Vancouver, British Columbia (April 6, 2015) – GreenAngel Energy Corporation (“GreenAngel”) (TSX-V: GAE) announces that at the Company’s Annual General Meeting, to be held on April 7, 2015, it will seek shareholder approval for its new Stock Option Plan as described in the Company’s Management Information Circular.
Under the 2015 Stock Option Plan, the Board may from time-to-time, in its discretion, and in accordance with the requirements of the TSX Venture Exchange, grant to directors, officers and technical consultants to the Company, non-transferable options to purchase Common Shares.
Under the 2015 Stock Option Plan, the aggregate number of Common Shares that may be reserved for issuance under the 2015 Stock Option Plan, together with any Common Shares reserved for issuance under any other share compensation arrangement implemented by the Company, shall be equal to ten percent of the outstanding Common Shares from time-to-time. If any options granted under the 2015 Stock Option Plan shall expire, terminate or be cancelled for any reason without having been exercised in full, any un-purchased Common Shares to which such options relate shall be available for the purposes of granting of further options under the Stock Option Plan.
When combined with any other share compensation arrangement: the aggregate number of Common Shares reserved for issuance pursuant to Options granted to any one person in any 12-month period may not exceed five percent of the Outstanding Issue; the aggregate number of Common Shares reserved for issuance pursuant to Options granted to insiders, as a group, at any point in time, may not exceed ten percent of the Outstanding Issue; the aggregate number of Common Shares reserved for issuance pursuant to Options granted to insiders, as a group, within a 12-month period, may not exceed ten percent of the Outstanding Issue calculated at the date an Option is granted to any insider; the aggregate number of Common Shares reserved for issuance pursuant to Options granted to any one consultant in any 12-month period, may not exceed two percent of the Outstanding Issue; and, the aggregate number of Common Shares reserved for issuance pursuant to Options granted to persons retained to provide investor relations activities (which includes any employee or director whose role and duties primarily consist of investor relations activities), as a group, in any 12-month period, may not exceed two percent of the Outstanding Issue. Options issued to persons retained to provide investor relations activities must vest in stages over a period of not less than 12 months, with no more than one-quarter of the Options vesting in any three-month period.
The Company reports that the following stock option grants have been awarded in the past two years and are currently outstanding:
The total number of stock options currently outstanding is 1,720,000, which is the maximum permitted under the New Plan. On June 21, 2015, there are 400,000 options exercisable at $0.20 that will expire.
About GreenAngel Energy Corp.
GreenAngel Energy Corp. is a green energy technology commercialization company, with a focus in commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. GreenAngel also works with companies that deploy or manage technologies and processes that reduce greenhouse gas emissions. In addition to providing strategic capital to investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success.
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 news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.