Toronto, Ontario--(Newsfile Corp. - May 8, 2019) - Osoyoos Cannabis Inc. (CSE: OSO) (the "Company") is pleased to provide an update on company matters.
On May 3, 2019, the Board of Directors ratified a consulting Agreement with Michael Ash, a director of the Company, for $3,000 compensation per month.
During April, extensions were granted to the contracts with the CEO and the COO, which extensions included an increase in compensation for the COO to $10,000 per month. All contracts contain 60-day termination clauses.
At a meeting of the Board of Directors of the Company on April 9, 2019, the Company granted an aggregate of 775,000 5-year cashless warrants as executive compensation to the COO, the CEO and a member of the board. 575,000 of the cashless warrants have an exercise price of $0.25 and the balance at $0.45.
On April 25, 2019, the Company converted two convertible debentures held by two arm's length parties into common shares. The debentures were converted into an aggregate of 3,500,000 common shares at a deemed value of $0.15 per share.
ON BEHALF OF THE BOARD
OSOYOOS CANNABIS INC.
"GERRY GOLDBERG"
CEO
For further information contact:
Gerry Goldberg
ggoldberg@osoyooscannabis.com
(416) 460-3000
DISCLAIMER & READER ADVISORY
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", "may", "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 Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the Company to become licensed in Canada to produce cannabis extracts. 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 material factors and assumptions include the parties being able to obtain the necessary corporate, regulatory and other third-party approvals; licensing and other risks associated with Cannabis Act (Canada) operations. 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.
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