VANCOUVER, British Columbia, Dec. 13, 2017 (GLOBE NEWSWIRE) — Imperial Ginseng Products Ltd. (TSXV:IGP) (the “Company”) is pleased to announce that, by a vote of 92% in favour, it has received shareholder approval for the adoption of an amended and restated stock option plan (the “New Plan”) at the annual shareholder meeting held today. Under the New Plan, originally disclosed in its news release dated May 29, 2017, the maximum number of common shares that may be reserved for issuance is fixed at 720,000, representing approximately 10% of the total issued and outstanding common shares of the Company.
As disclosed in its news release dated May 29, 2017, the Company granted an additional 522,000 stock options, with each option permitting the option holder to acquire one common share of the Company at a price of $0.85 per share, to certain directors and officers of the Company. The options vest on the date of grant and have a term of five years, expiring on May 26, 2022. In addition to shareholder approval, the grant of these options was also subject to acceptance by the TSX Venture Exchange, which was received on June 6, 2017.
About Imperial Ginseng Products Ltd.
The Company is an agricultural company that seeks to provide investors returns through the cultivation and processing of North American ginseng in Ontario and the marketing of its root to Asia.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
For additional information, please contact Stephen McCoach at:
Imperial Ginseng Products Ltd.
Suite 3030, 650 West Georgia Street, Vancouver, BC V6B 4N7
Tel: (604) 689-8863
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking” statements, including statements with respect to future purchases of common shares by the Company. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements, including the risk that the Company will not purchase shares pursuant to the normal course issuer bid and the risk that the Company may discontinue its normal course issuer bid before its expiry. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligations to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.