MONCTON, NB, Dec. 20, 2017 /CNW/ - Organigram Holdings Inc.
(TSX VENTURE:OGI) (OTCQB:OGRMF) (the "Company" or
"Organigram"), a leading licensed producer of medical
marijuana based in Moncton, New
Brunswick, announces the results of its 2017 Annual and
Special Meeting of Shareholders (the "Meeting") held
Tuesday, December 19, 2017 in
Moncton.
Shareholders voted to elect all six of management's nominees to
the Board of Directors of the Company, being returning directors
Peter Amirault, Denis Arsenault, Michel
Bourque, Greg Engel and Dr.
Kenneth Mitton, as well as
management nominee Derrick West. All
directors are "independent" as defined under securities laws,
excepting Denis Arsenault and
Greg Engel.
Shareholders also approved the following matters:
- Re-appointment of Deloitte LLP as the auditors for the Company
for the ensuing year;
- The continuation of the Company's 10% "rolling" share option
plan; and
- The ratification and approval, by resolution of the
disinterested shareholders of the Company, of the Equity Incentive
Plan (as described in the Meeting circular), which remains subject
to TSXV approval.
All matters passed with an approval rate in excess of 90% of
shares voted.
Subsequent to the Meeting, the newly-elected board of directors
of Organigram (the "Board") appointed Denis Arsenault as Chairman of the Board and
Peter Amirault as the Lead
Director.
The Board also appointed Derrick
West as the Chair of the Audit Committee for the ensuing
year. Mr. West currently serves as the Chief Financial
Officer and Corporate Secretary of Partners Real Estate Investment
Trust, a TSX listed issuer, and has previously served as the CFO of
a TSXV listed international mining service enterprise and as the
Vice-President of Accounting and Administration for a TSX listed
REIT. Mr. West commenced his career with Grant Thornton LLP
where he obtained his Chartered Accountancy designation and is an
active Chartered Professional Accountant. Greg Engel, CEO of Organigram commented, "as
an CPA holder with significant public company experience, including
with many complex transactions, Derrick is very familiar with the
role of the Audit Committee and its integral role. We are
very fortunate to have him taking on this role for
Organigram".
Additionally, the Board established the composition of the
committees of the board of directors, all members of which are
independent directors. The composition of the committees are
as follows:
Audit Committee: Derrick West
(Chair), Peter Amirault,
Michel Bourque
Compensation & HR Committee: Michel
Bourque (Chair), Dr. Kenneth
Mitton, Derrick
Monique Imbeault, a past director
of Organigram, did not stand for re-election due to other
commitments. Dennis Arsenault
thanked Ms. Imbeault stating, "on behalf of Organigram's board
of directors, we sincerely thank Monique
Imbeault for her stewardship and insight while serving on
the Board of Organigram. Monique has been a strong asset to the
Company during a pivotal period in the organization's life
cycle."
The Company also announces that it issued an aggregate of
225,000 stock options to officers and employees prior to the
opening bell on Tuesday, December 19,
2017. These stock options are exercisable at $3.70 per stock option and will expire on
December 19, 2027. These stock
options vest over a period of thirty-six months following the grant
date and are governed by the terms and conditions of the Company's
stock option plan and are subject to TSX regulations.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange listed
company whose wholly owned subsidiary, Organigram Inc., is a
licensed producer of medical marijuana in Canada. Organigram is focused on producing the
highest quality, condition specific medical marijuana for patients
in Canada. Organigram's facility
is located in Moncton, New
Brunswick and the Company is regulated by the Access to
Cannabis for Medical Purposes Regulations ("ACMPR").
Organigram has been ranked in the top ten Clean Technology
& Life Sciences Sector on the TSX Venture Exchange 50.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking information which
involves known and unknown risks, uncertainties and other factors
that may cause actual events to differ materially from current
expectations. Important factors - including the availability of
funds, consummation of definitive documentation, the results of
financing efforts, crop yields - that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time on SEDAR (see
www.sedar.com). Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. The Company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For more information, visit www.Organigram.ca
SOURCE OrganiGram