(PRESS RELEASE) Eyecarrot Innovations Corp. announces the appointment of Aurora Cannabis(TSX-ACB) Founder and former CEO, Mr. Terry Booth, to the company as executive chairman. Mr. Booth was one of the 2 original founders of Aurora Cannabis Inc. In 2013, he personally provided over $3.0 million in start-up capital to the building of a new from the ground up high quality purpose-built medical cannabis production facility in Mountain View County. This facility was the first in the world to be certified as 100% EU GMP compliant for the production of Medical Cannabis. Appointed CEO in December 2014, he has skillfully raised Aurora from its infancy into one of the world’s largest and fastest growing cannabis companies, valued at $18B at its peak, with a focus on providing high-quality medical and adult usage cannabis and inspiring better days for medical and recreational consumers around the world.
A visionary and passionate leader, Terry has a deep knowledge of highly regulated environments. He was instrumental in Aurora receiving its initial licensing and approval from Health Canada to produce medical cannabis, as well as building the Company’s state of the art cultivation facility Aurora Sky. With this strong entrepreneurial vision running through the entire company, Terry has overseen the company’s organic growth as well as its expansion through acquisitions of companies, all of which were successfully integrated into the parent company.
Uniquely skilled at seizing M&A opportunities, (over 30 transactions and acquisitions in the last 5 years) Terry also has more than 25 years of experience in creating, growing and leading companies in highly regulated industries. Terry currently sits on the board of Aurora Cannabis, Quinsam Capital, and Psyched Wellness and has sat on the board of other organizations, including Radient Technologies and Alcanna (formerly Liquor Stores N.A.). Terry has also served as President/CEO of Superior Safety Codes Inc, which was recognized as one of Canada’s top 50 fastest-growing companies. Terry joins Eyecarrot with an established track-record of transformational leadership and a purpose to impact Global Health and Education.
“We are absolutely thrilled to add the expertise and experience of a member of Terry’s caliber, and the team at Eyecarrot firmly believes that this will set our path moving forward. With his proven track record in building and growing businesses in technologically and medically innovative fields, Terry brings an unsurpassed wealth of knowledge to our dedicated and motivated team. He has the unique ability to move mountains when it comes to policy at the national and international level, as well as an incredible track record in capital markets. We’re excitedly looking forward to working together to accomplish our goals, bring value to our investors, and ultimately improve human performance.”
In connection with these corporate changes, the Company would also like to announce it as arranged a non-brokered private placement to raise up to $1 million through the issuance of up to 7,843,137 units at a price of $0.1275 per unit, subject to the approval of the TSX Venture Exchange.
Each unit will comprise one common share and one share purchase warrant. Each warrant will entitle the holder to acquire a further common share at a price of $0.25 per share for a period of 24 months, subject to an acceleration clause whereby if the closing price of the Company’s shares is equal to or greater than $0.50 per share for a period of five consecutive trading days (at any time following the expiry of the four month resale restriction period), the Company, may, by notice to the warrant holder, reduce the remaining exercise period of the warrants to not less than 30 days from the date of such notice. The proceeds of the placement will be utilized for the further development of the Company’s products and for general working capital purposes. Mr. Booth is expected to subscribe for up to 1,960,785 units of the financing.
The company also announces the grant of an aggregate of 2,500,000 stock options at an exercise price of $0.17 per share for a period of five years to directors, officers, employees and consultants, of which 500,000 stock options will be granted to Mr. Booth.
Dr. John Flanagan has resigned from the Board of Directors of the company to make room for Mr. Terry Booth, and will now be the first member of the company’s Scientific Advisory Board.
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