Business
RECONAFRICA ANNOUNCES STOCK OPTION GRANT AND CANCELLATION
RECONAFRICA ANNOUNCES STOCK OPTION GRANT AND CANCELLATION Canada NewsWire V...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n RECONAFRICA ANNOUNCES STOCK OPTION GRANT AND CANCELLATION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 6, 2024\n \n \n /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSXV: RECO) (OTCQX: RECAF) (\n \n Frankfurt\n \n : 0XD) announces that it has granted incentive stock options (the \"Options\") to certain directors and officers of the Company to acquire an aggregate of 2,800,000 common shares in the capital of the Company in accordance with the Company's ten per cent rolling incentive stock option plan. The Options were granted at an exercise price of\n \n $1.40\n \n per share for a five (5) year term expiring\n \n March 6, 2029\n \n .  The Options are subject to certain vesting provisions as determined by the board of directors of the Company and in accordance with the policies of the TSX Venture Exchange (the \"Exchange\"). The Options are subject to restrictions on resale until\n \n July 7, 2024\n \n , in accordance with the Exchange policies.\n \n \n \n \n \n \n \n \n \n Additionally, the Company announces the cancellation of 2,285,000 options with an exercise price of\n \n $6.35\n \n per share granted on\n \n May 13, 2022\n \n and expiring on\n \n May 13, 2027\n \n , and 1,843,750 options with an exercise price of\n \n $6.88\n \n per share granted on\n \n April 25, 2021\n \n and expiring on\n \n April 25, 2026\n \n (the \"Cancelled Options\").  A total of 225,000 of the Cancelled Options belonged to an Insider of the Company. Under the Exchange policies, no new options may be granted to that Insider for a period of twelve (12) months from the date of cancellation.\n \n \n About ReconAfrica\n \n \n ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin in the Kalahari Desert of northeastern\n \n Namibia\n \n and northwestern\n \n Botswana\n \n , where the Company holds petroleum licenses comprising ~8 million contiguous acres. In all aspects of its operat...