CALGARY, Alberta, April 21, 2023 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Corporation”) (TSX-V: AXE), as of April 15, 2023, has granted stock options to acquire up to 5,465,000 common shares of the Corporation to certain of its employees, consultants, officers, and directors. The options have an exercise price of $0.23 per common share and expire on April 15, 2028.
Of the 5,465,000 options granted, 2,420,000 shall vest on the first anniversary of the grant date, 2,145,000 shall vest on the second anniversary of the grant date, 450,000 shall vest when the share price of the common shares of the Corporation closes at or above $0.29 for ten consecutive trading days, and 450,000 shall vest when the share price of the common shares of the Corporation closes at or above $0.345 for ten consecutive trading days. The Corporation’s stock option plan allows for 11,627,701 common shares to be reserved for issuance under the plan. Upon issuance of the options granted, there will be 11,234,998 common shares reserved under options outstanding, leaving 392,703 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 (RF) Enhanced Oil Recovery 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 be a key component of an end-to-end integrated carbon management system that can 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 Corporation’s proprietary CTI.
Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.
The Corporation’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
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