MONTREAL, Feb. 22 /CNW Telbec/ - Gale Force Petroleum Inc. (TSXV: GFP)
("Gale Force" or the "Company") today announced that it has engaged Investor Cubed Inc. ("Investor Cubed") to provide investor relations and shareholder communications services
In connection with the Engagement, Investor Cubed has been awarded a
consulting contract paying $5,000 per month. The total costs of the
Engagement after three months would be $15,000; after twelve months the
total cost would be $60,000. In addition, Investor Cubed has been
granted 200,000 stock options with an exercise price of $0.33. The
options shall vest quarterly over a period of one year and are subject
to the provisions of Gale Force's Stock Option Plan. Investor Cubed is
a privately owned Canadian corporation, at arm's length from the
Company. The Engagement is subject to TSX Venture Exchange approval.
The Company also announced that it has amended its stock option plan, to
permit the Company to issue a maximum 2,100,000 options, which is less
than 10% of the shares of the Company's common shares currently issued
and outstanding. The Company then issued 200,000 options with an
exercise price of $0.33 to directors and consultants, vesting
immediately, subject to the provisions of the Company's stock option
plan. The stock option plan amendment and stock option issuance are
subject to TSX Venture Exchange approval.
ABOUT INVESTOR CUBED INC.- www.Investor3.ca
Investor Cubed Inc. provides specializes in investor relations and business consulting
services to a select group of leading Canadian small cap companies.
Investor Cubed's extensive industry experience has enabled it to
develop a national network of financial professionals that is vital to
its business model, and views the small cap companies it represents as
"partners" in creating value for their shareholders and for the
financial professionals. Investor Cubed is also a partner and
co-manager of www.SmallCapPower.com (SCP). SCP is Canada's first website dedicated to tracking stocks with market caps
from $5 to $500 million. It has comprehensive investment materials and
dynamic functionality that joins investors and financial industry
professionals to discover and communicate with small cap companies.
ABOUT GALE FORCE PETROLEUM INC. − www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and
exploiting undervalued oil and gas reserves in mature basins, bringing
operational expertise and capital to lower-risk, development-type
projects. The Company currently owns producing oil and gas properties
in Texas, Oklahoma and Tennessee.
Forward looking statements:
Statements included herein, including those that express management's
expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable
securities laws. Forward-looking statements are based on assumptions
and estimates that are subject to various risks and uncertainties,
including the risks disclosed under the heading "Risks and
Uncertainties" in the Company's periodic filings on SEDAR, for example,
in its Management Discussion and Analysis for the year ended June 30,
2010. Such information contained herein represents management's best
judgment as of the date hereof based on information currently
available. The Company does not assume the obligation to update any
forward-looking statements, except as required under applicable law.
"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 GALE FORCE PETROLEUM INC.
For further information:
Michael McLellan, CFA, Chairman & CEO, +1.514.221.2030