Business
Flagship Industries Inc. announces board changes
Flagship Industries Inc. announces board changes.
About this update from Bravern Ventures Ltd.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange Symbol - FII\n\n\nMARKHAM, ON, July 4 /CNW/ - Flagship Industries Inc. (TSX Venture: FII)\n(the "Company") is pleased to announce that Gordon Keep and Larry Copeland\nhave been appointed as members of the Board of Directors. Mr. Keep is the\nManaging Director, Corporate Finance with Endeavour Financial in Vancouver,\nBritish Columbia. Mr. Copeland is a Director with the British Columbia Centre\nfor Disease Control in Vancouver, British Columbia whose career has spanned\nover 30 years in the field of public health.\n\n\nMr. Keep and Mr. Copeland are replacing Michael Devine and Sarah Langdon\nas directors of the Company, who have tendered their resignations as\ndirectors. The Board wishes to thank Mr. Devine and Ms. Langdon for their past\nservices. Mr. Keep has also been appointed President to replace Mr. Devine,\nwho has also resigned as President and Chairman of the Company.\n\n\nThe Company also wishes to announce that, subject to acceptance by the\nTSX Venture Exchange and the approval of the Company's shareholders at its\nnext shareholders meeting, it has adopted a form of stock option plan which\nhas been approved by the Company's board of directors and which will reserve a\nrolling maximum of 10% of the issued shares of the Company at the time of a\nstock option grant, with vesting provisions to be determined by the Company's\nboard of directors.\n\n\nThe Company has also granted options to purchase an aggregate of up to\n2,750,000 shares at a price of C$0.75 per share exercisable for a period of\nfive years to Mr. Keep, Mr. Copeland and three charitable organizations,\nincluding The Radcliffe Foundation (the "Foundation"), subject to regulatory\napproval.\n\n\nIn addition, the Foundation announces that, subject to regulatory\napproval, it has acquired options to purchase up to 2,000,000 common shares of\nthe Company at a price of C$0.75 per share exercisable for a period of five\nyears. After giving effect to this acquisition, the Foundation directly or\nbeneficially holds an aggregate of: (i) 26,100,000 common shares representing\n35.97% of the issued and outstanding common shares of the Company;\n(ii) 17,100,000 common share purchase warrants, representing 40.71% of the\nissued and outstanding warrants of the Company; and (iii) 2,000,000 options,\nrepresenting 50.00% of ...