VANCOUVER, British Columbia, July 13, 2022 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon” or the “Company”) announces that in accordance with the Company’s Equity Incentive Plan (the “Plan”), it has granted 734,600 incentive stock options and is proposing amendments the terms of 765,000 incentive stock options (the “Proposed Amended Options”).
Incentive Stock Option Grant
The Company has granted incentive stock options (“Options”) to directors and officers of Rubicon to acquire an aggregate of 734,600 common shares at $0.86 per share, for a period of 5 years. The Options have been issued in lieu of cash compensation to directors and officers of Rubicon where their cash compensation has been partially or fully reduced in order to reduce cash spend in Rubicon in fiscal 2022. The Options vest over the remainder of 2022 and have been granted in accordance with the Plan.
Incentive Stock Option Proposed Amendments
On July 13, 2022, the directors of the Company also approved proposed amendments to the exercise price, vesting terms, and expiry date of 765,000 incentive stock options (the “Proposed Amendments”) in accordance with the Plan. The Proposed Amended Options were initially awarded to directors and officers of the Company on July 31, 2018 at an exercise price of C$3.25 per unit expiring on July 31, 2023. The Proposed Amended Options were fully vested prior to the Proposed Amendments. The Proposed Amendments would change the exercise price to $0.86 per unit, would vest 1/3 on December 31, 2022, 1/3 on June 30, 2023, 1/3 on December 31, 2023, and expire on December 31, 2025.
The Proposed Amendments remain subject to approval from disinterested shareholders of the Company at the upcoming annual general and special meeting and acceptance by the TSX Venture Exchange.
The Proposed Amendment applies to directors and officers of the Company holding stock options and is on consistent terms with the stock option re-pricing for employees of the Company announced on May 26, 2022. This Proposed Amendment is to recognize directors and officers significant contributions to Rubicon.
ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. is becoming the global brand leader in organic cannabis products. Through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer, the Company cultivates, processes and sells organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art hybrid greenhouse located in Delta, BC, Canada. Rubicon Organics is focused on achieving industry leading profitability through a focus on innovation and the development of brands and cannabis 2.0 products, including its flagship super-premium brand Simply Bare™ Organic, its super-premium concentrate brand LAB THEORY™, its premium flower and hash brand 1964 Supply Co™ and mainstream brand Homestead Cannabis Supply™.
CONTACT INFORMATION
Margaret Brodie
Chief Financial Officer
Phone: +1 (437) 929-1964
Email: ir@rubiconorganics.com
The TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.
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, and statements such as the Company’s expectation that it will achieving industry leading profitability are “forward-looking statements”. Forward-looking information can be identified by the use of words such as “will” or variations of such words 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 forward looking information in this press release include, among others, information or statements concerning the Company’s expectations of financial resources available to fund operations; Rubicon Organics' limited operating history and lack of historical profits; obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the Company’s ability to obtain financing at reasonable terms through the sale of equity and/or debt commitments; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; that our current relationships with our suppliers, service providers and other third parties will be maintained; and the impact of the current global health crisis caused by the COVID-19 pandemic. 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.
