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LONDON, ON, June 26, 2019 /CNW/ - INDIVA Limited (the "Company" or "Indiva") (TSX-V:NDVA) is pleased to announce that the results of its annual general and special meeting of shareholders (the "Meeting"). At the Meeting, Indiva shareholders approved: (i) the election of the five nominated directors, being Niel Marotta, Hugh Hamish Sutherland, John Marotta, James Yersh and Andre Lafleche; (ii) the appointment of MNP LLP as the Company's auditors; and, (iii) approved the Company's stock option plan.
The resolutions are fully described in the Management Information Circular related to the Meeting, which can be found under the Company's SEDAR profile at www.sedar.com.
The Company also wishes to announce it has granted 341,000 incentive stock options (the "Options") to certain consultants. The Options have an exercise price of $0.75 per share. 75,000 Options were granted to Hybrid (as defined below) and are exercisable until June 21, 2021. 266,000 Options were granted to certain consultants and are exercisable until June 24, 2024.
The Company's Stock Option Plan allows for the issuance of up to 10% of issued and outstanding share capital in the form of incentive stock options. As a result of this grant, the Company has a total of 5,349,315 stock options issued, representing approximately 6.4% of the issued and outstanding share capital.
Engagement of Hybrid Financial
Indiva is also pleased to announce that it has entered into an agreement with Hybrid Financial Ltd. ("Hybrid") to provide Indiva marketing services to advisors, brokers and institutional investors in North America. Under the terms of the agreement, Indiva will pay a monthly retainer of approximately CAD$15,000. The initial term of the agreement is six (6) months, with automatic extension for additional three (3) month terms, subject to a right of termination in favour of Indiva on 15 days' notice prior to the expiry of a given term.
Hybrid is a sales and distribution company that actively connects issuers to the investment community. With offices in both Toronto and Montreal, Hybrid offers comprehensive coverage of both the Canadian and U.S. markets. Neither Hybrid, nor any of its directors and officers own any securities of Organigram.
Indiva is a Licensed Producer of medical grade cannabis. Our aim is to bring our family of global cannabis brands to Canadians and cannabis enthusiasts around the world. As marijuana laws liberalize globally, Indiva will expand its product offering to include safe edibles and other client-friendly cannabis products. In Canada, Indiva will produce and distribute Ruby Cannabis Sugar, Sapphire Salt, Ruby Gems, as well as award winning Bhang Chocolate and other derivative products through license agreements and joint-ventures respectively. In addition, as marijuana laws liberalize internationally, Indiva will use its Canadian operations as a platform to open new markets for its cannabis products.
DISCLAIMER & READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the SEDAR filings of the Company for further details. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The forward looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
SOURCE Indiva Limited