CALGARY,
AB, June 23, 2022 /CNW/ - Alvopetro Energy
Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces the results of voting at
its annual and special meeting (the "Meeting") held virtually on
June 22, 2022, and the implementation
of the Omnibus Incentive Plan.
Voting Results
Alvopetro held the Meeting virtually on June 22, 2022. Alvopetro shareholders
approved the following resolutions.
1. Election of
Directors
Shareholders approved the election of six nominees as directors
of Alvopetro to serve until the next annual meeting of shareholders
or until their successors are elected or appointed, with the number
and percentage of common shares represented at the meeting voting
by way of ballot in favour of and withheld from voting of the
individual nominees as follows:
Nominee
|
Votes
For
|
Percent
|
Withheld
|
Percent
|
Corey C.
Ruttan
|
12,986,045
|
98.072 %
|
255,360
|
1.928 %
|
Firoz
Talakshi
|
12,989,155
|
98.095 %
|
252,250
|
1.905 %
|
Geir
Ytreland
|
12,989,155
|
98.095 %
|
252,250
|
1.905 %
|
John D.
Wright
|
12,986,352
|
98.074 %
|
255,053
|
1.926 %
|
Kenneth R.
McKinnon
|
12,986,402
|
98.074 %
|
255,003
|
1.926 %
|
Roderick L.
Fraser
|
12,990,615
|
98.106 %
|
250,790
|
1.894 %
|
2. Appointment of
Auditors
Shareholders approved the appointment of KPMG LLP, Chartered
Professional Accountants, to serve as auditors of Alvopetro for the
ensuing year at such remuneration as may be determined by the
Company's board of directors, with 99.980% of the common shares
represented at the Meeting voting in favour of the resolution.
3. Approval of Omnibus
Incentive Plan
Shareholders approved the Omnibus Incentive Plan, the new
share-based compensation plan of the Company, with 98.513% of the
common shares represented in the Meeting voting in favour of the
resolution.
Implementation of Omnibus Incentive Plan
Pursuant to the resolution approved by shareholders at the
Meeting, Alvopetro has now implemented the Omnibus Incentive Plan.
The Omnibus Incentive Plan replaces the Corporation's existing
Option Plan and Incentive Share Plan (collectively, the
"Predecessor Plans"). No further grants will be made under the
Predecessor Plans. Alvopetro employees, consultants and directors
are eligible to participate in and receive grants under the Omnibus
Incentive Plan.
The Omnibus Incentive Plan is a "rolling" share-based
compensation plan pursuant to which participants may be awarded
options, Restricted Share Units ("RSUs"), Deferred Share Units
("DSUs") and Performance Share Units ("PSUs"). Under the Omnibus
Incentive Plan, an aggregate of 10% of the common shares of the
Company outstanding may be reserved for issuance under the Omnibus
Incentive Plan and any other security-based compensation plans of
Alvopetro, including the Predecessor Plans. There is a
sublimit of 5% of the common shares outstanding being reserved for
the issuance of RSUs, DSUs and PSUs under the Omnibus Incentive
Plan.
Based on the current shares outstanding, a maximum of 3,410,251
of common shares may be reserved for issuance under the Omnibus
Plan with a maximum sublimit of 1,705,125 common shares reserved
for issuance of RSUs, DSUs and PSUs. As of the date hereof, no
awards have been granted under the Omnibus Incentive Plan.
Under the Predecessor Plans, 1,199,997 common shares are reserved
for issuance pursuant to options already granted and outstanding
pursuant to the Corporation's Option Plan and 563,165 Shares are
reserved for issuance pursuant to RSUs and DSUs already granted and
outstanding pursuant to the Corporation's Incentive Share Plan,
resulting in a total of 1,763,162 common shares reserved for
issuance under the Predecessor Plans, representing an aggregate
5.2% of the common shares outstanding.
A full copy of the Omnibus Incentive Plan is included as
Schedule B to our 2022 Management Information Circular which can be
found on our website at https://alvopetro.com/Shareholder-Documents
and on SEDAR at www.sedar.com.
Social Media
Follow Alvopetro on our social media channels at the following
links:
Twitter -
https://twitter.com/AlvopetroEnergy
Instagram -
https://www.instagram.com/alvopetro/
LinkedIn -
https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube:
https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
Alvopetro Energy Ltd.'s vision is to
become a leading independent upstream and midstream operator in
Brazil. Our strategy is to unlock
the on-shore natural gas potential in the state of Bahia
in Brazil, building
off the development of our Caburé natural gas field and our
strategic midstream infrastructure.
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 news release.
www.alvopetro.com
TSX-V: ALV, OTCQX: ALVOF
SOURCE Alvopetro Energy Ltd.