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LEDUC, AB, July 26, 2019 /CNW/ - Hyduke Energy Services Inc.
("Hyduke" or the "Company") (HYD – TSXV) is pleased
to announce that, on July 25, 2019,
the Company's Board of Directors ("Board") adopted a new
incentive option plan (the "Option Plan") and new deferred
share unit plan ("DSU Plan").
On May 11, 2015, the Board
approved a long-term incentive plan for the Corporation which was
subsequently approved by the Company's shareholders at the
June 16, 2015 Annual General and
Special Meeting of the Shareholders (the "Equity Incentive
Plan") and which was amended by the Board on May 26, 2018 and re-approved by the shareholders
on June 29, 2018 to incorporate
certain housekeeping changes. Pursuant to the Equity
Incentive Plan, the Corporation was able to issue stock-based,
stock denominated and other long-term incentives to directors,
executive officers, employees and consultants of the Corporation
and/or its affiliates who were making sustained contributions to
the Corporation.
The Option Plan and DSU Plan will supersede and replace the
Equity Incentive Plan upon receiving shareholder
("Shareholder") approval at the Company's Annual General and
Special Meeting of Shareholders scheduled for August 28, 2019 (disinterested Shareholder
approval is required for the DSU Plan). Under the terms of
the Equity Incentive Plan, the only awards that were issued and
outstanding when the Option Plan and DSU Plan were adopted by the
Board were 1,613,272 stock options. All options granted under
the Corporation's Equity Incentive Plan will continue under the
terms of the Option Plan. On June 24,
2019, the Corporation provided its undertaking to the TSX
Venture Exchange (the "TSXV") that no new stock options or
deferred share units will be granted until the Option Plan and DSU
Plan have obtained shareholder approval and have been reviewed and
accepted by the TSXV.
The maximum number of shares that may be issued pursuant to the
Option Plan, in combination with the aggregate number of shares
which may be issuable under any and all of the Company's share
compensation arrangements in existence from time to time, including
the Company's DSU Plan, shall not exceed 10% of the total number of
issued and outstanding common shares ("Common Shares") of
the Company on a particular grant date, on a non-diluted basis, or
such greater number of Common Shares as shall have been duly
approved by the Board and, if required by the TSXV, by the
shareholders of the Company.
The Company has fixed the number of Common Shares that may be
issued under the DSU Plan at one million (1,000,000) and this
number does not replenish automatically. Once the DSU Plan is
adopted, all renewals and amendments are subject to disinterested
shareholder approval.
About the Company
Trading on the TSX Venture Exchange under the symbol "HYD",
Hyduke Energy Services Inc. is a fabrication and installation
business serving the agrifood, municipal, construction and energy
markets - both conventional and renewable.
Forward looking information
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or
statements. More particularly and without limitation, this
news release contains forward-looking statements and information
relating to receiving the requisite Shareholder and TSXV approvals
of the Option Plan and DSU Plan.
These forward-looking statements and information are based on
certain key expectations and assumptions made by the Company.
Assumptions have been made with respect to anticipated approvals
from the Shareholders and TSXV of the Option Plan and DSU
Plan. There is no guarantee that such approvals will be
obtained. Although the Company believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information as the
Company cannot give any assurance that they will prove to be
correct. Since forward-looking statements and information
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not
limited to, the failure of the Company to obtain the requisite
Shareholder and/or TSXV approval of the Option Plan and/or the DSU
Plan. Readers are cautioned that the foregoing list of risks and
uncertainties is not exhaustive. Other risk factors that
could affect the Company's operations or financial results are
included in the Company's annual information form and may be
accessed through the SEDAR website (www.sedar.com). The
forward-looking statements and information contained in this news
release are made as of the date hereof and the Company does not
undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, the Company is under no
obligation and does not undertake to update this information at any
particular time, except as required by law.
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 Hyduke Energy Services Inc.
