EDMONTON, Alberta, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Dalmac Energy Inc. ("Dalmac" or the "Company") (TSX Venture:DAL) announces today that it has granted and aggregate of 1,200,000 stock options to certain of its directors, officers and employees pursuant to the provisions of its stock option plan. Subject to any approvals or variations required by the TSX Venture Exchange, the granted options are exercisable at a price of $0.10 per common share, expire on January 22, 2023 and vest as to one third on January 22, 2018, one third on January 22, 2019 and one third on January 22, 2020.
Under the aforementioned grant, Mr. John Babic, the Company's President and Chief Executive Officer received an aggregate of 220,000 options. As at the date hereof, 28,298,406 common shares of Dalmac are issued and outstanding and, including his recently granted options, Mr. Babic owns or controls 10,851,367 common shares and 270,000 options, which amounts to approximately 38.35% of the currently issued and outstanding common shares of Dalmac on a non-diluted basis and approximately 37.64% on a fully-diluted basis. In addition, as announced in September 2017, the Company has entered into a loan agreement with Mr. Babic, whereby, under certain circumstances, such loan may be convertible into an aggregate of 7,894,737 units, each unit being comprised of one common share and one common share purchase warrant. Assuming the conversion of the loan in full, 36,193,143 common shares would be issued and outstanding and Mr. Babic would own or control 18,746,104 common shares, 7,894,737 common share purchase warrants and 270,000 stock options, which would amount to approximately 59.16% of the common shares of Dalmac on a non-diluted basis and approximately 59.35% on a fully-diluted basis.
The options referenced above have been granted to Mr. Babic as part of his compensation package. Mr. Babic may, depending on market and other conditions, increase or decrease his beneficial ownership of or control or direction over the securities of the Company in the open market, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This news release is being issued pursuant to Part 3 of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by Mr. Babic in connection with the issuance of the options is available on the Company's SEDAR profile, and it can also be obtained directly from John Babic by contacting the Company at the number shown below.
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.
For further information: please contact Su Chun at 4934 – 89th Street, Edmonton, Alberta T6E 5K1 by phone (780) 988-8510, by fax (780) 988-8512, or by e-mail at schun@dalmac.ca