TAG Oil Announces Director Resignation and Stock Option Grants
Rhea-AI Summary
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced significant updates including the resignation of non-executive director Peter Loretto for personal reasons. The current board consists of Executive Chairman Abby Badwi, CEO Toby Pierce, and other directors. Additionally, the company has granted 775,000 stock options to officers and staff at an exercise price of C$0.25 per share, fully vesting on the grant date. This move aims to attract and retain talent while motivating the team to enhance value creation.
Positive
- Granting 775,000 stock options to attract and retain talent.
- Stock options fully vested on grant date, aligning interests of staff with company performance.
Negative
- Resignation of Peter Loretto could indicate potential instability in the board.
News Market Reaction – TAOIF
In the trading session that priced this news, TAOIF declined 6.67%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC, Sept. 25, 2020 /PRNewswire/ - TAG Oil Ltd. (TSXV: TAO) and (OTCQX: TAOIF) announces the following corporate updates.
Board of Directors
Mr. Peter Loretto has resigned from his position as a non-executive director of the Company for personal reasons. TAG's management and its board of directors would like to sincerely thank Mr. Loretto for his many contributions and commitment during his time with the Company.
The Company's board of directors now consists of Messrs. Abdel (Abby) Badwi (Executive Chairman), Toby Pierce (CEO), Shawn Reynolds, Thomas Hickey, Keith Hill, and Gavin Wilson.
Stock Options
TAG also announces the grant of 775,000 stock options that are exercisable for a period of five years at a price of C
About TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian based international oil and gas explorer with exploration and production assets in Australia.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws, including statements with regard to the Company's operations. These statements address future events and conditions and are reliant on assumptions made by the Company's management, and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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SOURCE TAG Oil Ltd.