VANCOUVER, BC, Sept. 16, 2024 /CNW/ - Principal Technologies Inc. (the "Company") (TSXV: PTEC) (FSE: J07), is pleased to announce that its Board of Directors has approved an amendment to its stock option plan (the "Amended Option Plan").
Under the Amended Option Plan, the Company is authorized to grant options to acquire up to 7,373,725 common shares of the Company, representing 20% of the issued and outstanding common as at the date of the Amended Option Plan, in compliance with TSX Venture Exchange (the "Exchange") regulations and applicable securities laws.
Additionally, subject to regulatory approval, the Company has granted incentive stock options to certain officers and consultants of the Company to acquire a total of 925,000 common shares at an exercise price of $0.16 (the "Options"), which vest immediately and are exercisable for a 10-year term expiring September 16, 2034. These Options are governed by the terms and conditions of the Amended Option Plan and Exchange policies.
Furthermore, the Company has granted 1,500,000 conditional stock options under the Amended Option Plan (the "Conditional Options") to Gerald Trent, CEO of the Company, with an exercise price of $0.16 per share. These Conditional Options vest immediately and are exercisable for a 10-year term expiring September 16, 2034. Exercise of the Conditional Options is subject to Exchange approval.
Approval from disinterested shareholders and the Exchange is required for the Amended Option Plan and the Options and Conditional Options grants. These matters will be presented for approval at the next Annual General Meeting of Shareholders.
ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive Officer
Principal Technologies Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of the Company in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause the Company's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required.
SOURCE Principal Technologies Inc.
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