TORONTO, Dec. 29, 2023 (GLOBE NEWSWIRE) -- LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: 6MH) (the “Company” or “LNG Energy Group”) announced today additional shareholder alignment initiatives. These measures are meant to further align the directors, officers and employees of the Company with its shareholders.
Shareholder Alignment Initiatives
As previously announced on September 28, 2023, the Chief Financial Officer, Angel Roa, and its Chief Operating Officer, Nicolas Ziperovich, agreed to settle certain management and consulting fees owed to them, respectively, (collectively, the “Debt”), in common shares in the capital of the Company (“Common Shares”). Mr. Roa has agreed to receive 269,280 Common Shares at a deemed price of $0.50 per share and Mr. Ziperovich has agreed to receive 157,080 Common Shares at a deemed price of $0.50 per share (collectively, the “Debt Shares”). The TSX Venture Exchange and more than 50% of the shareholder of the Company approved the issuance of the Debt Shares.
The Company is also pleased to announce that certain directors and officers have purchased 32,000 Common Shares in the secondary market.
Options Grant
LNG Energy Group also announces the granting of incentive stock options to purchase 1,279,023 Common Shares (the “Options”), subject to approval of the TSXV, to the local employees operating in Colombia.
“We are pleased to be able to issuance these Options to the local operating team in Colombia. It is of the utmost importance for us to have the local team aligned to all shareholders,” commented Pablo Navarro, Chairman and Chief Executive Officer of the Company. “The results of the BO-5 well are indicative of the strong team we have on the ground in Colombia and we are eager to make them all shareholders in the Company.”
The Options were granted on December 29, 2023 pursuant to the Company’s equity incentive plan (the “Equity Incentive Plan”) and are exercisable at a price of $0.50 per Common Share and are set to expire on December 29, 2028. The Options vest on an annual basis with the first one third of the Options vesting on the first anniversary of the grant, the second one third of the Options vesting on the second anniversary of the grant and the final one third of the Options vesting on the third anniversary of the grant.
Neither the TSXV nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
About LNG Energy Group
The Company is focused on the acquisition and development of natural gas production and exploration assets in Latin America. For more information, please visit www.lngenergygroup.com.
LNG Energy Group Corp.
James Morris, Vice-President, Business Development and Investor Relations
Email: investor.relations@lngenergygroup.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, factors may occur which impede or prevent LNG Energy Group’s future business plans; and other factors beyond the control of LNG Energy Group. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, LNG Energy Group assumes no obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.
