VANCOUVER, July 14, 2019 /CNW/ - Rubicon Organics Inc. (CSE:ROMJ) (OTCQX:ROMJF) ("Rubicon Organics" or the "Company") will hold its annual general and special meeting (the "Meeting") of shareholders at the Terminal City Club, Walker Room, on August 2, 2019 at 10:00 am PT, for the following purposes:
- to receive the audited financial statements of the Company for the financial year ended December 31, 2018, together with the report of the Company's auditors thereon;
- to set the number of directors at five (5);
- to elect directors of the Company for the ensuing year;
- to appoint Deloitte LLP as the Company's auditors for the ensuing year and to authorize the directors to fix the auditor's remuneration;
- to approve the Company's Deferred Share Unit Plan as set out in Schedule "A" of the Company's management information circular for the Meeting; and
- to transact such other business as may properly come before the Meeting or any adjournment thereof.
The record date for the annual general meeting is June 28, 2019. The notice of meeting, accompanying management proxy circular and related meeting materials are now available under the company's profile on SEDAR.
The Company has entered into a term loan agreement (the "Loan") pursuant to which it has borrowed $500,010 from certain lenders (the "Lenders"). The Loan is for a term of 24 months and bears interest at a rate of 12% per annum. In connection with the Loan, the Company issued the Lenders a total of 100,002 common share purchase warrants ("Warrants"). Each Warrant entitles the Lender to acquire one common share of the Company (a "Common Share") at an exercise price of $4.50 per Common Share and expire on July 12, 2022. The Loan will be used to facilitate operations at the Company's flagship Delta Facility and for working capital and other general corporate purposes.
Grant of Options
The company has granted stock options for a total of 166,000 common shares to employees and consultants of the company in accordance with the company's equity incentive plan. The stock options are exercisable at $3.25 per share for a period of five years from the date of grant.
ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. is a Licensed Producer focused on cultivating certified organic, super-premium cannabis at its flagship 125,000 sq. ft. state-of-the-art hybrid greenhouse located on a 20-acre property in Delta, BC, Canada. The Company is currently ramping up to produce approximately 11,000 kg of certified organic, super-premium cannabis in 2020 and on creating super-premium brands in Canada.
In the United States, the Company owns a 40,000 square-foot, high-tech hybrid greenhouse in Washington state which is leased to a state-licensed operator applying Rubicon Organics' proprietary organic cultivation methods. The Company also owns two award-winning U.S. cannabis brands: 1964 Supply Co.TM in California and Doctor & Crook Co.TM in Washington; and has exclusive licensing rights in Washington for iconic lifestyle and cannabis brand, Cookies.
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Rubicon Organics' proposed use of the Loan proceeds are "forward-looking statements". Forward-looking information can be identified by the use of words such as "will" or variations of such word or statements that certain actions, events or results "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including that its capital needs will be as currently projected. Risks and uncertainties associated with the forward looking information in this press release include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under U.S. federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Rubicon Organics' limited operating history and lack of historical profits; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
SOURCE Rubicon Organics
For further information: Corporate: Shirley Anthony, Director, Investor Relations, Phone: +1 (437) 929-1964, Email: [email protected]; Media: Megan Cunningham, Gear Communications, Phone: +1 (781) 727-8462, Email: [email protected]