SARNIA, Ontario, Dec. 29, 2022("Aduro" or the "Company") (CSE: ACT) (OTCQB: ACTHF) (FSE: 9D50), a Canadian developer of patented water-based technologies to chemically recycle plastics, and to transform heavy crude and renewable oils into feedstocks and higher-value fuels, announces today that it has granted (the "Grant") an aggregate of 2,075,000 stock options (each, an "Option") to purchase up to 2,075,000 common shares of the Company to certain directors, officers, employees and consultants of the Company. The Options are exercisable for a period of 5 years from the date of Grant at a price of $1.00 per common share. 1,775,000 Options will vest on a monthly basis over a period of two years from the date of Grant and 300,000 Options will vest immediately.
The Company also announces that it has awarded (the "Award") 150,000 restricted share units ("RSUs") of the Company to an officer of the Company pursuant to the Company's new Omnibus Equity Incentive Plan (the "Plan") which will be brought before the shareholders for ratification and approval at the Company's next annual general meeting (the "AGM"). Each RSU represents the right to receive, once vested, one common share in the capital of the Company. All of the RSUs will vest immediately upon the date of Award.
All 2,075,000 of the Options, the common shares underlying such Options, 150,000 RSUs and common shares underlying such RSUs are subject to a hold period of four months and one day from the date of issuance.
None of the securities acquired in the Grant or Award will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
For further information, please contact:
Ofer Vicus, CEO
ovicus@adurocleantech.com
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 604-362-7011
Investor Cubed Inc.
Neil Simon, CEO
nsimon@investor3.ca
+ 1 647 258 3310
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Forward-looking statements in this release include the vesting schedule of the stock options. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company's expectations include a change in management's plan for the proposed use of proceeds, adverse market conditions and other factors beyond the control of the parties. The Company expressly 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 applicable law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b80dc148-d58a-4229-9dcc-c815ca85ddb3
