Empower Clinics Announces Stock Option Grant and Private Placement Financing
Empower Clinics Inc. (CSE: EPW), a leading owner and operator of medical cannabis clinics in the US, announced today that it has granted an aggregate of 3,850,000 stock options to certain officers, directors, employees and consultants of the company, subject to approval of the Canadian Securities Exchange (the “CSE”). The options vest immediately, are exercisable at CDN $0.38 per common share, will expire on May 25, 2023 and are otherwise governed by the terms and conditions of the company’s stock option plan. Following the grant of the options, the company has a total of 7,150,000 stock options outstanding representing approximately 10% of the outstanding common shares of the company.
Empower also announced that it intends to complete a non-brokered private placement of 2,000,000 units (the “Units”) at an issuance price of CDN $0.31 per Unit for aggregate gross proceeds of CDN $620,000. Each Unit consists of one common share and one warrant to purchase common shares at an exercise price of CDN $0.36 for one year from the date of issuance. The Units issued pursuant to this private placement will be subject to a hold period of four months and one day from the date of issuance.
The company also announced that is has entered into an employment agreement with Craig Snyder, the President and CEO of Empower, subject to the approval of the CSE. The terms of Snyder’s engagement with the company were previously governed by a consulting agreement signed with one of the company’s predecessor entities prior to the completion of the company’s going public transaction on the CSE. Pursuant to the employment agreement, it was agreed that Snyder would be issued 2,000,000 common shares of the company.
ABOUT EMPOWER CLINICS INC.
Empower is a leading owner and operator of medical cannabis clinics and developer of medical products in the US, focused on enabling individuals to improve and protect their health. The company provides treatment solutions through its physician-staffed clinics that are focused on education, data, and efficacy. Empower is a recognized leader and the first choice for patients seeking quality experience and improved health.
For further information about Empower please see the company’s website at empowerclinics.com or contact the following:
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the company or its management. Forward-looking information contained in this news release includes, but is not limited to, the issuance of common shares and the future growth plans of the company. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events and are therefore based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.