VANCOUVER, BC, October 11, 2023 – The BC Bud Corporation (CSE: BCBC) (OTCQB: BCBCF) (“The BC Bud Co” or the “Company”), a house of high-quality cannabis brands based out of British Columbia, Canada, announces that it has entered into a consulting agreement (the “Agreement”) with Stox Ventures Inc., a company led by Karim Mohamedani (the “ Consultant”) to provide advisory services to management. The term of the Agreement with the Consultant is for a period of five months pursuant to which the Company will pay the Consultant a monthly fee of $5,000.00 CDN payable in arrears through the issuance of common shares of the Company.
A total of 500,000 common shares (the “Shares”) will be issued to the Consultant at a deemed value of $0.05 per Share at the end of the term of the Agreement. The Shares will be issued in accordance with applicable securities laws and will be subject to a four month hold period in accordance with the policies of the Canadian Securities Exchange. The Agreement became effective as at October 1st, 2023.
As the Consultant is the holder of more than 10% of the Company’s outstanding shares, he is in an “insider” and the Agreement constitutes a ‘related party transaction’ within the meaning of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions. The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the Agreement and the Shares issuable thereunder do not exceed 25% of the Company's market capitalization.
About The BC Bud Co.
The BC Bud Co. is a publicly traded Canadian cannabis company headquartered in British Columbia. Renowned for its responsibility, maturity, and unwavering commitment to quality, the company is steadfastly dedicated to overcoming the challenges inherent in the cannabis sector while striving for sustained growth.
Investor Relations
Phone: 1-(778)-656-0377
Email: info@thebcbc.com
Web: www.thebcbc.com
Disclaimer & Forward-Looking Statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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