CALGARY, Alberta, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Seven Generations Energy Ltd. has established an automatic securities disposition plan (ASDP) to facilitate the exercise by certain insiders of options and performance warrants that are expiring in 2018 and the potential sale of common shares acquired on such exercise. The orderly sale of common shares acquired under the plan are subject to predetermined price thresholds being met in accordance with the insiders’ instructions. The insiders that are participating in the ASDP are Kaush Rakhit, Chris Law, Glen Nevokshonoff, Susan Targett, Barry Hucik and Jordan Johnsen. The options and performance warrants that will be exercised under the ASDP were granted to the participating insiders as part of their incentive compensation in 2011, prior to the company’s initial public offering in 2014.
The ASDP has been adopted in accordance with applicable Canadian provincial securities legislation, including the guidance provided under Ontario Securities Commission Staff Notice 55-701. Under the ASDP, any share sales will be executed by an independent broker on the open market at prevailing market prices, in accordance with the trading parameters and other pre-defined instructions that were provided by the participating insiders. Participating insiders may not exercise any discretion or influence with respect to how transactions will occur under the ASDP and the independent broker is not permitted to consult with the insiders regarding any such transactions. In addition, the insiders are subject to restrictions on their ability to modify, suspend or terminate their participation in the ASDP. The ASDP will be effective until December 31, 2018.
The following number of common shares may be sold by each of the participating insiders in connection with the ASDP:
- Kaush Rakhit, a Director – up to 2,996 shares;
- Chris Law, Chief Financial Officer – up to 449,534 shares;
- Glen Nevokshonoff, Chief Operating Officer – up to 542,870 shares;
- Susan Targett, Executive Vice President, Corporate – up to 813,854 shares;
- Barry Hucik, Vice President, Drilling – up to 1,250,250 shares; and
- Jordan Johnsen, Vice President, Operations & Engineering – up to 505,490 shares.
In entering into the ASDP, Seven Generations recognizes that insiders may have reasons unrelated to their assessment of the company or its prospects in deciding to sell some or all of the shares that are subject to the ASDP, such as upcoming expiries of options and performance warrants, the limited opportunities that exist for insiders to effect transactions involving the company’s securities as a result of the company’s trading policies, and the desire to diversify their personal investment holdings.
Transactions under the ASDP will be reported on the System for Electronic Disclosure by Insiders (SEDI) at www.sedi.ca in accordance with applicable Canadian securities laws and the exemptive relief that has been issued by the Alberta Securities Commission. Pursuant to the exemptive relief that has been granted, the participating insiders will be required to file insider reports through SEDI for the transactions that are completed under the ASDP during 2018 by no later than March 31, 2019. Each such report may either disclose each acquisition and disposition of securities completed under the ASDP on a transaction-by-transaction basis, or all acquisitions that were completed under the ASDP as a single transaction using the average unit prices of the securities and all dispositions as a single transaction using the average unit price of the securities. Those filings will bear a public remark advising readers that the transactions were executed under the ASDP.
Seven Generations Energy
Seven Generations is a low-supply-cost Canadian energy developer generating long-life value from its liquids-rich Kakwa River Project, located about 100 kilometres south of its operations headquarters in Grande Prairie, Alberta. Seven Generation’s corporate headquarters are in Calgary and its shares trade on the TSX under the symbol VII.
Further information on Seven Generations is available on the company’s website: www.7genergy.com, or by contacting:
Chris Law, Chief Financial Officer
Brian Newmarch, Vice President, Capital Markets
Alan Boras, Director, Communications & Stakeholder Relations
Seven Generations Energy Ltd.
Suite 4400, 525 – 8th Avenue SW
Calgary, AB T2P 1G1