MONCTON, NB, Dec. 19, 2018 /CNW/ - Organigram Holdings Inc.
(TSX VENTURE:OGI) (OTCQB:OGRMF) (the "Company" or "Organigram"), a
leading licensed producer of cannabis based in Moncton, New Brunswick, announces the results
of its 2018 Annual and Special Meeting of Shareholders (the
"Meeting") adjourned from Friday December 7,
2018 and reconvened on Monday,
December 17, 2018 in Toronto.
Shareholders voted to elect all seven of management's nominees
to the Board of Directors of the Company, being returning directors
Peter Amirault, Derrick West, Michel
Bourque, Dr. Kenneth Mitton
and Greg Engel, as well as new
management nominees Dexter John and
Sherry Porter. All directors
are "independent" as defined under securities laws, excepting
Greg Engel who is also the Chief
Executive Officer of the Company.
"We are delighted to welcome Sherry and Dexter to our team, each
of whom has extensive corporate governance and board experience",
said Greg Engel, Organigram's Chief
Executive Officer. "The addition of these directors complements our
Board's skills and experiences, and we are confident they will
provide valuable perspectives as we continue to grow in a dynamic
industry."
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 continuation of the Company's equity incentive plan.
All matters passed with an approval rate in excess of 90% of
shares voted. The Company's equity incentive plan was
approved by ordinary resolution of disinterested shareholders.
Subsequent to the Meeting, the newly-elected board of directors
of Organigram (the "Board") re-appointed Peter Amirault as Chairman of the
Board.
The Board also re-appointed Derrick
West as the Chair of the Audit Committee for the ensuing
year.
Additionally, the Board established a new Investment Committee
and set the composition of all of the committees of the Board.
All committee members are independent directors. The
composition of the committees are as follows:
Audit Committee: Derrick
West (Chair), Sherry Porter
and Michel Bourque;
Governance, Nominating and Compensation Committee:
Michel Bourque (Chair), Dexter John and Sherry
Porter; and
Investment Committee: Dexter
John (Chair), Derrick West
and Dr. Kenneth Mitton.
The Company announces that it has granted an aggregate of
847,500 options to purchase common shares of the Company
exercisable at a price of $4.75 per
share for a period of up to 10 years, to the newly appointed
directors of the board and certain directors, officers and
employees of the Company.
Additionally, the Company has granted an aggregate of 799,779
restricted share units ("RSUs") to an officers, directors and
management of the Company under the terms of the Equity Incentive
Plan.
All incentive equity grants follow TSXV guidelines and the terms
and conditions of the applicable plan and are subject to approval
by the TSX Venture Exchange.
The Company also announced that Dylan
Rogers' has resigned from the position of Investor Relations
Analyst at Organigram effective Friday
December 21, 2018. Organigram wishes Dylan all the
best in his future endeavours. Investor relations queries can
continue to be sent by e-mail to investorrelations@organigram.ca
and by phone to 1-844-644-4726 x274.
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 cannabis and cannabis-derived products in
Canada.
Organigram is focused on producing the highest-quality,
indoor-grown cannabis for patients and adult recreational consumers
in Canada, as well as developing
international business partnerships to extend the company's global
footprint. In anticipation of the legal adult use recreational
cannabis in Canada, Organigram
has developed a portfolio of brands including The Edison
Cannabis Company, Ankr Organics, Trailer Park Buds and
Trailblazer. Organigram's primary facility is located
in Moncton, New Brunswick and
the Company is regulated by the Access to Cannabis for Medical
Purposes Regulations ("ACMPR").
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.
SOURCE OrganiGram