Directors Announce Acquisition of Options to Acquire Common Shares of Strata-X Ltd.
October 17 2011 - 5:08PM
Marketwired
Effective September 22, 2011, Tim Hoops was granted an option to
acquire up to 1,000,000 common shares of Strata-X Ltd. (TSX
VENTURE:SXE) ("Strata-X") and Ron Prefontaine was granted an option
to acquire up to 200,000 common shares of Strata-X. The options are
exercisable at a price of $0.30 per share and each has a term of 10
years from date of grant. The options may terminate earlier in
accordance with the terms of the stock option agreements.
Mr. Hoops, a director and senior officer of Strata-X, and his
spouse are the only shareholders of Peak Resource Management, Inc.
("Peak") a private company which currently holds 6,000,000 common
shares of Strata-X, representing approximately 14.2% of the issued
and outstanding common shares of Strata-X and warrants to acquire
up to 3,000,000 common shares. In addition, Peak holds 60.4% of the
shares of R&M Oil and Gas, LLLP which, in turn, holds 6,000,000
common shares and 3,000,000 warrants of Strata-X.
Mr. Prefontaine, a director of Strata-X, and his spouse are the
only shareholders of Prepet Pty Ltd. ("Prepet") a private company
which currently holds 5,636,000 common shares of Strata-X,
representing approximately 13.4% of the issued and outstanding
common shares of Strata-X and warrants to acquire up to 2,200,000
common shares. In addition, Mr. Prefontaine holds an option to
acquire up to 520,000 common shares of Strata-X which was granted
November 29, 2010, for a term of 10 years, subject to earlier
termination in accordance with the terms of the stock option
agreement.
As a result of this grant of options, Mr. Hoops will hold an
option to acquire up to 1,000,000 common shares directly and
beneficially (representing approximately 2.4% of the issued and
outstanding common shares of Strata-X) and he indirectly holds a
proportionate share of 6,000,000 common shares (representing the
approximately 14.2% of the issued and outstanding common shares of
Strata-X) held indirectly through Peak. In addition, Peak holds
60.4% of the shares of R&M Oil and Gas, LLLP ("R&M") which,
in turn, holds 6,000,000 common shares and 3,000,000 warrants of
Strata-X. There are no other persons acting jointly or in concert
with Mr. Hoops, Peak and R&M.
Mr. Prefontaine holds options to acquire up to 720,000 common
shares directly and beneficially (representing approximately 1.7%
of the issued and outstanding common shares of Strata-X) and he
indirectly and beneficially holds, through Prepet, a proportionate
share of a total of 5,636,000 common shares (representing
approximately 13.4% of the issued and outstanding common shares of
Strata-X). There are no other persons acting jointly or in concert
with Mr. Prefontaine and Prepet.
The options granted to Messrs. Hoops and Prefontaine were
authorized by the board of Strata-X in accordance with the
incentive stock option plan of Strata-X. Messrs. Hoops and
Prefontaine, Peak, R&M and Prepet each reserve the right to
purchase additional securities of Strata-X or to dispose of any
securities of Strata-X that they may own, from time to time.
For additional information, or to obtain a copy of the report
required pursuant to the early warning reporting requirements,
please contact Doug Walker.
Contacts: Strata-X Ltd. Mr. Doug Walker Corporate Secretary
780-439-8995 Strata-X Ltd. 10812 Bearspaw Drive East Edmonton, AB
T6J 5G1
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