CALGARY, March 22, 2012 /CNW/ - The Directors of Galvanic Applied Sciences Inc. (TSX-V: GAV) (the "Company") announces the grant of incentive stock options to acquire an aggregate of 90,000 common shares to the Chief Executive Officer of the Company pursuant to the Company's Stock Option Plan. The options are exercisable at a price of $0.72 per common share, have an expiry date of March 20, 2017 and vest equally over three years on the anniversary date of the grant. This issue represents .57% of the Company's current issued and outstanding shares.
The Company's Stock Option Plan received approval of shareholders at the Company's annual and special meeting held on August 26, 2010. The aggregate number of common shares that may be issued pursuant to the exercise of options awarded under the Stock Option Plan and all other security based compensation arrangements of the Company is 10% of the common shares issued and outstanding from time to time.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The news release may contain forward-looking information. Actual future results may differ materially from those contemplated.
For further information:
Helen Cornett, Chief Executive Officer, Telephone: (403) 252-8470, Fax: (403) 255-6287, email: [email protected], website: www.galvanic.com