CALGARY, Aug. 25, 2014 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a junior oil and gas company operating in Colombia is pleased to announce the issuance of a total of 9,050,000 Stock Options ( "Options") pursuant to the Company's Stock Option Plan (the "Plan"), to former Suroco employees, the Company's newest director and other consultants following Petroamerica's acquisition of Suroco Energy Inc. on July 15, 2014.
The Plan is intended to assist in attracting, retaining, engaging and rewarding directors, officers, employees of the Company, provide additional incentive to these people for their efforts on behalf of the Company, and to align with the enhancement of shareholder value. This option grant further aligns continuing Suroco employees with the rest of the Petroamerica team. Under the Plan, the Company is able to issue Options to a maximum of 10% of the number of the issued and outstanding common shares of the Company from time to time.
Effective August 22, 2014 a total of 9,050,000 Options have been granted to certain directors, officers, employees and advisors of the Company with a strike price of $0.385, which was the closing market price for Petroamerica common shares on that day. This grant is subject to regulatory approval. The options were issued pursuant to the Plan, vest in thirds, with one third vesting upon issuance, and one third vesting on each of the first and second anniversaries of issuance, and expire on August 22, 2024.
Petroamerica is also pleased to announce the appointment of Adrienne A. O'Reilly, a partner with Dentons Canada LLP, as Corporate Secretary of the Company. Petroamerica's former Corporate Secretary, Mr. Gordon Keep, has resigned from this role but remains an advisor to the Company.
Petroamerica Oil Corp. is a Canadian oil and gas exploration and production company with activities in Colombia. Petroamerica's shares are listed on the TSX Venture Exchange under the symbol "PTA". A summary of the Company property holdings has been included in the current presentation located at www.PetroamericaOilCorp.com.
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.
SOURCE Petroamerica Oil Corp.