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.