TORONTO, ONTARIO--(Marketwired - July 7, 2015) - This news release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report ("Early Warning Report") regarding the acquisition by J. Craig Anderson, Chairman, President and Chief Executive Officer of North Sea Energy Inc. ("NSE" or the "Company"), c/o 36 Toronto Street, Suite 1170, Toronto, Ontario, M5C 2C5, of 2,650,000 stock options of NSE ("NSE Options"), on the Toronto Stock Exchange, on July 2, 2015 (the "Acquisition").
On July 2, 2015, Mr. Anderson was granted incentive stock options to purchase 2,650,000 shares of North Sea Energy Inc's capital stock, represent 4.47% of North Sea Energy Inc's issued and outstanding common shares on a non-diluted basis or 4.28% of the issued and outstanding common shares, calculated on a partially-diluted basis assuming the exercise of Mr. Anderson's stock options. The NSE Options are exercisable into common share at $0.07 per share with an expiry date of July 2, 2018.
Therefore, Mr. Anderson now owns directly and indirectly through his wholly owned company, Anderson Capital Inc., 5,304,262 common shares and 5,950,174 stock options in the Company. This represents 8.94% of the Company's issued and outstanding Common Shares on a non-diluted basis and 17.25% taking into account the full conversion of Mr. Anderson's stock options.
The NSE Options were granted by the Company's board of directors as part of the Company's incentive compensation stock option plan. Mr. Anderson may, from time to time, acquire additional securities of North Sea Energy Inc., dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position for investment purposes.
A copy of the Early Warning Report may also be found on NSE's continuous disclosure record at
www.SEDAR.com.