VANCOUVER, British Columbia, May 26, 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 amended the terms of 778,500 incentive stock options (the “Amended Options”) and granted 40,000 incentive stock options to employees of Rubicon.
Employee Equity Awards
Incentive Stock Option Amendment
The Company has amended the exercise price, vesting terms, and expiry dates of 778,500 Amended Options (the “Amendment”) in accordance with the Plan. The Amendment has been approved by Rubicon’s Board of Directors and conditional approval has been received by the TSX Venture Exchange. The Amended Options were originally awarded between July 31, 2017 and November 16, 2021, at exercise prices of US$2.00 to CAD$4.10 per unit and were adjusted on May 25, 2022, to an exercise price of $0.85 per unit. Of the Amended Options, 688,500 units, issued prior to November 16, 2021, were also amended to vest 1/3 on December 31, 2022, 1/3 on June 30, 2022, 1/3 on December 31, 2023, and expire on December 31, 2025. The vesting and expiry of all other Amended Options remain unchanged.
The Amendment applies to employees of the Company holding stock options to recognize their significant contributions to Rubicon and increase their incentivization. No insiders (senior executive or directors of the Company) were part of the Amendment.
Incentive Stock Option Grant
The Company has granted incentive stock options for a total of 40,000 common shares to employees of the Company pursuant to the Company’s Equity Incentive Plan and Deferred Share Unit Plan (together the “Equity Plans”). The stock options are exercisable at $0.85 per share until December 31, 2025 and vest in tranches between December 31, 2022 and December 31, 2023.
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™.
Chief Financial Officer
Phone: +1 (437) 929-1964
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 belief that revenue will accelerate in the second half of the year, that the Company can meet its goal of becoming EBITDA profitable on a monthly basis in 2021, that products will be on shelves as planned, it is becoming the global brand leader in organic cannabis products, and the Company’s intention of 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.