Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) (“Cansortium” or the “Company”) announced today that the board of directors of the Company has approved the issuance of common shares to certain of its directors in satisfaction of a portion of directors’ fees accrued up to May 31, 2020. The Company is issuing 408,286 common shares at a deemed price of U.S.$0.38 per share in satisfaction of U.S.$155,149 of accrued directors’ fees with the balance being paid in cash.
Issuing shares instead of making a cash payment, in satisfaction of a portion of accrued directors’ fees, will assist the Company in preserving cash for deployment on actionable growth opportunities.
The issuance of common shares to each of Neal Hochberg and John McKimm constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transactions do not exceed 25% of the Company’s market capitalization.
About Cansortium Inc.
Headquartered in Miami, Florida, and operating under the Fluent™ brand, Cansortium is focused on being the highest quality cannabis company in the State of Florida driven by unrelenting commitment to operational excellence from seed to sale. Cansortium has developed strong proficiencies in each of cultivation, processing, retail, and distribution activities, the result of successfully operating in the highly regulated cannabis industry. In addition to Florida, Cansortium is seeking to create significant shareholder value in the attractive markets of Texas, Michigan and Pennsylvania, where the Company has secured licenses and established operations.
Cansortium Inc.’s common shares and warrants trade on the CSE under the symbol “TIUM.U” and “TIUM.WT.U”, respectively, and on the OTCQB Venture Market under the symbol (OTCQB: CNTMF). Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.