PIPESTONE ENERGY CORP. ANNOUNCES 2019 ANNUAL FILINGS AND APPROVAL OF LONG-TERM INCENTIVE AWARDS TO DIRECTORS AND MANAGEMENT
March 17 2020 - 5:37PM
(PIPE – TSX-V) Pipestone Energy Corp.
(
“Pipestone Energy” or the
“Company”) announces that it has filed its audited
consolidated financial statements, management’s discussion and
analysis, and annual information form for the year ended December
31, 2019 on the Company’s profile at SEDAR at www.sedar.com, and
has posted them to the Company website at www.pipestonecorp.com.
The Company would also like to announce that in
connection with its annual compensation review for directors and
officers, the board of directors of Pipestone Energy authorized the
granting of: (a) 847,000 restricted share units
(“RSUs”) and 1,270,000 performance share units
(“PSUs”) to certain officers of the Company; and
(b) 190,000 RSUs to certain directors of Pipestone Energy who are
neither employees or officers of Pipestone Energy nor nominated by
Pipestone Energy’s controlling shareholder Canadian Non-Operated
Resources LP, all under the long term incentive plan for the
Company (“LTIP”). In order to reflect the
current extraordinary circumstances of the energy market and to
further align the interests of directors and officers with the
Company’s investors, all of the RSUs and PSUs are being issued at
an effective equivalent common share price of $1.50 per unit, which
is a 200% premium to the closing price on March 17, 2020. It is
expected the above noted RSUs and PSUs will be issued on or about
March 20, 2020.
Pipestone Energy’s LTIP allows for the issuance
of stock options (“Options”) exercisable for up to
5,688,690 common shares of the Company (“Common
Shares”), RSUs exercisable for up to 5,688,690 Common
Shares and PSUs exercisable for up to 5,688,690 Common Shares, for
a total of 17,066,070 Common Shares issuable to Pipestone Energy’s
directors, officers, and employees pursuant to approved awards. The
RSUs approved will be subject to vesting as to one-third on each
anniversary of the award date and the PSUs will be subject to cliff
vesting in 2023. All of the RSUs and PSUs are to be issued at an
effective equivalent common share price of $1.50 per unit, being a
67% premium to the 5-day volume weighted average trading price of
the Common Shares on the TSX Venture Exchange prior to the date of
approval. The RSUs and PSUs issued to officers of the Company are
subject to forfeiture in certain circumstances, and the RSUs issued
to the directors are not subject to forfeiture.
Following the completion of these grants to
certain officers and directors, Pipestone Energy will have the
following long-term incentive awards outstanding, all of which are
governed by the LTIP: (a) legacy pre-amalgamation Blackbird Energy
Inc. options entitling the holders thereof to acquire 969,643
common shares (as a result of the 10:1 share consolidation pursuant
to the amalgamation of Blackbird Energy Inc. with Pipestone Oil
Corp. to form Pipestone Energy on January 4, 2019); (b) 1,208,600
new Options entitling the holder thereof to acquire 1,208,600
common shares; (c) 1,918,970 PSUs entitling the holders thereof to
acquire up to 3,837,940 common shares; and (d) 2,189,981 RSUs
entitling the holders thereof to acquire 2,189,981 common shares,
all subject to the terms thereof and the LTIP. The LTIP is subject
to shareholder approval at Pipestone Energy’s next shareholder
meeting.
Pipestone Energy Corp.
Pipestone Energy Corp. is an oil and gas
exploration and production company with its head office located in
Calgary, Alberta. The company is focused on developing its
pure-play condensate-rich Montney asset in the Pipestone area near
Grande Prairie, Alberta. Pipestone Energy is committed to building
long term value for our shareholders and values the partnerships
that it is developing within its operating community. Additionally,
the Company is highly committed to be an environmental steward by
reducing emissions from its operations through the use of bi-fuel
and other carbon reducing strategies. Pipestone Energy shares trade
under the symbol PIPE on the TSX Venture Exchange. For more
information, visit www.pipestonecorp.com.
Pipestone Energy Contacts:
Paul WanklynPresident and Chief Executive Officer(587)
392-8407paul.wanklyn@pipestonecorp.com |
Craig NieboerChief Financial Officer(587)
392-8408craig.nieboer@pipestonecorp.com |
Dan van KesselVP Corporate Development(587)
392-8414dan.vankessel@pipestonecorp.com |
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