MISSISSAUGA, ON, Sept. 7,
2022 /CNW/ - Covalon Technologies Ltd. (the "Company"
or "Covalon") (TSXV: COV) (OTCQX: CVALF) an advanced medical
technologies company, today is pleased to announce that the
Company's Board of Directors has approved the grant of stock
options (the "Options") exercisable for a total of 437,500 common
shares ("Common Shares") to certain of its employees. All Options
were granted pursuant to the Company's amended and restated stock
option plan and are subject to the terms of the applicable grant
agreements and the requirements of the TSX Venture Exchange.
The Options were granted at an exercise price of $2.50, being equal to the volume weighted average
trading price of the Common Shares on the TSX Venture Exchange for
the five (5) trading days immediately preceding the day on which
the Option is granted. The Options shall vest 34% on the first
anniversary following the date of the grant, 33% on the second
anniversary following the date of the grant and 33% on the third
anniversary following the date of grant. The Options shall expire
on the date that is five (5) years from the initial grant
date.
About Covalon
Covalon Technologies Ltd. is a researcher, developer,
manufacturer, and marketer of patent-protected medical products
that improve patient outcomes and save lives in the areas of
advanced wound care, infection management and surgical procedures.
Covalon leverages its patented medical technology platforms and
expertise in two ways: (i) by developing products that are sold
under Covalon's name; and (ii) by developing and commercializing
medical products for other medical companies under development and
license contracts. The Company is listed on the TSX Venture
Exchange, having the symbol COV and trades on the OTQX Market under
the symbol CVALF. To learn more about Covalon, visit our website at
www.covalon.com.
Neither the 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.
This news release may contain forward-looking statements
which reflect the Company's current expectations regarding future
events. The forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan,
"estimate", "expect", "intend" or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might", "will" or "will be taken", "occur" or
"be achieved". In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events. Forward-looking
statements involve risks and uncertainties, including, but not
limited to, the factors described in greater detail in the "Risks
and Uncertainties" section of our management's discussion and
analysis of financial condition and results of operations for the
three and nine months ended June 30,
2022, which is available on the Company's profile at
www.sedar.com, any of which could cause results,
performance, or achievements to differ materially from the results
discussed or implied in the forward-looking statements. Investors
should not place undue reliance on any forward-looking statements.
The forward-looking statements contained in this news release are
made as of the date of this news release, and the Company assumes
no obligation to update or alter any forward-looking statements,
whether as a result of new information, further events or
otherwise, except as required by law.
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SOURCE Covalon Technologies Ltd.