Options status announced
VANCOUVER, June 4 /PRNewswire-FirstCall/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) is pleased to announce changes to its management.
John R. Nelson, previously Vice-President, Exploration and Interim Chief Financial Officer, has recently become the Company's new President and Chief Executive Officer in place of Mr. Brian Thurston who remains a Company director, but who has retired from management to devote additional time to other business endeavours. Management would like to express its sincere thanks and appreciation to Mr. Thurston for faithfully guiding the Company through some turbulent years.
Mr. Arthur Kwan has tendered his resignation as a Company director. Mr. Kwan recently accepted a position with PI Financial Corp., a member of the TSX Venture Exchange, and as such Mr. Kwan is now unable to serve as a director of public companies. He has agreed, however, to become a member of the Company's Advisory Board, where his extensive expertise and insight with respect to capital markets, mergers and acquisitions and financial issues generally will be greatly appreciated by the Company.
Mr. Kevin Elliott has been appointed the Company's Chief Financial Officer and is responsible for finance, accounting and corporate governance. He holds both a Bachelor of Commerce degree from the University of Calgary and qualified as a Chartered Accountant in 1983. Mr. Elliott brings over 25 years of diverse experience in Canadian and international oil and gas industries covering exploration, production and downstream operations in Canada and internationally. Prior to joining the Company, Mr. Elliott held positions with BP, Gulf, Nexen, Petro-Canada and Tarim Resources.
The Company has also granted new stock options to an officer of the Company to purchase up to 200,000 common shares at a price of $0.20 each until June 2, 2015. These options will vest with the optionee in four equal tranches of 50,000 each over a period of eighteen months.
On May 20, 2010, the TSX Venture Exchange accepted the Company's new 2010 rolling incentive stock option plan (the "New Plan"), which New Plan was approved and adopted by Company shareholders on April 12, 2010. The New Plan replaces the Company's old fixed price incentive stock option plan that was previously approved by Company shareholders in April 2008. The New Plan no longer includes mandatory vesting provisions, although Company management will be imposing such provisions as new options are granted.
About the Company:
Lion Energy Corp. is a well-financed, Canadian exploration company with a vision to develop a significant presence in the developing oil and gas industry. The Company signed an agreement with Africa Oil Corp. that grants the Company the right to earn an interest in five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. The Company further holds a 27.6% interest in Encanto Potash Corp., a junior potash exploration company and a 20% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
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 NEWS RELEASE
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Company's intentions or plans, whether of a corporate or exploratory nature. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, political, market or business conditions. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulatory policies.
SOURCE Lion Energy Corp.