Petrolympic Announces Grant of Options, Option Extension and Bonus Payment

TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V:PCQ) (OTCQB:PCQRF) (the “Company”) announces that a total of 4,550,000 options to purchase common shares of the Company have been granted to directors and officers of the Company at an exercise price of $0.105 per share, expiring on May 28, 2023. The closing price of the Company's common shares on May 28, 2018 was $0.105.  These options vest quarterly in equal amounts over 12 months from issuance and are granted under the Company's stock option plan.

In addition, the Company also extended the expiry date for 800,000 options in aggregate previously granted to management, from the current expiry date of June 26, 2018 to the new expiry date of May 28, 2023, and increased the option exercise price from $0.10 to $0.105 per share.

Lastly, the Company approved a $100,000 bonus payment to management, payable in common shares of the Company at $0.105 per share for a total of 952,381 common shares to each officer, or 1,904,762 common shares in aggregate, subject to regulatory approval.

For further information please contact:

Petrolympic Ltd.
Mendel Ekstein
President and CEO
(845) 656-0184
exis@petrolympic.com

Or visit www.petrolympic.com.

Neither the TSX Venture Exchange or its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.