Business
Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of Options
TORONTO, ON / ACCESSWIRE / January 12, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of OptionsTORONTO, ON / ACCESSWIRE / January 12, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that, on 12 January 2022, six directors of the Company and one senior manager elected to exercise 4,450,000 options over common shares of no par value (\"Common Shares\") which were due to expire at midnight on 12 January 2022, at an exercise price of CAD $0.30 (the \"Options Exercise\"), as detailed in the PDMR Notifications below.In order to effect a cashless exercise, as permitted under the Company's Stock Option Plan, and minimise dilution to shareholders, the Board has agreed to issue, in aggregate, 1,599,999 common shares in lieu of the 4,450,000 options exercised, based on the closing price of the Company's Common Shares on the TSXV on 11 January 2022 of CAD0.45.Pursuant to the Options Exercise, application has been made for admission of 1,599,999 new Common Shares, which will rank pari passu with existing Common Shares, to trading on AIM (\"Admission\"). It is expected that Admission will become effective and trading will commence at 8.00 a.m. on 18 January 2022.Following Admission, the enlarged issued share capital of the Company will be 201,493,635 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.For more information, please visit www.ecooilandgas.com or contact the following:Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 8434 2754Gil Holzman, CEOColin Kinley, COOAlice Carroll, Head of Marketing and IR+44(0)781 729 5070 | +1 (416) 318 8272Strand Hanson Limited (Financial & Nominated Adviser)+44 (0) 20 7409 3494James HarrisRory MurphyJames Bellman Berenberg (Broker)+44 (0) 20 3207 7800Matthew ArmittEmily MorrisDetlir Elezi Celicourt (PR)+44 (0) 20 8434 2754Mark AntelmeJimmy LeaOllie Mills Hannam & Partners (Research Advisor) Neil Passmore+44 (0) 20 7905 8500The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domesti...