Hong Kong, August 4, 2017, Primeline Energy Holdings Inc. (the “Company”) (TSX.V: PEH) today announced that the
Board of Directors of the Company, based on the recommendations of the
Compensation Committee, has today granted stock options to management
and employees to purchase a total of 4,750,000 common shares at an
option price of $0.18 per share, exercisable until August 5, 2022, under
its “rolling 10%” option plan. The option price represents a premium of
approximately 40% over the latest traded price of $0.13. There were
15,838,541 shares available for issuance upon exercise of options under
the plan prior to the grant and 11,088,541 now remain. The options vest
as to one third on the date of issue, one third on the first anniversary
of the date of issue and one third on the second anniversary of the
date of issue. The granting of the stock options is subject to
acceptance for filing by the TSX Venture Exchange. Before this issuance,
the Company had 3,235,000 options outstanding, the majority of which
(2,785,000) were granted in 2012 and are due to expire in September 2017
and the remainder (450,000) are due to expire in October 2017.
About Primeline Energy Holdings Inc.
Primeline
is an exploration and production company focusing exclusively on China
natural resources to become a major supplier of gas and oil to the East
China market. Primeline has a 100% Contractor’s interest in, and is the
operator of, the petroleum contract with CNOOC for Block 33/07 (4,397sq
km) and a 49% interest in the producing LS36-1 gas field in Block 25/34,
together with CNOOC (51% interest and acting as Operator). Both blocks
are in the East China Sea. LS36-1 has been in production since July
2014. Shares of Primeline are listed for trading on the TSX Venture
Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
“Ming Wang”
Ming Wang
Chief Executive Officer
| Contact: | |
|
Primeline Energy Holdings Inc. Dr. Ming Wang CEO Phone: +44 207.499.8888 Toll Free: +1 877.818.0688 Email: IR@pehi.com |
CHF Investor Relations Cathy Hume CEO Phone: +1 416.868.1079 x 231 Toll Free: +1.877.838.1079 x 231 Email: cathy@chfir.com |
Please visit the Company’s website at www.primelineenergy.com. Should you wish to receive Company news via email, please email john@chfir.com and specify “Primeline Energy” in the subject line.
Forward-Looking Statements
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements. Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.
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.