OTTAWA, Dec. 5, 2017 /CNW/ - Clearford Water Systems
Inc. ("Clearford" or the "Company"), (TSXV: CLI), winner of the
Frost & Sullivan 2017 Best Practices Award for Enabling
Technology Leadership in the Global Decentralized Water and
Wastewater Treatment Industry, today announced that it has issued
stock option grants to various insiders of the Corporation.
The Board of Directors has approved 8,300,000 stock option
grants pursuant to its stock option plan for its senior management
team consisting of the Company's President & CEO, CFO and CTO.
The Company's Board of Directors has also approved 2,000,000 stock
option grants in total for its four independent directors on the
same terms and conditions. An additional, 1,875,000 stock options
were granted to other employees of the Company for a total of
12,175,000 stock options granted. The stock option grants are
effective today with an exercise price of $0.20 per share. The stock options have a
five-year term and will vest annually in equal amounts over 3 years
with an expiry date of December 5,
2022.
Prior to the approval of the new stock option grants, the Board
of Directors approved the cancellation of 3,600,000 stock options
which were issued on November 12,
2015 at a price of $0.50 which
would have otherwise expired on November 12,
2020. This reduces the net increase of new stock option
grants to insiders from 10,300,000 to 6,700,000 new stock options
granted to insiders.
As 3,600,000 of the stock options approved to the Senior
Management Team and Directors will be considered to be an amendment
for the purposes of the TSX Venture ("TSX-V") Exchange policies,
these stock options granted to insiders will be subject to both
TSX-V Approval and disinterested shareholder approval at the
Company's next Annual General Meeting ("AGM") currently scheduled
for June 2018. Additionally, the
Company will also be required to obtain shareholder approval to
increase the number of shares available under the plan from
17,50,478 shares to 20% of the issued and outstanding shares of the
Company at its next AGM. 100,000 of stock options from the existing
grant will be subject to shareholder approval of the amended and
restated stock option plan which will be proposed at the next AGM.
TSX-V approval of the amended and restated stock option plan will
also be required.
All other terms and conditions of the grants are in accordance
with the TSX Venture Exchange policies and the terms and conditions
of the Company's Stock Option Plan.
Additionally, the Company confirms that it has received final
approval from the TSX-V for its recently announced acquisition of
Koester Canada Inc. and the private placement of Convertible
debentures both announced on November 29,
2017.
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.
About Clearford Water Systems Inc.
Clearford Water Systems Inc. (TSXV: CLI) is a provider of
unified water management solutions for the design, build, finance,
operation and maintenance of water and wastewater infrastructure
systems. The Company's technology-based water solutions include the
Clearford One wastewater infrastructure systems, Clearford
M-brane™ packaged treatment solutions, and a full range of
UV Pure® water disinfection products. Clearford is
the winner of the Frost & Sullivan 2017 Enabling
Technology Leadership Award for Global Decentralized Water &
Wastewater Treatment. For more information on Clearford Water
Systems, please visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute
forward-looking statements as they relate to the Company and its
management. Forward-looking statements are not historical facts but
represent management's current expectation of future events, and
can be identified by words such as "believe", "expects", "will",
"intends", "plans", "projects", "anticipates", "estimates",
"continues" and similar expressions. Although management believes
that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that they will
prove to be correct.
By their nature, forward-looking statements include assumptions
and are subject to inherent risks and uncertainties that could
cause actual future results, conditions, actions or events to
differ materially from those in the forward-looking statements. If
and when forward-looking statements are set out in this news
release, Clearford will also set out the material risk factors or
assumptions used to develop the forward-looking statements. The
Company assumes no obligation to update or revise any
forward-looking statements, except as expressly required by
applicable securities law or exchange requirements. The future
outcomes that relate to forward-looking statements may be
influenced by many factors, including, but not limited to: industry
cyclicality; the ability to secure third party agreements;
successful integration of Clearford's system with third party
technology; competition; reduction in demand for products;
collection from customers; relationships with suppliers; product
liability; intellectual property; reliance on key personnel;
environmental; interest rates; uninsured and underinsured losses;
operating hazards; risks of future legal proceedings; income tax
matters; credit facilities; availability and terms of financing;
distribution of securities; restrictions on potential growth;
effect of market interest rates on price of securities; and
potential dilution.
SOURCE Clearford Water Systems Inc.
