CGX Energy Inc V.OYL

New News - confirmation of stock option grant

[Rapsani]

So another 1.4 Million options out there with 1/3 granted immediately.

What's interesting is the very last line "subject to a vesting acceleration clause under certain events".   The final 1/3 of their shares could vest before the 1 year under certain conditions - what are those conditions? Perhaps if the price hits a certain clip level.. or drilling timelines..  would like to know those.


https://finance.yahoo.com/news/cgx-energy-completes-grant-previously-230100376.html

Toronto, Ontario--(Newsfile Corp. - March 23, 2021) - CGX Energy Inc. (TSXV: OYL) ("CGX Energy" or the "Company"), announces that it has completed the grant of incentive stock options ("Options") previously announced on February 8, 2021 related to the appointment of Professor Mark D. Zoback as a Director of the Company and Ms. Jennifer Budlong as Exploration Manager. Pursuant to the appointments, the Company granted Professor Zoback and Ms. Budlong Options of 1,000,000 and 400,000, respectively, subject to regulatory approval. The stock options were granted on March 23, 2021 pursuant to the Company's stock option plan and are exercisable at a price of $0.82 per share, set to expire on March 23, 2026. These Options vest as follows: (a) 1/3 of the Options granted immediately; (b) 1/3 of the Options granted on the six month anniversary of the Option grant; and (c) 1/3 of the Options granted, being the remaining amount, on the first anniversary of the Option grant, subject to a vesting acceleration clause under certain events.

[ljmorin]

I'm certainly no genious but would be pretty tough to do a reissuance now wouldn't it? I look at this as being very positive. lj

[Schreibzey]

For those of us rookies out there, can you explain what you mean? Thanks

[Rapsani]

Hi.. it means these 2 people received 1.4 million stock options in CGX at .82.   1/3 are execercisable now (so about 466,000 shares), which means they can sell up to 466,000 shares when the stock price is above .82 and cash in the difference.  Example, if we hit $2.00 a share, less .82 = $1.18/share profit x 466,000 shares = 1/2 million $ plus income.   Then in 6 months

[soulfire]

Great explanation Rapsani. Let's hope they are not hurting for cash.... I emailed OSC about the manipulation, they replied and stated IIROC will be looking into it. Not optimistic they will do anything though. How many times have we seen one or two shares traded every day. They are not blocks and does not affect the last price but it's the perception. I know of people who tried to buy

[westcanpride]

Awesome you emailed them Soulfire. Let's see if they have the courge to actually act on this manipulation and end it. My guess is no... they are complacent in this activity and could care less.  Like seriously, 1 share trades always by National Bank. RBC always down-selling by 0.02-0.03 cents everytime any purchases are made higher. One could go on for a long time.  Let's see