Business
Notice of Grant of Third Party Option by Control Person
(TheNewswire) Edmonton, Alberta - TheNewswire - August 1, 2023 - Mr. Alan Savag...
About this update from Innovotech Inc.
[{"type":"text","content":"Notice of Grant of Third Party Option by Control Person\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Edmonton, Alberta -\n \n \n TheNewswire -\n \n \n August 1, 2023 -\n \n \n Mr.\nAlan Savage (\"\n \n \n Savage\n \n \n \"), and Lonsdale Capital\nCorporation collectively and presently owns or controls (directly or\nindirectly) 13,590,055 (approximately 34.93%) of the issued and\noutstanding common shares on a non diluted basis of\n \n \n Innovotech Inc.\n \n \n (the\n\"\n \n \n Company\n \n \n \"), a reporting issuer in Alberta and British Columbia\nlisted on the TSX Venture Exchange (TSXV:IOT), announce pursuant to\nthe early warning requirements of National Instrument 62-103, that on\nJuly 18, 2023, Lonsdale Capital Corporation (“Lonsdale”), a\ncompany which is wholly owned and controlled by Savage, and can be\nconsidered a joint actor of Savage with respect to the Company,\nentered into an option agreement (the “Option Agreement”) with Dr.\nCraig Milne, the incoming Chief Executive Officer of the Company (the\n“Optionee”), to acquire up to 2,300,000 common shares of the\nCompany owned by Lonsdale, representing, approximately 5.91% of the\nissued and outstanding common shares of the Company, ranging in price\nfrom $0.10 to $0.20 per common share as follows:\n \n \n \n \n \n \n up to 1,300,000 at a price of $0.10 per common share\nexercisable immediately upon execution of the Option\nAgreement;\n \n \n \n \n \n \n up to a further 500,000 common shares under option, or\nany lesser part thereof, at a price of $0.15 per common share\nexercisable on or after the date that is twelve (12) months from the\ndate of grant; and\n \n \n \n \n \n \n the final 500,000 common shares under option, or any\nlesser part thereof, at a price of $0.20 per common share exercisable\non or after the day that is twenty-four (24) months from the date of\ngrant.\n \n \n \n \n \n \n The Option Agreement is effective on August 1, 2023,\nthe start date that the Optionee commences his position as Chief\nExecutive Officer of the Company and expires on July 9, 2029 unless\nmodified as per the Option Agreement.\n \n \n \n \n Mr. Alan Savage, the President of Lonsdale states,\n“This Option Agreement, in its substance and simplicity speaks to\nthe confidence ...