Avivagen Inc. Announces Securities for Service Agreements With CEO and CSO
OTTAWA, Ontario--(BUSINESS WIRE)-- Avivagen Inc. (TSXV:VIV) (“Avivagen” or the “Company”), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhance and support immune function, thereby supporting general health and performance, announces that, pursuant to Policy 4.4 of the TSX Venture Exchange (“TSXV”), it has entered into a “securities for services” agreement with each of Top Meadow Consulting Services Inc. (the “CEO SfS Agreement”) and Mr. Graham Burton (the “CSO SfS Agreement”; together with the CEO SfS Agreement, the “Agreements”), pursuant to which the Company may elect to settle up to 15% of the fees or salary of such persons in common shares of the Company (“Shares”) for the period from October 1, 2022 (the “Effective Date”) to February 28, 2023.
Pursuant to the CEO SfS Agreement, for ongoing consulting services provided by Kym Anthony as the Company’s Chief Executive Officer, the Company may elect to settle a portion of the consulting fees payable to Mr. Anthony in Shares, up to a maximum of $4,500 worth of Shares per month. The deemed price per security and the number of securities issuable will be determined using the Discounted Market Price (as such term is defined in the policies of the TSXV) of the Shares on the TSXV on the date immediately preceding the issuance of such shares.
Pursuant to the CSO SfS Agreement, for ongoing salary payable to Graham Burton in the course of his employment as the Company’s Chief Scientific Officer and effective as of the Effective Date, the Company may elect to settle a portion of the salary payable to Mr. Burton in Shares, up to a maximum of $1,600 worth of Shares per month. The deemed price per security and the number of securities issuable will be determined using the Discounted Market Price (as such term is defined in the policies of the TSXV) of the Shares on the TSXV on the date immediately preceding the issuance of such shares.
In each case, the deemed value per Share and the number of Shares to be issued pursuant to the Agreements will be determined as of a date after the applicable services are provided to the Company. In accordance with the policies of the TSSXV, the deemed value of the Shares issued pursuant to the foregoing are not expected to exceed $5,000 per month per person or $10,000 per month in the aggregate. The Agreements are subject to acceptance by the TSXV.
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications. By unlocking an overlooked facet of βcarotene activity, a path has been opened to safely and economically support immune function, thereby promoting general health and performance in animals. Avivagen is a public corporation traded on the TSX Venture Exchange under the symbol VIV, and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "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" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Avivagen to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include, Avivagen’s views on future product adoption and Avivagen’s anticipation of receiving new approvals, customers and contracts. The Agreements are subject to a number of customary conditions, including the approval of the applicable securities commissions and the TSX Venture Exchange, some of which are outside the control of Avivagen. Risk factors inherent in Avivagen’s business and industry, including those listed in its most recent Management’s Discussion and Analysis available at www.SEDAR.com, mean that product adoption may not occur in the manner or as quickly as Avivagen anticipates and expected approvals, customers and contracts may not be realized within the time frames anticipated by Avivagen if at all. The forward-looking statements included in this news release are made as of the date of this news release and Avivagen does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6
Chief Executive Officer
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Head Office
Source: Avivagen Inc.
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