LNG Energy Group Announces Additional Shareholder Alignment Initiatives

TORONTO, Dec. 29, 2023 (GLOBE NEWSWIRE) -- LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: 6MH) (the “Company” or “LNG Energy Group”) announced today additional shareholder alignment initiatives. These measures are meant to further align the directors, officers and employees of the Company with its shareholders.

Shareholder Alignment Initiatives

As previously announced on September 28, 2023, the Chief Financial Officer, Angel Roa, and its Chief Operating Officer, Nicolas Ziperovich, agreed to settle certain management and consulting fees owed to them, respectively, (collectively, the “Debt”), in common shares in the capital of the Company (“Common Shares”). Mr. Roa has agreed to receive 269,280 Common Shares at a deemed price of $0.50 per share and Mr. Ziperovich has agreed to receive 157,080 Common Shares at a deemed price of $0.50 per share (collectively, the “Debt Shares”). The TSX Venture Exchange and more than 50% of the shareholder of the Company approved the issuance of the Debt Shares.

The Company is also pleased to announce that certain directors and officers have purchased 32,000 Common Shares in the secondary market.

Options Grant

LNG Energy Group also announces the granting of incentive stock options to purchase 1,279,023 Common Shares (the “Options”), subject to approval of the TSXV, to the local employees operating in Colombia. 

“We are pleased to be able to issuance these Options to the local operating team in Colombia. It is of the utmost importance for us to have the local team aligned to all shareholders,” commented Pablo Navarro, Chairman and Chief Executive Officer of the Company. “The results of the BO-5 well are indicative of the strong team we have on the ground in Colombia and we are eager to make them all shareholders in the Company.”

The Options were granted on December 29, 2023 pursuant to the Company’s equity incentive plan (the “Equity Incentive Plan”) and are exercisable at a price of $0.50 per Common Share and are set to expire on December 29, 2028.  The Options vest on an annual basis with the first one third of the Options vesting on the first anniversary of the grant, the second one third of the Options vesting on the second anniversary of the grant and the final one third of the Options vesting on the third anniversary of the grant.