Tetra Bio-Pharma Inc. (“Tetra” or the “Company”) (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), a leader in cannabinoid-derived drug discovery and development, held its annual general and special meeting (the “Meeting”) of its holders of common shares (the “Shareholders”) virtually on May 30, 2022.
| OTTAWA, ON, May 31, 2022 /PRNewswire/ -Tetra Bio-Pharma Inc. (“Tetra” or the “Company”) (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), a leader in cannabinoid-derived drug discovery and development, held its annual general and special meeting (the “Meeting”) of its holders of common shares (the “Shareholders”) virtually on May 30, 2022. The Company is pleased to announce that all matters presented for approval at the Meeting were approved, except with respect to the proposed share consolidation of the issued and outstanding common shares of the Company, as further detailed below. The complete voting results for each item of business at the Meeting are presented below.
Election of Directors The Board of Directors of the Corporation had fixed at five the number of directors to be elected at the Meeting. Following the vote at the Meeting, each of the five (5) nominees proposed by management of the Company were elected as directors of the Company until the next annual meeting of the Shareholders or until they are earlier replaced, with the following results. All the nominee directors were members of the board of directors of the Company (the “Board”) prior to the Meeting.
Appointment of Independent Auditors Following the vote at the Meeting, PricewaterhouseCoopers LLP, Chartered Professional Accountants, was appointed as the independent auditors of Tetra, as successor auditors of the Company in place of McGovern Hurley LLP, and the Board was authorized to fix the remuneration of the auditor, with the following results:
Other Resolutions A ballot was also conducted with respect to an ordinary resolution (the “IQ Warrant Resolution”) of the Shareholders approving the grant of common share purchase warrants to Investissement Québec, having an exercise price lower than market price, upon the terms and in accordance with the provisions of the offer letter from Investissement Québec dated February 4, 2022 and all as more described in the management information circular dated April 19, 2022 filed in connection with the Meeting. Following the vote at the Meeting, the IQ Warrant Resolution was adopted with the following results:
A ballot was conducted with respect to a special resolution of the Shareholders approving the amendment of the Company’s articles to change the location of the Company’s registered office from the Province of Ontario to the Province of Québec (the “Registered Office Resolution”), at a time to be determined at the discretion of the Board. Following the vote at the Meeting, the Registered Office Resolution was adopted with the following results:
Lastly, Shareholders were also presented with a special resolution of the Shareholders authorizing the Board to amend the articles of the Company to effect a consolidation (the “Share Consolidation”) of all of the issued and outstanding common shares of the Company on the basis of a consolidation ratio to be selected by the Board within a range between ten (10) pre-consolidation Common Share for one (1) post-consolidation Common Share and thirty (30) pre-consolidation Common Shares for one (1) post-consolidation Common Share, and to be effected at a time to be determined at the discretion of the Board, provided that such date shall be before May 30, 2023. Following the vote at the Meeting, the Share Consolidation was not approved.
Please refer to the Company’s report of voting results filed under the Company’s SEDAR profile at www.sedar.com on May 31, 2022 for further details on the above matters. Virtual Meeting This year again, the Company held its Meeting as a virtual only meeting, where all Shareholders regardless of geographic location had an equal opportunity to participate at the Meeting. The virtual-only format for the Meeting also helped to mitigate health and safety risks to the community, shareholders, employees, and other stakeholders in light of the continuing COVID-19 environment. About Tetra Bio-Pharma Inc. Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1) is a leader in cannabinoid-derived drug discovery and development with a FDA and a Health Canada cleared clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. Their evidence-based scientific approach has enabled them to develop a pipeline of cannabinoid-based drug products for a range of medical conditions, including pain, inflammation, and oncology. With patients at the core of what they do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing biopharma industry by regulators, physicians and insurance companies. For more information visit: www.tetrabiopharma.com
SOURCE Tetra Bio-Pharma Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-QB:TBPMF, Toronto:TBP, Frankfurt:JAM1, OTC-BB:TBPMF |
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