Business
Green Rise Foods Approves Share Issue and Grant of Options to Chief Financial Officer
Toronto, Ontario--(Newsfile Corp. - July 3, 2024) - Green Rise Foods Inc. (TSXV: GRF) ("Green R...
About this update from Green Rise Foods Inc
[{"type":"text","content":"\nGreen Rise Foods Approves Share Issue and Grant of Options to Chief Financial OfficerToronto, Ontario--(Newsfile Corp. - July 3, 2024) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Corporation\") today announced that the Board of Directors has approved, and that the Corporation has entered into, a subscription agreement (the \"Subscription Agreement\") with George Hatzoglou, the Chief Financial Officer of the Corporation, providing for the issue to George Hatzoglou of 500,000 Common Shares in the capital of the Corporation (the \"Shares\"), on a non-brokered basis, for a cash purchase price per share of $0.60 or $300,000 in the aggregate (the \"Share Issue\"), as more particularly described below.Further, the independent directors of the Corporation have recommended that the Board of Directors approve, and the Board of Directors has approved, the grant to George Hatzoglou of 900,000 options to purchase Common Shares in the capital of the Corporation in accordance with the Corporation's Stock Option Plan and the requirements of the TSX-V (the \"Option Grant\"), at a cash purchase price per share of $0.60 (collectively the \"Options\" and each an \"Option\"), such Options to vest on, and not be exercisable until on or after, July 3, 2027 (the \"Vesting Date\") and then only until the date which is October 1, 2027, being ninety (90) days following the Vesting Date, whereupon they would expire if not exercised on or before such date.It is anticipated that the closing of the Share Issue will be completed as soon as practicable following the date hereof and within three (3) business days following satisfaction of the closing conditions, including receipt of the approval of the TSX-V in respect of the listing on the TSX-V of the Common Shares issued pursuant to the Share Issue, and in any event no later than July 24, 2024 unless such date is extended in accordance with the Subscription Agreement.The Share Issue is exempt from the prospectus requirements of applicable securities laws in reliance upon the \"accredited investor\" exemption and is subject to customary closing conditions, including (among other things), the approval of the TSX Venture Exchange (the \"TSX-V\").The Shares issued pursuant to the Share Issue will be subject to a four-month hold period in accordance with applicable securities laws and the rules ...