Cansortium Inc. Announces Issuance of Shares for Directors' Fees
MIAMI, June 3, 2020 /PRNewswire/ - 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.
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.
Certain information in this news release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
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SOURCE Cansortium Inc
Company Codes: OTC-QB:CNTMF, CNSX:TIUM.U, CNSX:TIUM.WT.U, OTC-PINK:CNTMF
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