Coelacanth Energy Inc. Announces Grants of Stock Options and Restricted Stock Units

Coelacanth Energy Inc. (TSXV: CEI,OTC:CEIEF) (“Coelacanth” or the “Company”) announces that its board of directors has approved the grant of incentive stock options (“Options”) under its stock option plan to acquire up to an aggregate of 8,634,250 common shares (“Common Shares”) of the Company (6,298,250 granted to certain of its directors and officers and 2,336,000 granted to certain of its directors and officers its employees) and to the grant of restricted share units (“RSUs”) under its restricted share unit plan to obtain an aggregate of 5,369,500 shares of common stock (4,224,250 granted to certain directors and officers and 1,145,250 granted to certain of its employees).

All Options are exercisable for a period of five years at a price of $0.80 per Common Share and 33⅓% of the Options will vest on the date one year after the date of grant of such Options, and the remainder will vest at 33⅓% per annum thereafter. All RSUs are exercisable for a period of three years at no additional cost and 33⅓% of the RSUs vest on the date that is one year after the date of grant of such RSUs, and the remainder vests at the rate of 33⅓% per year thereafter.

After the grant of Options and RSUs, Coelacanth has a total of 30,220,931 Options and 9,865,698 RSUs outstanding. Coelacanth’s stock-based incentive plans limit the aggregate number of underlying common shares of the total outstanding options and RSUs to no more than 10% of the issued and outstanding common shares of 535,316,833. As of the date of this press release, the total number of shares of common stock underlying the outstanding Options and RSUs on an aggregated basis is 40,086,629 or approximately 7.5% of the issued and outstanding common shares.

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