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Vancouver, British Columbia--(Newsfile Corp. - February 28, 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, is pleased to announce the appointment of Simon Tso as Chief Financial Officer effective March 1, 2023.
Simon brings years of experience assisting companies of all sizes with their financial reporting, regulatory filing and taxation requirements. Mr. Tso is a co-founder of Zeus Capital Ltd., a boutique corporate finance firm that specializes in providing financial advisory, valuation and consulting services. Simon graduated with a Bachelor of Commerce (Finance) degree from the UBC Sauder School of Business, and is both a CFA Charterholder and a Chartered Professional Accountant.
Mr. Tso replaces Emily Graham. The Company thanks Ms. Graham for her contributions to the Company in its first year of operations and wishes her well with her endeavours.
In addition, in connection with the completion of the Company's 2023 financial year end, the Company has determined to issue as compensation to its independent directors 100,000 shares each for an aggregate of 300,000 shares issuable all at a deemed price of $0.12 per share (the "Compensation Issuance"). The Company has also determined to issue 150,000 shares to its advisor, Marc Lustig, for services provided through the year. All of the securities issuable will be subject to resale restrictions under the policies of the CSE expiring on June 29, 2023.
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 determined to grant an aggregate of 500,000 stock options exercisable for a period of five years at a $0.12 per share to officers and consultants.
About The BC Bud Co
The BC Bud Co is a house of brands created by industry professionals who are passionate about the user experience and the ever-changing consumer experience. Founder-led and based in British Columbia; we take the heritage of BC Bud seriously.