Lineage Announces Option Grant, Executive Bonuses And Special Shareholder Meeting Cancellation
December 24 2018 - 2:00PM
Lineage Grow Company Ltd. (the "
Company" or
"
Lineage") (
CSE:BUDD) announced
it had granted 3,000,000 incentive stock options to certain
eligible persons of the Company on December 6, 2018. Each stock
option has an exercise price of $0.165 and is exercisable
into one common share of the Company. The options vested
immediately and are exercisable over a period of five years. The
stock options were granted subject to the terms and conditions of
the Company's Stock Option Plan.
On December 6, 2018, the board of directors
authorized and approved two bonuses. One bonus was for a
total of $100,000 to Peter Bilodeau, the Chief Executive Officer
subject to certain milestones being met and the bonus amount
applied to the exercise of options held by the CEO. The other
bonus was for $10,000 to Keith Li, Chief Financial Officer of the
Company. The bonuses were awarded for these officers' work in
the acquisition of Terpene Station assets, in the proposed
acquisitions for Walnut Oaks LLC d/b/a Agris Farms and Lucrum
Enterprises, Inc. c/b/a LUX and their work in the proposed
reverse-take over transaction with FLRish, Inc. d/b/a Harborside
(the "Harborside RTO").
The Company also announced the Company had
cancelled the Company’s special meeting of shareholders that was
previously scheduled for December 27, 2018 to approve the
Harborside RTO and related matters. The Company will
reschedule the special meeting early in the new year.
About Lineage Grow Company
Ltd.
Lineage Grow Company Ltd. is a reporting issuer
that is listed on the Canadian Securities Exchange
("CSE"). Lineage is currently focused on operating
two retail licensed stores located in two prominent cities in
Oregon (Portland and Eugene), and on assembling licensed operators
with good growth potential and superior management, either through
direct acquisition or through joint ventures, with an aim towards
building a dominant vertically-integrated cannabis business that
leverages best-in-class cultivation, brands, distribution, and
retail assets. Lineage has entered into a purchase agreement with
Walnut Oaks LLC d/b/a Agris Farms and a binding letter of intent to
acquire Lucrum Enterprises, Inc. d/b/a LUX. In addition, Lineage
and FLRish, Inc. have entered into a binding letter agreement
pursuant to which Lineage will acquiring all the issued and
outstanding securities of Harborside in a reverse takeover
transaction.
For updates on the Company's activities and
highlights of the Company's press releases, investor deck and other
media coverage, please visit Lineage's web site (under
construction) at www.lineagegrow.com For
further information, please contact:
Peter Bilodeau, Director &
CEO Lineage Grow Company Ltd. Phone: (519) 919-6500 Email:
info@pbilodeau.ca
This news release contains certain
"forward-looking statements" within the meaning of Canadian
securities legislation. Forward-looking statements are statements
that are not historical facts which address events, results,
outcomes or developments that the Company expects to occur; they
are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "aims", "potential", "goal", "objective",
"prospective", and similar expressions, or that events or
conditions "will", "would", "may", "can", "could" or "should"
occur. Forward-looking statement in this press release includes the
company's intention to reschedule the special meeting of
shareholders, and management's intention on assembling licensed
operators with good growth potential and superior management with
an aim towards building a dominant vertically-integrated cannabis
business that leverages best-in-class cultivation, brands,
distribution, and retail assets. Forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made and they involve a
number of risks and uncertainties. Certain material assumptions
regarding such forward-looking statements are discussed in this
news release and the Company's annual and quarterly management's
discussion and analysis filed at www.sedar.com. Except as
required by the securities disclosure laws and regulations
applicable to the Company, the Company undertakes no obligation to
update these forward-looking statements if management's beliefs,
estimates or opinions, or other factors, should change.
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