TAG Oil Announces Director Resignation and Stock Option Grants

Rhea-AI Summary

TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced significant updates including the resignation of non-executive director Peter Loretto for personal reasons. The current board consists of Executive Chairman Abby Badwi, CEO Toby Pierce, and other directors. Additionally, the company has granted 775,000 stock options to officers and staff at an exercise price of C$0.25 per share, fully vesting on the grant date. This move aims to attract and retain talent while motivating the team to enhance value creation.

Positive

• Granting 775,000 stock options to attract and retain talent.
• Stock options fully vested on grant date, aligning interests of staff with company performance.

Negative

• Resignation of Peter Loretto could indicate potential instability in the board.

VANCOUVER, BC, Sept. 25, 2020 /PRNewswire/ - TAG Oil Ltd. (TSXV: TAO) and (OTCQX: TAOIF) announces the following corporate updates.

Board of Directors

Mr. Peter Loretto has resigned from his position as a non-executive director of the Company for personal reasons. TAG's management and its board of directors would like to sincerely thank Mr. Loretto for his many contributions and commitment during his time with the Company.

The Company's board of directors now consists of Messrs. Abdel (Abby) Badwi (Executive Chairman), Toby Pierce (CEO), Shawn Reynolds, Thomas Hickey, Keith Hill, and Gavin Wilson.

Stock Options

TAG also announces the grant of 775,000 stock options that are exercisable for a period of five years at a price of C$0.25 per share to various officers, directors, and staff members. The options fully vested on the grant date. This is part of TAG's ongoing strategy of granting share options to attract and retain talent, as well as motivating its team to work towards ensuring the success and value creation at TAG.

About TAG Oil Ltd. 

TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian based international oil and gas explorer with exploration and production assets in Australia.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws, including statements with regard to the Company's operations. These statements address future events and conditions and are reliant on assumptions made by the Company's management, and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

View original content:http://www.prnewswire.com/news-releases/tag-oil-announces-director-resignation-and-stock-option-grants-301138131.html

SOURCE TAG Oil Ltd.

FAQ

What are the recent updates from TAG Oil Ltd. as of September 2020?

TAG Oil Ltd. has announced the resignation of non-executive director Peter Loretto and the granting of stock options to officers and staff.

Why did Peter Loretto resign from TAG Oil Ltd.?

Peter Loretto resigned for personal reasons, according to the company announcement.

What is the significance of the stock options granted by TAG Oil Ltd.?

TAG Oil Ltd. granted 775,000 stock options to motivate its team and ensure long-term success, with options exercisable at C$0.25 per share.

How does the resignation of Peter Loretto affect TAG Oil Ltd.?

The resignation may raise concerns about board stability and continuity in leadership.