Aqua Bounty Tech Inc - Issuance of Common Shares and Options
Issuance of Common Shares and Options
AquaBounty Technologies, Inc. (AIM: ABTX, ABTU; OTC: AQBT), a biotechnology company focused on enhancing productivity in the aquaculture market, announces that it has issued new common shares of 0.1 cents each ("Common Shares") and options to purchase new Common Shares to its independent directors on 26 February 2015, in connection with their service agreements with the Company.
A total of 160,000 new Common Shares were issued to Richard Clothier, Chairman of the Board of Directors, at an effective price of 12.50 pence (19 cents) each. Under the terms of his service agreement with the Company, Mr. Clothier receives 67% of his compensation in the form of cash payments and 33% in the form of Common Shares. The Common Shares issued to Mr. Clothier represent his stock compensation for services provided and to be provided for the year ending 31 December 2015. Trading in the new Common Shares, which will rank pari passu in all respects with the existing Common Shares, is expected to commence on 11 March 2015. Following this, Mr. Clothier will hold 1,022,987 Common Shares, representing 0.71% of the entire issued share capital of the Company.
Under the terms of their service agreements with the Company, the other independent directors each receive an annual grant of options over 75,000 new Common Shares. Directors receiving this option grant are Richard Huber, Christine St.Clare, and James Turk - resulting in the issuance of a total of 225,000 options. The options have a 10 year term, become vested in February 2016, and are exercisable at 19 cents per Common Share.
The total issued share capital of the Company following this issue is 144,697,265 Common Shares.
For further information, please contact:
AquaBounty Technologies
David Frank, Chief Financial Officer
+1 978 648 6048
Stifel Nicolaus Europe Ltd.
Giles Balleny
+44 (0)20 7710 7499
Luther Pendragon
Harry Chathli, Claire Norbury
+44 (0)20 7618 9100