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TORONTO, ONTARIO--(Marketwired - Jan 26, 2016) - Delivra Corp. (the "Company" or "Delivra") (TSX VENTURE:DVA) announced today the granting of incentive stock options as compensation to its Board of Directors, as well as to its external investor relations consultant.
Each of the five independent directors of the Company has been granted options to purchase 75,000 common shares of the Company at an exercise price of $0.75 per share. These options vest 1/4 every three months, with the first quarter of the options vesting on April 26, 2016. The options expire on January 26, 2021.
In addition, Delivra has entered into an investor relations consulting agreement with Nicole Marchand (the "Consultant"). The initial term of the agreement is for twelve months, subject to termination any time after six months with 30 days' notice.
Ms. Marchand has vast capital markets experience including roles in institutional sales, investor relations and investment banking. She holds an Honours Bachelor of Business Administration degree from Wilfrid Laurier University. Ms. Marchand is not a "Non Arm's Length Party" to the Company as such term is defined in the policies of the TSX Venture Exchange and prior to the grant of options described herein, held no securities of the Company.
Ms. Marchand will provide Delivra with strategic introductions to the investment community. In addition, she will be responsible for arranging investor and analyst meetings, and communicating corporate news and developments to the Company's shareholders, the financial community and the media.
In consideration for the services to be provided, Delivra has granted to Ms. Marchand options to purchase 50,000 common shares of the Company at an exercise price of $0.75 per share (the "Consultant Options"). The Consultant Options vest as to 1/12 per month on the 1st day of each month following the date of grant, and expire the earlier of: (i) 30 days following termination of the consulting services, and (ii) January 26, 2021. A monthly retainer of $5,000 plus HST is payable on the completion of each month. Both the Consultant Options and investor relations consulting engagement are subject to the approval of the TSX Venture Exchange.
ABOUT DELIVRA CORP.
Delivra Corp. is a developer of transdermal technologies for the delivery of pharmaceutical and natural molecules, through the skin, rather than via pills. Delivra manufactures and sells a growing line of natural topical creams under the LivRelief™ brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and sports performance. LivRelief™ products are available in pharmacies, grocery chains, and independent health food stores across Canada, and on-line at www.livrelief.com. In parallel with its consumer products business, Delivra also has a mandate to license its unique, proven, and patent-pending delivery platform to global pharmaceutical companies for the transdermal delivery of third party active ingredients to treat a broad range of conditions. With a global transdermal drug delivery market forecast to grow to USD $40 billion by 2018 (Source: Kelly Scientific), Delivra believes the licensing opportunity is robust. Delivra is headquartered in Burlington, Ontario and has a research and development laboratory in Charlottetown, PEI.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.