TORONTO, July 15, 2019 /CNW/ - On July 11, 2019, Bhang Inc. (the "Issuer") granted incentive stock options to certain officers, employees and consultants (the "Option Grant").
Scott J. Van Rixel, Chairman, Chief Executive Officer and Director of the Issuer (the "Acquiror"), announced today that in connection with the Option Grant, the Acquiror acquired 4,500,000 options exercisable into 4,500,000 subordinate voting shares of the Issuer (the "Subordinate Voting Shares") at a price of $0.52 per share for a period of five years.
Assuming the exercise of all 4,500,000 options into Subordinate Voting Shares by the Acquiror, the Acquiror would own 42.44% of the Subordinate Voting Shares on a partially diluted basis (based on the conversion of all multiple voting shares of the Issuer (the "Multiple Voting Shares") held by the Acquiror) or 32.85% of the outstanding Subordinate Voting Shares, assuming the conversion of all outstanding Multiple Voting Shares.
Mr. Van Rixel can be contacted at 7251 NE 2nd Avenue, Suite 201, Miami, Florida, 33138. A copy of the early warning report in connection with the foregoing will appear under the Issuer's profile on the SEDAR (www.sedar.com).
SOURCE Bhang Inc.
For further information: Mr. Van Rixel can be contacted at 7251 NE 2nd Avenue, Suite 201, Miami, Florida, 33138.