CYGAM Energy Inc, an emerging oil and gas company with interests in Tunisia and Italy, is pleased to announce that Mr. David Taylor has been appointed the President and Chief Executive Officer of the Company effective September 1, 2012. Mr. Taylor succeeds Mr. Giuseppe Rigo who will remain Chairman of the Board and Managing Director of CYGAM’s wholly owned subsidiaries, Rigo Oil Company Tunisia Ltd. and Vega Oil S.p.A. in Italy.
Mr. Taylor has over 35 years of international experience in a wide variety of technical and senior management positions within the oil and gas industry, including most recently founding and holding the positions of President and Chief Executive Officer of Cirrus Energy Corporation (from June 2002 to April 2011).
Mr. Giuseppe Rigo, Chairman of the Board of Directors, stated, "I’m pleased and delighted to have a proven leader of Dave’s caliber to step into the role of CEO of CYGAM. He is a proven executive in our industry and brings with him vast technical, financial and management experience. He will be an exceptional leader for CYGAM in the continuing successful execution of our growth strategy."
In connection with his appointment, Mr. Taylor has agreed to subscribe for 1,000,000 common shares of the Company at a price of $0.25 per share for aggregate gross proceeds of $250,000. The net proceeds of the private placement will be used to fund the Company's capital program and for general corporate purposes. The common shares issued to Mr. Taylor will be subject to a hold period of four months and one day from the closing date. The private placement is subject to the approval of the TSX Venture Exchange and is expect to close on or about September 25, 2012.
In addition, the Company has granted Mr. Taylor 4,672,000 options to acquire common shares of the Company exercisable at $0.21 per share for a variety of periods of up to five years. The options are subject to the following vesting conditions:
- 672,000 of the options will immediately vest and expire in equal instalments on the first, second and third anniversaries of July 6, 2012;
- 2.0 million of the options will vest on the date that the daily volume weighted average trading price (the "VWAP") of the common shares on the TSX Venture Exchange, or such other stock exchange where the majority of the trading volume of the Common Shares occurs (the "Exchange"), exceeds $0.75 for 44 consecutive trading days; and
- 2.0 million of the options will vest on the date that the VWAP of the common shares on the Exchange exceeds $1.00 for 44 consecutive trading days.
The grant of the 4.0 million options subject to the performance vesting conditions described above is conditional on the approval of the TSX Venture Exchange and approval of the shareholders of the amendments to the Company's option plan at the shareholders meeting scheduled for September 25, 2012.