TG World Energy announced that two new directors, Gordon J. Hoy and David Moscovitz, have been elected to the Company's Board. Both bring extensive experience to the TG World Board of Directors.
Mr. Hoy is a Chartered Financial Analyst and registered professional engineer with over 25 years of experience in the oil and gas industry. His areas of expertise relate to executive leadership, finance, corporate planning, economic evaluations and reservoir engineering. He is currently a director of Vader Capital Inc. and a director of Enerchem International Inc. Mr. Hoy formerly served as the Chief Operating Officer of Quadrise Canada Corp. and held senior executive positions with Inland Gas and Oil, Landin Resources and TriQuest Energy.
Mr. Moscovitz is a lawyer and consultant at Fraser Milner Casgrain LLP with over 30 years of extensive experience in acquisitions, divestments, dispositions, financings, joint ventures and other general business law. He currently also serves as a director for Richards Oil & Gas Ltd. and Grosvenor Park Natural Gas Fund Ltd.
"We are pleased that Gordon and David have chosen to join TG World's Board," noted Ted Best, the Company's Chairman. "Both are experienced businessmen whose background will add further strength to our Board. I also wish to thank previous directors Murray Todd and James C. Smith, who chose not to stand for re-election this year. With their knowledge and experience, both made important contributions to the Board."
In connection with their election as directors, the Company granted 250,000 options to each of Mr. Hoy and Mr. Moscovitz, which is consistent with the option positions of other non-management directors of TG World. Each option entitles the holder to purchase one common share of the Company, at an exercise price of CAD$0.12 per share(subject to customary anti-dilution adjustments) set at the close of business on June 16, 2009, for a period of 5 years from the date of grant.
TG World also announced that shareholders approved all of the resolutions presented to them at the Annual and Special Meeting of Shareholders held on June 16, 2009. A total of 47,849,927 shares were represented in person or by proxy at the shareholders' meeting, representing approximately 39.12% of the Company's outstanding shares.
The following directors were duly elected at the meeting: Edward W. Best, A. Lloyd Flood, Clifford M. James, Wayne G. Thomson, Gordon J. Hoy and David Moscovitz.
PriceWaterhouseCoopers LLP was re-appointed as auditors of the Corporation and will hold office until the next annual meeting of the shareholders, at such remuneration as may be determined by the directors of the Company.
Shareholders also approved resolutions respecting the Company's rolling 10% share option plan and shareholder rights protection plan. Both resolutions were passed by substantial majorities.
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