Achievement of Performance Rights Milestones
Perth, Feb 23, 2015 AEST (ABN Newswire) - PhytoTech Medical Limited (
ASX:PYL), the Australian owned Medical Grade Cannabis (MGC) company advises that the performance milestones attached to the Class A Performance Rights and Class B Performance Rights, which were based on share price hurdles have been achieved.
The Company confirms that a two year escrow period, from the date of listing (22nd January 2015) applies to all the Class A Performance Rights and Class B Performance Rights. At the end of the two year escrow period, at the election of each holder, all of the Class A Performance Rights and all of the Class B Performance Rights will convert into ordinary shares.
The Company would also like to confirm that Mr Ross Smith has resigned as a Consultant to the Company. Following his resignation from the position of Executive Director earlier this month, Ross remained as a Consultant to the business in order to facilitate a smooth transition.
The Board thanks Mr Smith for his contribution to the business and his efforts towards achieving the Company's successful listing on the ASX, and wishes him every success in his future endeavours.
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
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