CALGARY, July 27, 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 150,000 common shares of the company to the four non-management directors and the Chief Executive officer pursuant to the Company's Stock Option Plan. Peter Bourgeois, Walter Chayka, Robert Johnston and S. Grant Reeves each received options to acquire 25,000 common shares of the Company and Helen Cornett, CEO received options to acquire 50,000 common shares of the Company. The options are exercisable at an exercise price of $0.96 per common share, have an expiry date of July 26, 2017 and vest equally over three years on the anniversary date of the grant. This issue represents .01% 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 24, 2011. 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.
SOURCE: Galvanic Applied Sciences Inc.
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