NAPANEE, ON, Dec. 12, 2019 /CNW/ - VIVO Cannabis Inc. (TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the "Company") today announced that it has granted, effective today, an aggregate of 3,364,500 stock options (each, an "Option") to certain directors, officers, employees and consultants of the Company in accordance with the Company's stock option plan. Each Option is exercisable into one common share in the capital of the Company (each, a "Share") at a price of $0.215 per Share, being the closing price of the Shares on the TSX Venture Exchange on December 11, 2019, for a period of five years from the date of grant. This is a normal-course grant that comprises part of the long-term compensation and employee retention incentives provided by the Company. The Options will vest in equal quarterly instalments over 36 months. Including this grant of Options, the Company has granted less than 55% of the Options available for grant under its stock option plan. The Company has also issued a total of 45,000 Shares to two European employees pursuant to the terms of their employment agreements.
Following the issuance of the Options and Shares described above, the Company's basic and fully diluted Share balances now total 295,888,654 and 335,777,610, respectively.
About VIVO Cannabis™
VIVO, based in Napanee, Ontario, is recognized for trusted, high-quality products and services. It holds production and sales licences from Health Canada and operates world-class indoor cultivation facilities with proprietary plant-growing technology. VIVO has a collection of premium brands targeting unique customer segments, including Beacon Medical™, FIRESIDE™, Canna Farms™ and Lumina™. In August 2018, VIVO acquired Canna Farms, a premium cannabis company based in Hope, British Columbia. Canna Farms was B.C.'s first Licensed Producer and has several years of craft cultivation experience and expertise, as well as a significant patient base and positive cash flow. The Company is significantly expanding its production capacity and pursuing partnership and product development opportunities domestically, as well as in select international markets, including Germany and Australia. VIVO also operates Harvest Medicine, a patient-centric and highly scalable network of specialty medical cannabis clinics as well as a free telemedicine service. VIVO has a healthy balance sheet and is well-positioned to accelerate its growth in Canada and internationally.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE VIVO Cannabis Inc.
For further information: VIVO Investor Relations, Michael Bumby, Chief Financial Officer, +1 416-848-9839, [email protected]