(MENAFN- ProactiveInvestors) () (OTCMKTS:MDLNF) a Canadian-based Argentina focused upstream oil and gas company announced the grant of 15563158 options to certain officers employees and directors of the company and its subsidiaries as part of its compensation procedures.
Of the options granted a total of 15163158 options were granted to directors and executive officers of the company or its subsidiaries the Calgary Alberta-based company said in a statement on Monday.
The grant of options is the first grant to executive officers in over two years.
Each option has an exercise price of $0.30 per share and is exercisable for a period of five years from the date of grant. The options vest over a three year period one-third per year commencing on the first anniversary of the date of grant.
The company's rolling stock option plan was approved by the shareholders at the annual and special meeting of shareholders held on May 26.
The plan currently reserves up to 54103227 common shares of the company for issuance pursuant to options which is equal to 10% of the number of issued and outstanding common shares.
Options to purchase 38645991 common shares are now outstanding which is equal to approximately 7.1% of the number of issued and outstanding common shares.
In addition 1416667 options expire on September 11 2015 leaving 37229324 options outstanding representing approximately 6.9% of the common shares currently outstanding.
The company also announced the appointment of Stephen Kapusta as vice president engineering.
Kapusta previously acted as the companys Head of Engineering.
Madalena holds over 950000 net acres in five provinces of Argentina where it is focused on the delineation of large shale and unconventional resources in the Vaca Muerta shale Lower Agrio shale Loma Montosa oil play and the Mulichinco liquids-rich gas play.
The company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.
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