VANCOUVER, BC, Sept. 16, 2024 – Principal Technologies Inc. (the “Company”) (TSXV: PTEC) (FSE: J07) is pleased to announce that its Board of Directors has approved an amendment to its stock option plan, now called the “Amended Option Plan.”
With the Amended Option Plan, the Company is authorized to grant options to acquire up to 7,373,725 common shares, representing 20% of the issued and outstanding common shares as of the date of the Amended Option Plan, in compliance with TSX Venture Exchange regulations and applicable securities laws.
In addition, the Company has granted incentive stock options to certain officers and consultants to acquire a total of 925,000 common shares at an exercise price of $0.16. These options vest immediately and are exercisable for a 10-year term expiring on September 16, 2034, subject to regulatory approval.
Furthermore, conditional stock options have been granted to Gerald Trent, CEO of the Company, under the Amended Option Plan. These Conditional Options also have an exercise price of $0.16 per share, vest immediately, and are exercisable for a 10-year term until September 16, 2034. Exercise of the Conditional Options is subject to Exchange approval.
Approval from disinterested shareholders and the Exchange is required for the Amended Option Plan, Options, and Conditional Options grants. These matters will be presented for approval at the next Annual General Meeting of Shareholders.
ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive Officer
Principal Technologies Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This press release contains forward-looking information and statements within the meaning of applicable securities laws. These statements address future activities, events, plans, developments, and projections. All statements, other than historical facts, constitute forward-looking statements or information. Such information and statements involve known and unknown risks and uncertainties that may cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking information and statements. The Company disclaims any obligation to update or revise any forward-looking information or statements.
SOURCE: Principal Technologies Inc.
For investor inquiries or further information, please contact: [email protected]
