Africa Hydrocarbons Announces New Director and Corporate Update
CALGARY, ALBERTA--(Marketwired - Nov 14, 2013) - Africa Hydrocarbons Inc. (TSX VENTURE:NFK) ("AHI" or the "Corporation") is pleased to announce that it has added David M. Antony to the Board of Directors.
Mr. Antony is a Chartered Accountant and has over 17 years experience in assisting companies in structuring transactions, accessing capital, and corporate governance. In the last five years, Mr. Antony has been Chief Executive Officer of Southern Pacific Resource Corp. where he continues as Chairman of the Board of that company. He currently is also Chief Executive and a director of Blackhawk Resource Corp., and Sabre Graphite Corp., and he is a director North Sea Energy Inc., Great Bear Resources Ltd., and Iron Tank Resources Corp. In addition, Mr. Antony sits on both the Local Advisory and National Advisory Committees for the TSX Venture Exchange. Mr. Antony will also assume the Chair of the Audit Committee of the Corporation.
Trevor Wong-Chor has also been appointed as Corporate Secretary of the Corporation. Mr. Wong-Chor is a Corporate Commercial and Securities lawyer. His practice consists primarily of advising corporations and investment dealers with respect to securities and business law matters, with particular emphasis on advising issuers on private and public offerings of securities, mergers and acquisitions, and securities regulatory requirements.
Further to the news release of November 12, 2013, the Corporation and its partner are still awaiting the commencement of testing operations. These operations are expected to take approximately ten days. Results will be press released once relevant flow and pressure data have been collected and interpreted.
The Corporation has also granted options to acquire 1,500,000 common shares of the Corporation ("Common Shares") to various directors and officers of the Corporation. The options have an exercise price of $0.30 per Common Share and expire on that date that is five years from the date of grant.
Following the grant of these options, the Corporation has 5,450,000 options outstanding. Based on the 113,405,949 Common Shares outstanding, this represents a total of only 4.5% of the issued and outstanding Common Shares under the Corporation's 10% stock option plan.
The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options.
About the Company
AHI is a Canadian based international oil and natural gas company involved in the acquisition, exploration and development of energy assets, with an emphasis on Africa. The key asset of the Company is its 47.5% owned Bouhajla Block, located onshore in Tunisia within the productive Pelagian Basin.