Triangle Petroleum Reports Grant of Incentive Stock Options
Triangle has reported the grant of incentive stock options to acquire an aggregate of 2,550,000 common shares of the Company, of which 1,700,000 were granted to directors and officers pursuant to the Company's new Stock Option Plan. The options are exercisable at a price of C$0.30 per share, have an expiry date of January 28, 2014 and will vest as to one-third (1/3) on each one-year anniversary date from the date of grant thereafter. The aggregate number of common shares that may be issued pursuant to the exercise of options awarded under the Stock Option Plan and all other security based compensation arrangements of the Company is 10% of the common shares issued and outstanding from time to time. Subsequent to this grant, the Corporation has outstanding 5,160,000 options to purchase common shares of the Company. This grant of stock options is subject to approval by the TSX Venture Exchange (the "TSXV").
As anticipated in Triangle's non-offering prospectus dated November 20, 2008, the Board of Directors of Triangle has approved a new Stock Option Plan which meets the requirements of TSXV Policy 4.4 Incentive Option Plans. The new Option Plan is subject to approval by the TSXV and by the Company's Shareholders at the next annual meeting of Shareholders.
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