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Tuktu Resources Ltd. Announces Completion of Farm-In Arrangement in Southern Alberta, Stock Option Grant and New Chair of the Board.
Calgary, Alberta--(Newsfile Corp. - July 17, 2024) - Tuktu Resources Ltd. (TSXV: TUK) (" Tuktu ...
About this update from Tuktu Resources Ltd
[{"type":"text","content":"\nTuktu Resources Ltd. Announces Completion of Farm-In Arrangement in Southern Alberta, Stock Option Grant and New Chair of the Board.Calgary, Alberta--(Newsfile Corp. - July 17, 2024) - Tuktu Resources Ltd. (TSXV: TUK) (\"Tuktu\" or the \"Company\") is pleased to announce the completion of the farm-in arrangement previously announced on April 17, 2024, the issuance of stock options to Tuktu's directors and officers, and the appointment of Kathleen Dixon as the Chair of the Company's board of directors. Farm-in AgreementTuktu has executed a definitive agreement with an arms-length private company in respect of the farm-in arrangement previously announced on April 17, 2024. The completed farm-in arrangement allows Tuktu to farm-in on certain undeveloped rights in the Southern Alberta deep basin. The Company plans to commence operations in respect to the farm-in during the third quarter of 2024.Stock OptionsPursuant to the terms and conditions of its stock option plan, the Company has granted an aggregate of 6,000,000 stock options to certain directors and officers effective as of July 17, 2024. The stock options vest between the first and third anniversary of their grant date, have an exercise price of $0.05 per common share and expire on July 17, 2029.Chair AppointmentKathleen Dixon has been appointed Chair of the Company's board of directors. Robert Dales, who has served as the Chairman of the Board since July 15, 2022, will continue as a board member for the Company. About Tuktu Resources Ltd.Tuktu is a publicly traded junior oil and gas development company headquartered in Calgary, Alberta with producing oil and gas properties in southern Alberta. For additional information about Tuktu please contact:Tuktu Resources Ltd. 501, 888 - 4th Avenue S.W.Calgary, Alberta T2P 0V2 Attention: Tim de Freitas, President and Chief Executive Officer (phone 403-478-0141); or Mark Smith, CFO and VP Finance (phone 403-613-9661)Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.All amounts in this press release are stated in Canadian dollars unless otherwise specified.ADVISORIES Certain information contained in the press release may constitute forward-looking statements and information (collectively, \"forward-looki...