CALGARY, June 23, 2016 /CNW/ - Gemini Corporation (GKX-TSXV) today announced the grant of options and share units.
The Corporation granted an aggregate of 90,000 options to certain officers at an exercise price of $0.105 per share, which was the closing market price on June 22, 2016. In addition, 200,000 options were previously granted to an incoming officer at an exercise price of $0.12 per share, which was the closing market price on March 11, 2016. Under the terms of Gemini's option plan, the options are valid for four years from the date of grant and vest one-third immediately and the remainder at one-third on each of the next two grant date anniversaries. These grants bring the total number of options outstanding to 1,924,000 or 2.5% of the 76,882,832 issued and outstanding common shares of the Corporation.
A total of 447,000 performance share units and 431,000 restricted share units were granted to certain officers and directors with a vesting date of January 1, 2019. The unit plan is structured to settle these share units through the issuance of shares on the vesting date.
About Gemini Corporation
Gemini Corporation is a professional services firm that provides engineering, regulatory, fabrication, installation and maintenance solutions for clients through stand-alone or integrated service delivery models. For more than 30 years, Gemini has been harnessing the energy of its staff and clients to power innovation in conventional and unconventional oil and gas, in-situ heavy oil and industrial facilities across western Canada. Our integrated design-build project delivery model differentiates Gemini and provides tremendous value-added benefits for clients, such as constructability advice at the design phase, schedule compression and one point of accountability.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ca.
This news release may contain forward looking information that represents Gemini's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or Gemini's future economic performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to Gemini's performance and competition within the sectors in which it competes, the continuation of the current regulatory and tax regimes in the jurisdictions in which Gemini operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to client service demand, field service costs, labour rates, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted or suggested. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.
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 release.
SOURCE Gemini Corporation
For further information: Peter Sametz, President & CEO, (403) 781-9881, [email protected]