CALGARY, Aug. 31, 2016 /CNW/ - Acceleware® Ltd. ("Acceleware" or the "Corporation") (TSX-V: AXE), today announced that it has granted stock options to acquire up to 1,464,502 common shares of the Corporation to certain of its employees, officers and directors. The options have an exercise price of $0.15 per common share and expire on August 30th, 2021.
Of the 1,464,502 options granted, 426,658 shall vest on the first anniversary of the grant date, 426,658 shall vest on the second anniversary of the grant date, 401,684 shall vest on the third anniversary of the grant date, 104,751 shall vest when the share price of the common shares of the Corporation closes above $0.185 for ten consecutive trading days, and 104,751 shall vest when the share price of the common shares of the Corporation closes at or above $0.225 for ten consecutive trading days. The Corporation's stock option plan allows for 6,655,609 common shares to be reserved for issuance under the plan. Upon issuance of the options granted, there will be 6,203,045 common shares reserved under options outstanding, leaving 452,564 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) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware's professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware's products and services are used by some of the world's largest energy and engineering companies.
Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.
Neither 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.
SOURCE Acceleware Ltd.
For further information: Geoff Clark, firstname.lastname@example.org, Acceleware Ltd., 435 10th Avenue SE, Calgary, AB, T2G 0W3 Canada, +1 (403) 249-9099, www.acceleware.com