Petrolympic Announces Voting Results for 2014 Annual and Special Meeting of Shareholders and Grant of Stock Options
21 Mai 2014 - 3:00PM
Marketwired
Petrolympic Announces Voting Results for 2014 Annual and Special
Meeting of Shareholders and Grant of Stock Options
TORONTO, ONTARIO--(Marketwired - May 21, 2014) - Petrolympic
Ltd. (the "Company" or "Petrolympic") (TSX-VENTURE:PCQ) is pleased
to announce that all items on the agenda were approved at the
Company's annual and special shareholders meeting held on May 20,
2014. At the AGM, the shareholders ratified the Company's 10%
rolling stock option plan, re-appointed MNP LLP as auditors of the
Company for the ensuing year, and authorized the directors to fix
their remuneration.
In addition, each of the current directors of Petrolympic, being
Mendel Ekstein, Andreas Jacob, Alain Fleury, Frank Ricciuti, Miles
Pittman, Rodger Creamer, and a proposed nominee, Glenn MacNeill,
was elected as a director by a majority of votes to serve until the
next annual meeting or until their successors are elected or
appointed.
New board member, Mr. MacNeill, is a petroleum engineer and has
over 30 years of experience in various project and financial
functions. Mr. MacNeill is currently a portfolio manager with
Pangaea Asset Management. Previously, he was with Lawrence Asset
Management as Chief Investment Officer, and with Sentry Select
Capital Corp. as VP, Investments. In the past, Mr. MacNeill has
also worked with HSBC Securities Inc., Scotia Capital Inc.,
Imperial Life/Desjardin Group and TD Bank. He has over 30 years of
experience in financial and petroleum fields and has extensive
experience in oil and gas royalty trusts, energy companies, and
private investment opportunities.
CEO Mendel Ekstein commented: "We are very happy to have
attracted Mr. MacNeill as a director of Petrolympic. With his
background and experience, I believe he will significantly enhance
our board and I look forward to working with him as Petrolympic
enters a new phase in its Quebec projects."
Furthermore, Petrolympic announced today that the board of
directors of the Company granted an aggregate of 1,230,000
incentive stock options to the Chief Financial Officer, the
Secretary and the directors of the Company at the exercise price of
$0.36 exercisable until May 20, 2019. The options are being granted
pursuant to the terms of the Company's stock option plan.
ABOUT PETROLYMPIC LTD.
Petrolympic Ltd. is a Canadian junior oil and gas company
actively exploring for premium light crude oil and natural gas in
North America. The Company is presently focused on its near-term
oil production asset in the prolific Maverick Basin of Texas, USA.
The Company also holds an interest in a total of 754,216 hectares
(1,863,668 acres) of oil and gas exploration permits in the
Appalachian Basin of Quebec that include holdings in the St.
Lawrence Lowlands and Gaspe Peninsula. The Company's holdings in
the St. Lawrence Lowlands consist of a 30% interest in 217,370
hectares (536,941 acres) through a joint venture with Squatex
Energy and Resources Inc. ("Squatex"), a 12% interest in 8,000
hectares (19,768 acres) through the Farmout Agreement with Canbriam
Energy Inc., and a 100% interest in 56,622 hectares (139,913 acres)
located over the Lowlands shallow carbonates platform on the south
shore of the St. Lawrence River, less than 30 kilometers southwest
of Montreal. These properties represent a major position in the
Utica Lorraine and Trenton-Black River Plays. Petrolympic also
maintains holdings in the Gaspé and Lower St. Lawrence regions,
including a 30% interest in 431,339 hectares (1,065,839 acres)
through a joint venture with Squatex and a 100% interest in a block
of exploration permits totalling 40,885 hectares (101,029 acres)
located between Rimouski and Matane prospective for hydrothermal
dolomite hosted light oil.
FORWARD-LOOKING STATEMENTS
This press release includes certain "forward-looking
information" within the meaning of the Securities Act
(Ontario), including, but not limited to, statements as to timing
and extent of exploration programs and the availability of
exploration results. As such, forward-looking information addresses
future events and conditions and so involves inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" and
elsewhere in Petrolympic Ltd. documents filed from time to time
with the Ontario Securities Commission and other regulatory
authorities. Actual results could differ significantly from those
currently projected as a result of, among those factors, adverse
weather, regulatory changes, delays in receiving permits, accidents
and delays in completing exploration activities not all of which
are in the control of Petrolympic Ltd. The forward-looking
information contained herein is Petrolympic's reasonable estimate
today of future events and conditions, but no assurance can be
given that such events or conditions will occur.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Petrolympic Ltd.Mendel EksteinPresident and CEO(845)
656-0184exis@petrolympic.com
Petrolympic (TSXV:PCQ)
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