Options status announced
VANCOUVER, June 4 /PRNewswire-FirstCall/ - Lion Energy Corp.
(the "Company" or "Lion Energy") (TSX.V - LEO) is pleased to
announce changes to its management.
John R. Nelson, previously
Vice-President, Exploration and Interim Chief Financial Officer,
has recently become the Company's new President and Chief Executive
Officer in place of Mr. Brian
Thurston who remains a Company director, but who has retired
from management to devote additional time to other business
endeavours. Management would like to express its sincere thanks and
appreciation to Mr. Thurston for faithfully guiding the Company
through some turbulent years.
Mr. Arthur Kwan has tendered his
resignation as a Company director. Mr. Kwan recently accepted a
position with PI Financial Corp., a member of the TSX Venture
Exchange, and as such Mr. Kwan is now unable to serve as a director
of public companies. He has agreed, however, to become a member of
the Company's Advisory Board, where his extensive expertise and
insight with respect to capital markets, mergers and acquisitions
and financial issues generally will be greatly appreciated by the
Company.
Mr. Kevin Elliott has been
appointed the Company's Chief Financial Officer and is responsible
for finance, accounting and corporate governance. He holds both a
Bachelor of Commerce degree from the University of Calgary and qualified as a Chartered
Accountant in 1983. Mr. Elliott brings over 25 years of diverse
experience in Canadian and international oil and gas industries
covering exploration, production and downstream operations in
Canada and internationally. Prior
to joining the Company, Mr. Elliott held positions with BP, Gulf,
Nexen, Petro-Canada and Tarim Resources.
The Company has also granted new stock options to an officer of
the Company to purchase up to 200,000 common shares at a price of
$0.20 each until June 2, 2015. These options will vest with the
optionee in four equal tranches of 50,000 each over a period of
eighteen months.
On May 20, 2010, the TSX Venture
Exchange accepted the Company's new 2010 rolling incentive stock
option plan (the "New Plan"), which New Plan was approved and
adopted by Company shareholders on April 12,
2010. The New Plan replaces the Company's old fixed price
incentive stock option plan that was previously approved by Company
shareholders in April 2008. The New
Plan no longer includes mandatory vesting provisions, although
Company management will be imposing such provisions as new options
are granted.
About the Company:
Lion Energy Corp. is a well-financed, Canadian exploration
company with a vision to develop a significant presence in the
developing oil and gas industry. The Company signed an agreement
with Africa Oil Corp. that grants the Company the right to earn an
interest in five petroleum blocks located in the Republic of
Kenya and in Puntland,
Somalia. The Company further holds
a 27.6% interest in Encanto Potash Corp., a junior potash
exploration company and a 20% interest in Sulphur Solutions Inc.,
an emerging fertilizer company developing state-of-the-art patented
technology for the production of micronized sulphur fertilizer.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
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 NEWS RELEASE
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration
drilling, exploration activities and events or developments that
the Company expects to occur, are forward-looking statements.
Forward-looking statements in this news release include statements
regarding the Company's intentions or plans, whether of a corporate
or exploratory nature. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploration and
exploration successes, and continued availability of capital and
financing and general economic, political, market or business
conditions. These statements are based on a number of assumptions,
including, among others, assumptions regarding general business and
economic conditions, the timing and receipt of regulatory and
governmental approvals for the transactions described herein, the
ability of the Company and other parties to satisfy stock exchange
and other regulatory requirements in a timely manner, the
availability of financing for the Company's proposed transactions
and programs on reasonable terms, and the ability of third-party
service providers to deliver services in a timely manner. Investors
are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected on the forward-looking statements.
The Company does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law or
regulatory policies.
SOURCE Lion Energy Corp.