Eco (Atlantic)’s Incentive Plan – Grant of RSUs

(Eco, 23.Aug.2019) — Eco (Atlantic) Oil & Gas Ltd. granted 3,000,000 Restricted Share Units to directors, officers and advisers, of which 2,900,000 are to existing Executives and Directors, pursuant to the company’s Restricted Share Units Plan (the “RSUs”) and in acknowledgment of the Company’s management’s recent achievements. The RSUs will vest immediately and convert into 3,000,000 common shares of no par value in the company (“Common Shares”) (“RSU Shares”).

In addition, the company announces that it has granted, to a consultant of the company, warrants to subscribe for up to 80,000 Common Shares at a price of CAD $2.45 (£1.50) per Common Share (the “Warrants”). The Warrants are exercisable for a period of 1 year from the date of issue.

Details of the RSUs being granted to each director are summarized in the table below:

Director RSUs Granted
Moshe Peterburg 350,000
Gil Holzman 900,000
Colin Kinley 900,000
Gadi Levin 200,000
Alan Friedman 125,000
Kangulohi Helmut Angula 100,000
Peter Nicol 200,000
Keith Hill 125,000

Application has been made for admission of the 3,000,000 RSU Shares, which will rank pari passu with existing Common Shares, to trading on AIM (“Admission”). It is expected that Admission will become effective and trading will commence at 8:00 a.m. on 29 August 2019.

Following Admission, the enlarged issued share capital of the company will be 184,398,973 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the company under the Disclosure and Transparency Rules.

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