News Article
Opel grants incentive stock options
The global supplier of solar related products, including III-V compound semiconductor devices, is offering 2.28 million common shares to persons related to the company
Opel Technologies Inc. and Opel Solar Inc., have announced the grant of additional incentive stock options under its stock option plan.
The agreement will apply to certain directors, officers, key consultants and employees of the company to purchase up to an aggregate of 2,280,000 common shares, representing 2.45% of the outstanding voting shares of the Company.
Options granted to the Company’s officers represent 44.5% of the total grants, and options to the independent members of the Board of Directors of the Company represent 39.5% of the total grants.
The remaining options were granted to key consultants and employees. The stock options are exercisable at a price of CA$0.23 per share expiring February 16, 2022. The exercise price was the closing market price of February 15, 2012, CA $0.245.
There are currently 11,344,000 options outstanding and 93,175,921 voting shares outstanding. There are 511,250 options that have recently expired unexercised and another 1,695,750 out-of-the-money options that will expire from March 8 to May 24, 2012, for a total of 2,207,000 options expired and expiring.
The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter. The options were granted subject to provisions of the company's stock option plan which was approved by shareholders in June 2011, and subject to the TSX Venture Exchange policies and the applicable securities laws.
Opel Solar, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-power random access memory.
The Company has 35 patents issued and 16 patents pending in PV systems technologies and for its semiconductor POET process.
The POET process enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential highs speed and power-efficient applications in devices such as servers, tablet computers and smartphones.
