Immuron Board Relinquish Cash Payment of Fees
April 28 2020 - 6:00AM
Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian
biopharmaceutical company focused on developing and commercializing
oral immunotherapeutics for the treatment of gut mediated diseases,
today announced that the cash payments of Board fees will be
suspended and replaced with Immuron stock.
As announced to the market on 25 March, 2020 the
Board and Executive Management reported that significant cost
reductions measures have been implemented to preserve the Company’s
cash position. As part of these measures, Immuron’s Board of
Directors (‘the Board’) have resolved, for the foreseeable future,
to relinquish cash payments of fees and in lieu of same receive
common stock in the Company. The issue of these shares to Directors
will be subject to obtaining the necessary approvals under the ASX
Listing Rules, the Corporations Act and all other regulatory
requirements.
At this stage, the Board proposes to issue such
shares to Directors up to a value of AUD $250k and for these to
have an issue price of AUD$0.08* which has been calculated as a
premium to the 5 day VWAP from 25 March 2020.
In addition to the above issue of Shares, the
Board, consistent with its remuneration policy has resolved to
establish a pool of 9 million unlisted options (225,000 American
Depository Securities (‘ADS’) equivalent when exercised) to be
allocated among Directors. This will be subject to shareholder
approval. The proposed exercise price of such options will be
AUD$0.12* (per option calculated as 145% of the 5-day VWAP above).
Such Options shall be exercisable within 48 months of the date of
their issuance.
All necessary Shareholder approvals will be
sought at the next Shareholders meeting of the Company.
Executive management has also been proactive in
examining opportunities to supplement the Company’s cash reserves
and, in this regard, has applied for the various funding schemes
offered by the Australian and United States Governments to which
the Company is entitled.
*1 ADS represent 40 ordinary shares / options
equivalent when exercised.
COMPANY CONTACT:Jerry Kanellos,
Ph.D.Chief Executive OfficerPh: +61 (0)3 9824
5254info@immuron.com
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