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LONDON, ON, July 6, 2021 /CNW/ - Indiva Limited (the
"Company" or "Indiva") (TSXV: NDVA) (OTCQX: NDVAF), the
leading Canadian producer of cannabis edibles, is pleased to
announce that its Board of Directors has approved the grant of an
aggregate of 1,236,112 restricted share units ("RSUs")
pursuant to its amended and restated omnibus incentive plan (the
"Plan") to certain directors and officers of the Company.
680,557 of the RSUs will vest immediately upon receipt of the final
approval of the Plan from the TSX Venture Exchange and 555,555 RSUs
will vest over a period of six months from the date of grant. Each
vested RSU entitles the holder to receive a cash payment equal to
the closing price of the common shares of the Company on the last
trading date prior to the vesting date, or at the discretion of the
Board of Directors, one common share of the Company or any
combination of cash and common shares.
The grant of RSUs and the adoption of the Plan is subject to
receipt of the final approval of the TSX Venture Exchange.
The aggregate number of common shares of the Company that may
be reserved for issuance pursuant to RSUs granted under the Plan is
2,500,000. After this issuance of the RSUs to the directors and
officers, there are 1,263,888 RSUs available for future grants
under the Plan.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis.
As a Canadian licensed producer, Indiva creates premium pre-rolls,
flower, capsules, and edible products and provides production and
manufacturing services to peer entities. In Canada, Indiva produces and distributes the
award-winning Bhang® Chocolate, Wana™ Sour
Gummies, Wana Quick,
Ruby® Jewels Chewable Tablets Ruby® Cannabis
Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered
by INDIVA™ products through license agreements and
partnerships. Click here to connect with Indiva on LinkedIn,
Instagram, Twitter and Facebook, and here to find more
information on the Company and its products.
DISCLAIMER & READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has in any way passed upon the merits of the
Transaction and neither of the foregoing entities accepts
responsibility for the adequacy or accuracy of this release or has
in any way approved or disapproved of the contents of this press
release.
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the parties' current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. In particular, this
release contains forward-looking information relating to the
Company's dependence upon regulatory approval, the failure of third
parties to comply with their obligations to the Company or its
affiliates, risks related to COVID-19, future operations, future
results, future product offerings and compliance with applicable
regulations. Various assumptions or factors are typically applied
in drawing conclusions or making the forecasts or projections set
out in forward-looking information. Those assumptions and factors
are based on information currently available to the parties. The
material factors and assumptions include the parties being able to
obtain and maintain the necessary regulatory and other third
parties' approvals and licensing and other risks associated with
regulated entities in the cannabis industry, future sales, the
demand for the Company's products and cannabis products generally
and the continued operations of the Company in the ordinary course.
The forward-looking information contained in this release is made
as of the date hereof and the parties are not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Indiva Limited