Solimar Energy Limited
TSX VENTURE : SXS
ASX : SGY

Solimar Energy Limited

September 06, 2012 07:30 ET

Solimar Energy Limited: Proposed Award of Options to Directors and Personnel

MELBOURNE, AUSTRALIA--(Marketwire - Sept. 6, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Solimar Energy Limited (ASX:SGY)(TSX VENTURE:SXS) ("Solimar" or the "Company") announces that subject to shareholder approval it proposes to issue unlisted options ("options") to Directors and certain personnel in recognition of their services and to provide them with incentives to continue working and performing with the Company.

Shareholder approval for the award of the options will be sought at the next Annual General Meeting.

The award of the options at this time is triggered by:

  • In line with policy, awarding options to a new Director, Mr Ryan Dunfield on joining the Company.
  • The terms of employment of Mr Will Satterfield when recently promoted to Chief Executive Officer.
  • The need for new incentives following the expiry on June 1, 2012 of some 20 million options held by Mr John Begg, consultants and senior company personnel.
  • Revised terms for Non Executive Directors who have agreed to reduced Directors fees as part of overhead cost management initiatives introduced by the Company.

The Options to be issued, totaling 12.5 million will also comply with the Company's option plan as approved at the 2011 AGM.

Details of the proposed awards are:

Individual Position No of
Options
Exercise
Price
(cents)
Period Vesting
Directors
William Satterfield CEO / Director 2,000,000 CAD10c 3 Years Immediate
Ryan Dunfield Director
(New Appointment)
2,500,000 CAD10c 3 Years Immediate
John Begg Director 2,000,000 CAD10c 3 Years Immediate
Frank Petruzzelli Chairman 1,000,000 CAD10c 3 Years Immediate
Mark Elliott Director 1,000,000 CAD10c 3 Years Immediate
Charle Gamba Director 1,000,000 CAD10c 3 Years Immediate
Jason Bednar Director 1,000,000 CAD10c 3 Years Immediate
Other
Personnel
Management and
senior consultants
2,000,000 CAD10c 3 Years Immediate
TOTAL 12,500,000

ABN 42 112 256 649

Neither 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.

Contact Information