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.