Business
Route1 Announces Agreement for Issuance of Shares for Compensation to Tony Busseri, President and Chief Executive Officer and Independent Directors
TORONTO, ON / ACCESSWIRE / September 19, 2022 / Route1 Inc . (TSXV:ROI) (the "Company" or "...
About this update from Route1 Inc.
[{"type":"text","content":"Route1 Announces Agreement for Issuance of Shares for Compensation to Tony Busseri, President and Chief Executive Officer and Independent DirectorsTORONTO, ON / ACCESSWIRE / September 19, 2022 / Route1 Inc. (TSXV:ROI) (the \"Company\" or \"Route1\"), an advanced North American provider of turn-key engineering and professional services, today announced that it has, subject to the receipt of all required approvals, including the TSX Venture Exchange (\"TSXV\") agreed to issue common shares to Tony Busseri, the Company's President and CEO, and the Company's five independent directors in lieu of cash compensation.The compensation to Tony Busseri is per his employment agreement, specifically for his salary for the period August 1, 2022 to September 15, 2022 and to the five independent directors it is for their services for the period January 1, 2022 to June 30, 2022. In aggregate, the Company has agreed to issue 2,164,322 common shares at a deemed price of CAD $0.115 (the \"Shares\") in lieu of paying US $31,592 in cash compensation to Tony Busseri and US $156,000 to the five independent directors. The exchange rate at market close on September 15, 2022 was 1.3268. The issuance of the Shares is subject to the receipt of all required approvals, including the approval of the TSX Venture Exchange. The issuance of the Shares is subject to the receipt of all required approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the issuance of the Shares are subject to a statutory four month hold period.The issuance of the Shares constitutes a \"related party transaction\" as this term is defined in Multilateral Instrument 61-101: Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the Shares nor the debt exceeds 25% of the Company's market capitalizationTony Busseri, the Company's President and CEO commented, \"Today's announcement is a direct reflection of the commitment the Route1 leadership team has to the Company's current business model and opportunity deriving from its' sales pivot towards turn-key engineering services for clients using video capture techno...