Mr. John Gorst reports
IONIC BRANDS: CORRECTION TO OPTION GRANTS
Ionic Brands Corp. wishes to correct the number of stock options being granted as per the company's news release dated Aug. 19, 2019, to an aggregate of 2,518,000 stock options. The options were being granted in accordance with the company's stock option plan at an exercise price of 20 cents per share. The option will expire on Aug. 19, 2024.
The options were granted to certain consultants, employees, directors and officers of the company with a vesting period as follows: 50 per cent vested immediately; 25 per cent after three months; and the balance after nine months. Pursuant to Canadian Securities Exchange policies, the options and any common shares issued upon exercise will be subject to a four-month-and-one-day resale restriction from the date of grant.
The option plan allows the board of directors to issue the equivalent of up to 10 per cent of the issued and outstanding share capital of the company on a rolling basis.
This news release corrects the Aug. 19, 2019, release announcing the grant of 2,238,000 options. That number was a miscalculation.
About Ionic Brands Corp.
Ionic Brands is a national cannabis holdings company based in Washington, led by a team of successful entrepreneurs. The company is focused on building a multistate consumer-focused cannabis concentrate brand portfolio focusing on the premium and luxury segments.
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