Terrace Approves Bonus and Share Issuance to President
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/04/13 -- Terrace Energy Corp. (the "Company") (TSX VENTURE: TZR)(OTCQX: TCRRF)(FRANKFURT: 2TR) has agreed, subject to the approval of the TSX Venture Exchange, to issue 80,000 common shares (the "Shares") in settlement of US$140,000 of a bonus payable to the Company's President, Dave Gibbs.
The bonus and the issuance of the Shares were reviewed, considered and approved by the Company's Compensation Committee, a majority of the members of which are independent directors of the Company and does not include Mr. Gibbs.
Dan Carriere, Chairman of the Company's Compensation Committee commented, "We are extremely pleased with Dave's leadership, his work ethic and the confidence he has shown in the Company by opting to receive a majority of his bonus after tax in stock. He was instrumental in all of the Company's achievements over the last year including the Company's acquisition of its largest and most prospective asset and successive financings."
The Shares will be subject to a four month hold period under applicable Canadian securities laws in addition to such other restrictions as may be applicable under securities laws outside of Canada. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or under the securities laws of any state of the United States, and may not be offered or sold in the United States or to any U.S. person absent an exemption from such registration requirements. "United States" and "U.S. person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.
About Terrace Energy
Terrace Energy is an oil & gas development stage company that is focused on unconventional oil & gas extraction in onshore areas of the United States, particularly in South Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Dan Carriere, Chairman
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Terrace Energy Corp.
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Datum: 04.07.2013 - 20:06 Uhr
Sprache: Deutsch
News-ID 275777
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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