1st Oct 2009 17:30
FRONTERA RESOURCES CORPORATION
Houston, Texas U.S.A. - 1 October 2009
Stock Option Exchange Program
Frontera Resources Corporation announced the completion of a stock option exchange program for employees and directors of the Company pursuant to which options to purchase shares of Common Stock previously granted at strike prices ranging from $1.00 to $2.87 were eligible to be exchanged for a lesser number of options on a three-for-one basis and at a strike price equal to the closing price on the AIM on September 29, 2009, the date the election period ended. All vesting and expiration dates of the options remained unchanged. The exchange ratio was determined by the Board of Directors of Frontera to be fair and reasonable based on a comparative analysis of similar programs for other publicly traded companies. As a result of the exchange program, directors elected to exchange their previously granted options that were eligible for the program as follows:
|
Directors |
Number of Options |
Weighted Average Strike Price |
Number Exchanged |
Number Following Exchange |
Strike Price |
Expiration Dates |
|
Steve Nicandros |
1,000,000 |
$1.00 |
- |
1,000,000 |
$1.00 |
2012-2013 |
|
Steve Nicandros |
1,867,500 |
$2.75 |
- |
1,867,500 |
$2.75 |
2010-2018 |
|
Lan Bentsen |
600,000 |
$1.00 |
- |
600,000 |
$1.00 |
2012-2013 |
|
Lan Bentsen |
800,000 |
$2.68 |
800,000 |
266,667 |
£0.17 |
2010-2018 |
|
Steve McGregor |
467,500 |
$1.00 |
- |
467,500 |
$1.00 |
2010-2013 |
|
Steve McGregor |
1,075,000 |
$2.87 |
1,075,000 |
358,333 |
£0.17 |
2016-2018 |
|
Andy Szescila |
25,000 |
$1.00 |
25,000 |
8,333 |
£0.17 |
2014 |
|
Andy Szescila |
150,000 |
$2.87 |
150,000 |
50,000 |
£0.17 |
2017-2018 |
|
Luis Giusti |
150,000 |
$2.87 |
150,000 |
50,000 |
£0.17 |
2017-2018 |
|
Spyros Karnessis |
8,000 |
$1.00 |
8,000 |
2,667 |
£0.17 |
2013 |
|
Spyros Karnessis |
175,000 |
$2.75 |
175,000 |
58,333 |
£0.17 |
2010-2018 |
Employees other than directors elected to exchange in the aggregate 5,403,500 previously granted options for 1,801,167 options with a strike price of £0.17. The exchange program was offered for the purpose of incentivization and retention of employees in line with the Company's current strategy.
Enquiries:
Frontera Resources Corporation
Liz Williamson
Vice President, Investor Relations and Corporate Communications
(713) 585-3216
Nominated Adviser and Broker:
Canaccord Adams Limited
Jeffrey Auld/Ryan Gaffney/Elijah Colby
+44 20 7050 6500
Related Shares:
Frontera Resources