +1 (587) 392-7900
info@saturnoil.com
Reader Advisory
Forward-Looking Information and Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “will” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release includes, but is not limited to, statements concerning the approval of the RSU/DSU Plan and Amended Option Plan by the TSX Venture Exchange and shareholder of the Company.
Although Saturn believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Saturn can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Saturn believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Saturn can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required shareholder and regulatory approvals and the satisfaction of all conditions thereto. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
The forward-looking information contained in this press release is made as of the date hereof and Saturn undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.[/expand]