CALGARY, Alberta, April 07, 2021 (GLOBE NEWSWIRE) — Huntington Exploration Inc. (TSX.V: HEI) (the “Company” or “Huntington”) announced today that, subject to regulatory approval, it has granted a total of 1,500,000 options to purchase common shares of Huntington to directors, officers and consultants of Huntington, with an exercise price of $0.24 and an expiry date of April 7, 2031. The Company relied on section 5.5(b) of Multilateral Instrument 61-101 as the exemption from the formal valuation requirements of MI 61-101 in respect of the grant of options to the directors and officers of the Company as the common shares of the Company are not listed on a specified market (and the common shares are only listed on the TSX Venture Exchange). The Company relied on section 5.7(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the grant of options to the directors and officers of the Company as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the grant of the options to the director of the Company exceeded 25% of the Company’s market capitalization.
ON BEHALF OF THE BOARD OF HUNTINGTON EXPLORATION
President & CEO
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