Ubika’s engagement will extend for a period of 6 months, commencing in the first quarter of 2013. The engagement will be subject to automatic renewals following its term expiry date six months from commencement, unless ERA or Ubika elects to terminate the engagement, providing the other party with at least 30 days of advance notice.
As consideration for Ubika’s services, ERA will pay a monthly fee of $6,500 (for a total of $39,000 over six months) and will grant to Ubika stock options to acquire up to 150,000 common shares of the Company. 75,000 options were granted upon signing of the engagement letter, which will have an exercise price of $0.21 per share for a period of 5 years. An additional 75,000 options will be granted on or before March 30, 2013, at an exercise price determined by ERA’s most recent closing share price at the time of issuing those options. Ubika is at arm’s length to the Company and holds no other securities of the Company.
The Company also wishes to announce that it has granted, to Directors, officers, employees and consultants, a total of 1,400,000 incentive stock options at an exercise price of $0.21 exercisable for a period of five (5) years. The Company announced on November 8, 2012 that it had set aside these options to be granted in the future.
Dr. James Tansey, CEO of ERA states, “We are pleased to be working with the team at Ubika, and look forward to building our relationships with the investment community across North America. We believe the story of ERA and the business opportunity will resonate with investors and capital markets alike, and we expect Ubika will help us deliver that message effectively.”
James Tansey, Ph.D., President and CEO
ERA Carbon Offsets Ltd.
About Ubika Corporation
About ERA Carbon Offsets Ltd.
FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company’s general business development, research development and the company’s development of forest-based carbon offsets. When used in this document, the words “anticipate”, “believe”, “estimate”, “expect”, “intent”, “may”, “project”, “plan”, “should” and similar expressions may identify forward-looking statements. Although ERA Carbon Offsets Ltd. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include fluctuations in the marketplace for the sale of carbon credits, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.