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Bhang Inc. (OTCMKTS: BHNGF) Announces A Grant Option For The Purchase Of Around 4.575 Million Of Its Subordinate Voting Shares



Bhang Inc. (OTCMKTS: BHNGF) has announced a grant option to acquire a total of 4.575 million subordinate voting shares of the company to certain officers, directors, consultants, and employees of the company.

Stock Options exercisable at $0.1 per share 

Notably, the exercising of the Stock Options is up to December 31, 2024, at the cost of $0.10 per share. Around 3.65 million Stock Options will be vested immediately upon issuance, with 330,000 Stock Options vesting on June 30, 2022, 330,000 Stock Options vesting on November 1, 2022, and 750,000 Stock Options vesting in 250,000 installments on March 31, 2022, June 30, 2022, and September 30, 2022.

The company also issued a total of 7.362 million restricted stock units (the “RSUs”) to the Company’s directors, executives, employees, and consultants. Around 2.062 million RSUs vested immediately upon issuance, 4.970 million RSUs vested on January 4, 2022, with 165,000 RSUs vesting on June 30, 2022, and 165,000 RSUs vesting on November 1, 2022.

The subordinate voting stocks that underpin the RSUs will also be granted at a determined rate of $0.08 per share when they vest. Bhang’s 2019 Equity Incentive Plan was used to grant all share options and RSUs.

Bhang issued 3.194 million subordinate shares to Jamie Pearson 

The company announced the sale of 3.194 million subordinate voting shares to Jamie L. Pearson, its CEO and President, at a rate of $0.08 per share, in fulfillment of the Company’s commitment under the provisions of Ms. Pearson’s employment agreement.

Bhang announced the issuing of 1.5 million subordinate voting shares at $0.08 per share and 12 million share purchase warrants redeemable for a subordinate voting share at $0.115 per warrant for a period of two years to a vendor performing advertising, sales, and product development services. Two million warrants are vested immediately upon issuance, with the remaining vesting over the duration of the warrants based on various vesting milestones relating to marketing, sales, and product development as outlined in the vendor agreement.

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