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Eurogas Corporation: News Release

November 05, 2010

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2010) - The following corrects and replaces the news release disseminated on October 29, 2010 at 5:01 ET. Eurogas Corporation ("Eurogas" or the "Corporation") (TSX VENTURE:EUG) announces that the Corporation's Board of Directors has approved a grant of an aggregate of 2,550,000 options to purchase common shares to certain directors, officers and employees at an exercise price of $0.81 per common share, expiring on October 29, 2015. Eurogas has 15,611,845 common shares reserved for issuance under its Share Incentive Plan. Including this grant of 2,550,000 options, a total of 5,460,000 options are outstanding which represents 3.5% of the total common shares currently outstanding.

In addition, Eurogas announces a grant of an aggregate of 665,000 options to purchase common shares to certain directors, officers and employees at an exercise price of $0.81 per common share, expiring on November 4, 2015. Including this grant of 665,000 options, a total of 6,125,000 are outstanding which represents 3.9% of the total common shares currently outstanding.

Eurogas is listed on the TSX Venture Exchange under the symbol EUG and is engaged in oil and gas operations in Ontario and directly in the development of a major underground storage facility off the east coast of Spain. For more information on Eurogas, visit the website www.eurogascorp.com.

Certain information set forth in these documents, including management's assessment of each of the Corporation's future plans and operations, contains forward-looking statements. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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