NAPANEE, ON, June 5, 2019 /CNW/ - VIVO Cannabis Inc.
(TSX-V: VIVO, OTCQX: VVCIF) ("VIVO" or the
"Company"), a leading provider of premium cannabis products
and services for the medical and adult-use markets and licensed
producer of cannabis under the Cannabis Act through
its wholly-owned subsidiaries, Canna Farms Limited and ABcann
Medicinals Inc., and its medical cannabis clinic network operated
by Harvest Medicine Inc., today announced the results of its annual
general and special meeting of shareholders held on June 4, 2019 (the "Meeting").
The Company put forward the following resolutions to be voted on
by shareholders at the Meeting, all of which were approved: (i) to
re-appoint MNP LLP as auditor of the Company for the 2019 fiscal
year; (ii) fixing the number of directors of the Company at six;
(iii) the election of directors; and (iv) the ratification of the
Company's 2017 Stock Option Plan.
A total of 122,552,741 of the 294,800,314 common shares of the
Company that were outstanding as at the record date were voted at
the Meeting, representing 41.6% of such shares.
Each of the directors elected at the Meeting, being Paul Lucas, Barry
Fishman, John Easson,
Richard Fitzgerald, Daniel Laflamme and Daryl Kramp, will hold office until the next
annual meeting of the Company or until their earlier resignation or
removal. Aaron Keay did not stand
for re-election at the Meeting and ceased to be a director of the
Company effective June 4, 2019.
Following the Meeting, the Board determined to grant an
aggregate of 575,000 stock options to certain directors and
employees of the Company, each of which is exercisable into one
common share of the Company at an exercise price of $0.64 share, being the closing price on
June 4, 2019, until June 4, 2024. Of these, an aggregate of
475,000 options were granted to independent directors of the
Company in partial satisfaction of their annual director fees, and
100,000 options were granted to an employee. The options
granted will vest in stages in accordance with their respective
terms. The shares issuable on exercise of the stock options will be
subject to a TSX Venture Exchange hold period of four months and
one day from the date of grant of the options.
About VIVO Cannabis™
VIVO, based in Napanee,
Ontario, is recognized for trusted, premium cannabis
products and services. It holds production and sales licences from
Health Canada and operates world-class indoor cultivation
facilities with proprietary plant-growing technology at its Canna
Farms facility in Hope, B.C., and
at its Vanluven facility in Napanee,
Ontario. VIVO has a collection of premium brands targeting
unique customer segments, including Beacon Medical™, Fireside™,
Canna Farms™ and Lumina™. The Company is significantly expanding
its production capacity and distribution channels; growing its
domestic medical cannabis platform, including Harvest Medicine, its
patient-centric, highly scalable network of specialty medical
cannabis clinics and services; promoting production and cultivation
innovation and pursuing partnership and product development
opportunities; and actively focusing on growth in select
international markets, including Germany and Australia. VIVO has a healthy balance sheet
and is well-positioned to accelerate its growth in Canada and internationally. For more
information visit: www.vivocannabis.com
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Fishman
CEO and Director
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.