ABcann Global Announces Results of Annual General Meeting
June 07 2018 - 7:00AM
ABcann Global Corporation (TSX-V:ABCN)
(“
ABcann” or the “
Company”) is
pleased to announce the results of its annual general and special
meeting of shareholders held on June 5, 2018 (the
“
Meeting”).
The Company put forward the following
resolutions to be voted on by shareholders at the Meeting, all of
which were approved: (i) to re-appoint MNP LLP, Chartered
Accountants, as auditor of the Company for the 2018 fiscal year;
(ii) fixing the number of directors of the Company at six; (iii)
the election of directors; (iv) the ratification and approval of
the Company’s 2017 Stock Option Plan; and (v) the approval of a
future change of name of the Company, to be determined and made at
the discretion of the Company’s board of directors (the
“Board”).
A total of 46,801,699 of the 191,001,305 common
shares of the Company that were outstanding as at the record date
were voted at the Meeting, representing 24.5% of such shares.
Each of the directors elected at the Meeting,
being Paul Lucas, Barry Fishman, John Easson, Richard Fitzgerald,
Aaron Keay and Daryl Kramp, will hold office until the next annual
meeting of the Company or until their earlier resignation or
removal. Andrew LaCroix did not stand for re-election at the
Meeting but will continue in his role with the Company as
Vice-President, International Business and General Counsel.
Following the Meeting, the Board determined to
grant an aggregate of 710,000 stock options to certain directors
and employees of the Company, each of which is exercisable into one
common share of the Company at an exercise price of $1.39 per share
until June 5, 2023. Of these, an aggregate of 190,000 options were
granted to certain directors of the Company, and an aggregate of
520,000 options were granted to certain employees of the Company or
subsidiaries thereof. The options granted will vest in stages in
accordance with their respective terms. The shares issuable on
exercise of the stock options will be subject to a TSX Venture
Exchange hold period of four months and one day from the date of
grant of the options. The Board also approved the grant of 200,000
restricted share units to a director, each of which, once vested on
June 5, 2019, may be redeemed into one common share.
About ABcann Global
ABcann Global Corporation is committed to
becoming a top five cannabis company, recognized for high-quality,
trusted and innovative products and services. ABcann holds
production and sales licenses from Health Canada. Its flagship
facility in Napanee, Ontario contains proprietary plant-growing
technology, centred on its specially designed,
environmentally-controlled growing chambers. This approach results
in the production of pharmaceutical-grade cannabis products. ABcann
is expanding its production capacity and pursuing partnership and
product development opportunities domestically, as well as in
select international markets, such as Germany, Australia and
Israel.
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.
For more information about ABcann, please contact:
Barry Fishman at barry.fishman@abcannglobal.com or Michael Bumby at michael.bumby@abcannglobal.com and visit abcannglobal.com.
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