Press release from CNW Group
Novus Energy Inc. Announces Appointment of Chairman and Grants Incentive Stock Options
Friday, April 20, 2012
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
CALGARY, April 20, 2012 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") (TSX Venture Exchange: "NVS") is pleased to announce that Mr. Michael Halvorson has been appointed as the non-executive Chairman of the board of directors of Novus (the "Board of Directors"). Mr. Halvorson, an independent director, was originally appointed to the Board of Directors concurrently with the reorganization of the Company on March 31, 2009.
The Company also announces that it has granted a total of 1,850,000 options to directors and officers of the Company. These incentive stock options are a key component in Novus' overall compensation package, and are utilized to attract and retain top performing individuals within each key discipline.
Each option entitles the holder the right to acquire one common share of the Company at an exercise price of $0.92 per share and will expire five years from the date of issue. One quarter of the options vest every six months, with the first tranche vesting six months from the date of grant.
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 release.
For further information:
Hugh G. Ross
President and CEO
VP Finance and CFO