Manitok Announces Grant of Incentive Stock Options
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
MANITOK ENERGY INC. ANNOUNCES GRANT OF INCENTIVE STOCK OPTIONS
February 17, 2015, Calgary, Alberta – Manitok Energy Inc. (the "Corporation") (TSX-V: 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 33⅓% of the Options will vest one year after the date of the grant of such Options and the remainder will vest 33⅓% 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
For further information view our website at www.manitokenergy.com or contact:
Manitok Energy Inc.
Massimo M. Geremia, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.