VANCOUVER, BC, October 29, 2024 – 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, is pleased to announce the appointment of Lachlan McLeod as Chief financial Officer effective November 1, 2024.
Lachlan is a Chartered Professional Accountant (CPA) with a distinguished educational background, holding a BSc in Economics with a minor in Business from the University of Victoria. Additionally, he obtained his Diploma of Accounting from the Sauder School of Business at the University of British Columbia. With over a decade of accounting experience in both public and private companies, including four years as an auditor at a prominent Big 4 accounting firm, Lachlan has a proven track record of guiding businesses through financial and regulatory challenges. With experience as a fractional CFO for multiple public companies, he excels in ensuring compliance with financial reporting and continuous disclosure requirements.
Lachlan succeeds Simon Tso in this role, who resigned effective October 25, 2024. The Company extends its sincere gratitude to Mr. Tso for his valuable contributions and dedication during his tenure and wishes him continued success in his future endeavours.
In addition, in connection with the completion of the Company’s 2024 financial year end, the Company has determined to issue as compensation to its independent directors 240,000 shares each for an aggregate of 480,000 shares issuable all at a deemed price of $0.05 per share (the “Compensation Issuance”).
The participation in the Compensation Issuance by insiders of the Company constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). 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 Compensation Issuance in so far as the Compensation Issuance involved interested parties did not exceed 25% of the Company's market capitalization.
The Company has also entered into an arrangement with Vested One Media Inc. to issue 420,000 common shares at a price of $0.05 as compensation for services provided (the “Service Issuance”) for re-designing the Company’s website.All of the securities issuable pursuant to the Compensation Issuance and the Service Issuance will be subject to resale restrictions under the policies of the CSE expiring four months and one day from the date of issuance which is expected to occur on November 4, 2024.
About The BC Bud Co.
The B.C. Bud Co. is a house of brands created by industry professionals who are
passionate about the user experience.
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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