LONGREACH OIL AND GAS LIMITED, Issue of Options
LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), the oil & gas company focused on Morocco (“Longreach” or the “Company”), announces today (the “Grant Date”) that the Board of Directors has issued 3,845,000 options to members of management, directors and consultants of the Company at an exercise price of $0.70. These options will vest in thirds, with one third vesting on the first anniversary of the Grant Date, one third vesting on the second anniversary of the Grant Date and one third vesting on the third anniversary of the Grant Date.
Under the terms of the Company’s stock option plan, the number of shares reserved for issuance will not exceed 10% of the issued and outstanding shares of Longreach. The options issued today represent approximately 4.76% of the undiluted share capital of Longreach. The options will be exercisable for a period of up to five years from the date of grant.