CALGARY, Alberta, Feb. 09, 2024 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Corporation”) (TSX-V: AXE), as of February 8, 2024, has granted stock options to acquire up to 2,399,000 common shares of the Corporation to certain of its employees, consultants, officers and directors. The options have an exercise price of $0.135 per common share and expire on February 8, 2029.
Of the 2,399,000 options granted, 949,500 shall vest on the first anniversary of the grant date, 949,500 shall vest on the second anniversary of the grant date, 250,000 shall vest when the share price of the common shares of the Corporation closes at or above $0.17 for ten consecutive trading days, and 250,000 shall vest when the share price of the common shares of the Corporation closes at or above $0.20 for ten consecutive trading days. The Corporation’s stock option plan allows for 11,837,604 common shares to be reserved for issuance under the plan. Upon issuance of the options granted, there will be 11,288,932 common shares reserved under options outstanding, leaving 548,672 common shares that may be reserved for issuance under the Corporation’s stock option plan. The stock option grant is subject to regulatory approval.
Acceleware (www.acceleware.com) is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software.
Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware’s vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company’s proprietary CTI.
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