Organic Garage Announces Application for OTCQB Listing
Organic Garage Ltd. (“Organic Garage” or the “Company”) (TSXV: OG; FRA: 9CW1) is pleased to announce that it has applied for the listing of its common shares on the OTCQB® Venture Market (“OTCQB”), a U.S. trading platform operated by the OTC Markets Group in New York.
The OTCQB is the premiere marketplace for developing U.S. and international companies that are committed to providing a high-quality trading and information experience for their U.S. investors. The OTCQB quality standards provide a strong baseline of transparency as well as the technology and regulation to improve the information and trading experience for investors.
The Company believes that trading on the OTCQB will provide additional liquidity and increase its visibility within the U.S. capital markets. The Company will continue to trade on the TSX Venture Exchange under its symbol “OG” as well as on the Frankfurt Exchange under its symbol “9CW1”. The Company will provide further updates once they become available.
President and CEO, Matt Lurie stated, “I am pleased to take this step in obtaining our listing on the OTCQB, which will allow us to continue to bring awareness of the Organic Garage story to new shareholders in new markets, and allow U.S. investors to more easily invest in our Company.”
Stock Option Grant
The Company also announces that, pursuant to its stock option plan (the “Stock Option Plan”), it has granted incentive stock options (the “Options”) to its directors, officers, employees, and consultants to purchase up to an aggregate of 960,000 common shares in the capital stock of the Company, exercisable for a period of five years from the date of grant at a price of $0.74 per share. Fifty percent (50%) of the options vest immediately and 50% vest on the three (3) month anniversary date of the grant.
Early Warning Report
This news release, together with an early warning report, is also being filed as required under applicable Canadian securities laws as a result of the grant of 125,000 Options made to Matt Lurie, President, CEO and a director of the Company.
Immediately prior to the grant of Options, Mr. Lurie beneficially owned 8,150,000 Common Shares and 1,000,000 previously granted stock options. Following the grant of the Options, Mr. Lurie beneficially owns 8,150,000 common shares and 1,125,000 stock options, representing 18.5% of the issued and outstanding common shares of the Company and 18.8% on a fully diluted basis.
The Options are held by Mr. Lurie for investment purposes. Mr. Lurie’s future holdings in securities of the Company may increase or decrease in accordance with applicable securities legislation and in consideration of various factors that he may deem appropriate, including, but not limited to, his investment criteria, market conditions and as circumstances warrant.
An early warning report with additional information in respect of the foregoing matters will be filed under the Company’s profile on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com.
About Organic Garage Ltd.
Organic Garage (TSXV: OG) is one of Canada’s leading independent organic grocers and is committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The Company’s stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth-generation grocer, Organic Garage is headquartered in Toronto. The Company is focused on continuing to expand its retail footprint within the Greater Toronto Area. For more information please visit the Organic Garage website at www.organicgarage.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Organic Garage, that may cause the actual results, level of activity, performance or achievements of Organic Garage to be materially different from those expressed or implied by such forward looking statements, including but not limited to future growth and general business, economic, competitive, political and social uncertainties. Although Organic Garage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Organic Garage's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither Organic Garage assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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