Aurora Cannabis sued over $1.9-million option
2017-12-04 10:59 ET - Street Wire
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by Mike Caswell
Aurora Cannabis Inc. is a defendant in a lawsuit filed in the Supreme Court of British Columbia over a stock option allegedly worth $1.9-million. A Nevada company claims that it received the option in a 2015 consulting agreement. It says that when it attempted to exercise that option, Aurora refused to allow the share issuance.
Details of the dispute are contained in a notice of claim filed at the Vancouver courthouse on Nov. 29, 2017. The lawsuit was filed by Electrum Partners LLC of Las Vegas. Electrum identifies itself as a consulting firm with expertise and contacts in the legal cannabis industry.
According to the suit, Electrum entered into a consulting agreement with Aurora on March 16, 2015. The agreement called for Electrum to provide Aurora with some sort of services (which the lawsuit does not describe). According to Electrum, as part of that agreement it received an option to buy 300,000 shares of Aurora at 39 cents. The consulting agreement ended after one year, but the option was to be exercisable for five years, or until March 16, 2020, Electrum claims.
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Aurora Cannabis contracts Electrum as consultant
2015-03-18 09:35 ET - News Release
Mr. Terry Booth reports
AURORA SIGNS CONSULTING AGREEMENT WITH ELECTRUM PARTNERS, LLC
Aurora Cannabis Inc. has entered into a consulting agreement with Electrum Partners LLC, an advisory and consulting firm in Las Vegas, Nev., specializing in the nascent medical marijuana industry in the United States.
Pursuant to the agreement, Electrum will provide a wide range of consulting and advisory services including, but not limited to: business services, strategic guidance and introductions, mergers and acquisitions, access to capital markets in the United States, and other activities to further the business of Aurora. Electrum will also assist in obtaining medical marijuana licensing for the company and expanding its business to states where cannabis is accepted federally and legal at the state level whether it be recreational or medicinal.
The agreement has an initial term of four months and is renewable for an additional two four-month periods for a total term of one year. Under the agreement, the company will pay monthly consulting fees of $17,200 (U.S.) and grant stock options to purchase 300,000 common shares of the company, which will vest in 12 equal monthly instalments over a period of one year. In addition, the company will grant Electrum stock options to purchase 12,500 common shares of the company for every performance milestone completed. The options and bonus options shall be exercisable for a period of five years with exercise prices equal to the fair market value of the company's shares.
"We are privileged to partner with a strong and experienced firm like Electrum, founded and led by Leslie Bocskor. Being from a regulatory environment myself, I can say without a doubt that Mr. Bocskor is one of the most knowledgeable advisers in this space. We look forward to working with him and his team to execute the company's growth and expansion objectives," stated Terry Booth, chief executive officer of Aurora.
We seek Safe Harbor.
Posted by halcrow at 2017-12-04 13:25
Somebody smoked a fat one and forgot the details. lol
Posted by shoes at 2017-12-04 17:30
@shoes
"Somebody smoked a fat one and forgot the details. lol"
You figure that that be one of problems facing the many, many Mary Jane opportunities flooding the Canadian markets these days?
The contact highs are a benefit, and damn the details (if you can remember them)
Posted by Halcrow at 2017-12-04 20:01
US consultant providing access to US markets seems like a contract that couldn't be fufilled with a new republican government promising a crackdown on state legalized MJ. I'd say they didn't do the work to justify the stock options. Aurora focused everywhere except the US.
Posted by sportrax at 2017-12-05 11:51
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