CALGARY, Jan. 31, 2019 /CNW/ - Acceleware®
Ltd. ("Acceleware" or the "Corporation") (TSX-V: AXE), today
announced that it has granted stock options to acquire up to
2,956,066 common shares of the Corporation to certain of its
employees, consultants, officers and directors. The options have an
exercise price of $0.13 per common
share and expire on January 31,
2024.
Of the 2,956,066 options granted, 1,237,500 shall vest on the
first anniversary of the grant date, 1,237,500 shall vest on the
second anniversary of the grant date, 240,533 shall vest when the
share price of the common shares of the Corporation closes at or
above $0.165 for ten consecutive
trading days, and 240,533 shall vest when the share price of the
common shares of the Corporation closes at or above $0.195 for ten consecutive trading days. The
Corporation's stock option plan allows for 10,391,767 common shares
to be reserved for issuance under the plan. Upon issuance of the
options granted, there will be 9,676,824 common shares reserved
under options outstanding, leaving 714,943 common shares that may
be reserved for issuance under the Corporation's stock option plan.
The stock option grant is subject to regulatory approval.
About Acceleware
Acceleware (www.acceleware.com) is an innovator of clean-tech
oil and gas technologies comprised of two business units: Radio
Frequency (RF) Enhanced Oil Recovery and Seismic Imaging
Software.
Acceleware is developing RF XL and Modular RF, its patented and
patent-pending low-cost, low-carbon production technologies for
heavy oil and oil sands that are materially different from any
heavy oil recovery technique used today. They will use no water,
require no solvent, have a small physical footprint, can be
redeployed from site to site, and can be adapted to a multitude of
reservoir types, while expected to greatly reduce and eventually
eliminate production greenhouse gas emissions (GHGs). In shallow
oil sands implementations, no tailings ponds will be required.
Our seismic imaging software solutions are state of the art for
high fidelity imaging, providing the most accurate and advanced
imaging available for oil exploration in complex geologies.
Acceleware is a public company on Canada's TSX Venture Exchange under the
trading symbol "AXE".
Acceleware is a public company on Canada's TSX Venture Exchange under the
trading symbol AXE.
Neither 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.
SOURCE Acceleware Ltd.