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NAPANEE, Ontario, June 07, 2018 (GLOBE NEWSWIRE) — 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.
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