CALGARY, ALBERTA--(Marketwire - Nov. 29, 2012) - CYGAM Energy Inc. (TSX VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil and gas company with interests in Tunisia and Italy, announces that Gerardjan (Oppe) Cosijn has been appointed VP, Geoscience and Business Development of the Company. Mr. Cosijn was previously president and CEO of Veraz Petroleum Ltd, an international TSXV listed company with operations in Peru. Commented David Taylor, CEO of CYGAM, "Oppe brings to CYGAM a wealth of technical and business experience and will be a strong addition to the management team." Mr. Cosjin's appointment is subject to TSX Venture Exchange approval.
In addition, pursuant to the terms and conditions of its stock option plan, the Company has granted 1,510,000 stock options to purchase Common Shares of CYGAM (the "Options") to certain officers of the Company, exercisable at $0.35 per share for a variety of periods of up to five years.
The options are subject to the following vesting conditions:
- 810,000 of the options will immediately vest and expire in equal instalments on the first, second and third anniversaries of November 28, 2012;
- 350,000 of the options will vest on the date that the daily volume weighted average trading price (the "VWAP") of the common shares on the TSX Venture Exchange, or such other stock exchange where the majority of the trading volume of the Common Shares occurs (the "Exchange"), exceeds $0.75 for 44 consecutive trading days and expire on November 28, 2017; and
- 350,000 of the options will vest on the date that the VWAP of the common shares on the Exchange exceeds $1.00 for 44 consecutive trading days and expire on November 28, 2017.
About CYGAM Energy Inc.
CYGAM is a Calgary based exploration company with extensive international exploration permits and producing properties in Tunisia. The main focus of the Company is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in seven exploratory permits in Italy and three exploratory permits in Tunisia encompassing approximately 2.7 million gross acres.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.