Primeline Announces Grant Of Stock Options
Primeline Energy Holdings Inc. (“Primeline” or the “Company”) (TSXV: PEH) today announced that the Board of Directors of the Company, based on the recommendations of the Compensation Committee, has today granted stock options to directors, officers, employees and consultants to purchase a total of 3,085,000 common shares at $0.60 per share exercisable until September 26th, 2017 under its “rolling 10%” option plan. There were 5,979,125 shares available for issuance under the plan, and 2,894,125 now remain. The options vest as to one third upon date of full repayment of the existing working capital loans made available by Mr. Victor Hwang (“Repayment Date”), one third on the date falling one year after the Repayment Date and one third on the date falling two years after the Repayment Date. The granting of the stock options is subject to acceptance for filing by the TSX Venture Exchange.
About Primeline Energy Holdings Inc.
Primeline is an exploration and development company focusing exclusively on China resources to become a major supplier of gas and oil to the East China market. Primeline has a 75% Contractor’s interest in and is the operator of the petroleum contract with CNOOC for Block 33/07 in the East China Sea and a 36.75% interest in the LS36-1 gas field in Block 25/34 which is being developed by CNOOC Limited (acting as Operator for the development) together with Primeline and Primeline Petroleum Corporation. Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Chief Executive Officer
PRIMELINE ENERGY HOLDINGS INC.
Dr. Ming Wang
Phone: +44 207.499.8888
Fax: +44 207.499.2288
Toll Free: 1.877.818.0688
CHF INVESTOR RELATIONS
Senior Account Manager
Phone: +1 416.868.1079 ext. 228
Fax: +1 416.868.6198
Please visit the Company’s website at www.pehi.com.
Neither 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.