Business
Exxel Energy Corp. announcements
Exxel Energy Corp. announcements.
About this update from Xxl Energy Corp.
[{"type":"text","content":"\n\n\n\n\n(TSX-V Symbol: EXX)\n\nVANCOUVER, Oct. 13 /CNW/ - Exxel Energy Corp. (\"Exxel\") (TSX-V Symbol:\nEXX) today announced the following:\n\n2006 Stock Option Plan\n----------------------\n\nThe disinterested shareholders of the Company and the TSX Venture\nExchange (the \"Exchange\") have approved the Company's Stock Option Plan (2006)\n(the \"Plan\") as required by applicable Exchange policy at the Company's annual\ngeneral meeting of shareholders held on September 7, 2006. Accordingly, the\nPlan is now in effect and the conditions for exercise of the stock options\nannounced on July 27, 2006, granted under the Plan, have been satisfied.\n\nRelease of Escrowed Securities\n------------------------------\n\nAs was provided in the Company's annual information form for the fiscal\nyear ended December 31, 2005 dated August 31, 2006 (the \"AIF\"), the 15,000,000\ncommon shares of the Company and 2,500,000 share purchase warrants\n(collectively, the \"Bruner Securities\") received by Marc Bruner (\"Bruner\") as\nconsideration for his transfer to the Company of certain assets comprised in\nthe Company's Rifle Creek project were released from escrow in accordance with\nthe terms of the escrow agreement dated April 11, 2005. However, the Bruner\nSecurities remain subject to the escrow arrangements referred to below.\n\nNew Voluntary Shareholder Pooling Agreement\n-------------------------------------------\n\nAs was provided in the Company's AIF, all of the Bruner Securities,\ntogether with certain securities held by certain other principal shareholders,\nwere subject to a voluntary pooling agreement dated June 1, 2005, as amended,\npursuant to which certain of their respective securities were held in escrow.\nThe terms for release of all of the securities subject to that agreement were\nmet as of the date of the AIF, but the signatories to such agreement agreed to\nhave such securities remain in escrow pending the negotiation of a new\nvoluntary pooling agreement.\nThe Company understands that Bruner, as to the Bruner Securities, John\nHislop, as to 10,352,100 common shares of the Company and the other principal\nshareholder, as to 9,102,200 common shares of the Company, have entered into a\nfurther voluntary pooling agreement with an effective date of September 6,\n2006 (the \"Pooling Agreement\"). Pursuant to the terms of the Po...