Principal Technologies (TSXV:PTEC)

Principal Technologies Announces New Stock Option Plan

Principal Technologies Inc. (the "Company") (TSXV: PTEC), is pleased to announce that the Board of Directors of the Company (the "Board") has approved the adoption of a new 20% fixed stock option plan (the "New Option Plan").

On July 11, 2023, the Board adopted a 10% fixed stock option plan (the "Considered Plan") (see press release date July 11, 2023). The Considered Plan was subject to approval by the TSX Venture Exchange (the "Exchange") and would be in addition to the Company's 10% rolling stock option plan (the "Option Plan") that was last approved by shareholders at their annual general and special meeting held on November 30, 2022. Upon review and consultation with the Exchange, the Board has subsequently adopted the New Option Plan.

The New Option Plan will reserve for issuance 4,575,092 common shares of the Company under similar terms and conditions as the existing Option Plan. The maximum term of each stock option (each an "Option") shall not be greater than ten years. The exercise price of each Option shall not be less than the market price of the Company's shares at the date of grant. Options granted to consultants performing investor relations activities shall vest over a minimum of 12 months with no more than 1/4 of such Options vesting in any three month period. All other Options vest at the discretion of the Board. If approved by shareholders, all issued and outstanding stock options granted under the Option Plan will be ratified, continued, and governed by the New Option Plan.

The Company has granted 2,125,000 conditional stock options ("Conditional Options") under the New Option Plan to the CEO of the Company at an exercise price of $0.12 per share. The Conditional Options will vest immediately and be exercisable for a 10-year term expiring July 10, 2033. The Conditional Options granted under the New Option Plan may not be exercised until disinterested shareholder approval has been received.

If approved by shareholders, the 2,125,000 Conditional Options will replace the existing performance bonus of the CEO that was approved by shareholders on June 30, 2021. This annual performance bonus is payable to a company controlled by the CEO and is calculated as 20% of the increase in the market value of the Company, if any, and is payable in treasury common stock. Moving the CEO to an approved stock option based compensation plan is better understood and accepted in the Canadian capital markets.

Shareholders will be asked to approve of the New Option Plan at the Annual General and Special Meeting of Shareholders to be held on December 12, 2023. A copy of the Management Information Circular for this meeting is available at www.SEDARplus.ca.

ON BEHALF OF THE BOARD

Jerry Trent,

Chief Executive Officer

Principal Technologies Inc.

For investor inquiries or further information, please contact: Office@principal-technologies.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements:

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of the Company in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause the Company's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required.

Source

Click here to connect with Principal Technologies Inc. (TSXV: PTEC), to receive an Investor Presentation

PTEC:CC
Principal Technologies

Principal Technologies Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Principal Technologies (TSXV:PTEC)

Principal Technologies


Keep reading...Show less
PRINCIPAL TECHNOLOGIES ANNOUNCES FUNDAMENTAL ACQUISITION OF VIVOSTAT A/S

PRINCIPAL TECHNOLOGIES ANNOUNCES FUNDAMENTAL ACQUISITION OF VIVOSTAT A/S

/Not for distribution to U.S. news wire services or for dissemination in the United States /

  • Binding Share Purchase Agreement to purchase 100% of Denmark -based Vivostat A/S (" Vivostat ").
  • Vivostat has a unique system for on-site preparation and application of autologous concentrated fibrin and platelet enriched fibrin sealants for use in post-surgical procedures.
  • Used in over 200,000 surgical procedures, Vivostat's system has peer-reviewed evidence of zero rejection and infection rates.
  • Vivostat has been profitable for the last 3 years and currently generates revenues of approximately €3,600,000 per year with a 60% gross profit margin.
  • Vivostat is currently only actively marketed in six European countries representing less than 10% of its total addressable market.
  • Transaction is expected to close on or before March 15, 2024 , subject to receipt of applicable approvals, including of the TSX Venture Exchange (" TSX-V ") and satisfaction of conditions.

Principal Technologies Inc. (the " Company " or " Principal ") (TSXV: PTEC) (FSE: J07), is pleased to announce that as at February 6, 2024 it entered into an arm's length binding Share Purchase Agreement (" SPA ") to acquire (the " Acquisition ") 100% of the equity interests of Vivostat, a 23-year-old Danish company which uses a unique autologous fibrin sealant solution for post-surgical use.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
PRINCIPAL TECHNOLOGIES CLOSES THIRD AND FINAL TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT

PRINCIPAL TECHNOLOGIES CLOSES THIRD AND FINAL TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT

/Not for distribution to U.S. news wire services or for dissemination in the United States /

Principal Technologies Inc. (the " Company ") (TSXV: PTEC ), is pleased to announce the closing of the third and final tranche (" Tranche 3 ") of its previously announced non-brokered private placement (the " Offering "). The Company issued an additional 833,333 common shares (the " Shares ") at $0.15 per Share for gross proceeds of $124,999.95 bringing the total offering to 9,993,166 Shares for aggregate gross proceeds of $1,498,974.95 when combined with the two previous closings, subject to final approval from the TSX Venture Exchange (" TSXV "). For more information on the Offering, see the Company's news releases dated October 6, 2023 November 21, 2023 and December 21, 2023 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
PRINCIPAL TECHNOLOGIES CLOSES SECOND TRANCHE AND ANNOUNCES UPSIZE OF OVERSUBSCRIBED PRIVATE PLACEMENT

PRINCIPAL TECHNOLOGIES CLOSES SECOND TRANCHE AND ANNOUNCES UPSIZE OF OVERSUBSCRIBED PRIVATE PLACEMENT

 Principal Technologies Inc. (the " Company ") (TSXV: PTEC), is pleased to announce the closing of the second tranche (" Tranche 2 ") of its previously announced non-brokered private placement (the " Offering "). Under Tranche 2 of the Offering, the Company issued 6,823,333 common shares (the " Shares ") at $0.15 per Share for gross proceeds of $1,023,500 . The total raised under the Offering to date is $1,373,975 .

The Company also announces that it has increased the size of the Offering, as previously described in the Company's news releases dated October 6, 2023 and November 21, 2023 . The Company now intends to issue up to 10,700,000 Shares at a price of $0.15 per Share for total gross proceeds of approximately $1,600,000 subject to final approval from the TSX Venture Exchange (" TSXV "). The Company first announced the Offering for up to 6,000,000 common shares of the Company for aggregate gross proceeds of up to $900,000 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCH OF PRIVATE PLACEMENT

PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCH OF PRIVATE PLACEMENT

Principal Technologies Inc. (the " Company ") (TSXV: PTEC), is pleased to announce the closing of the first tranche (" Tranche 1 ") of its previously announced non-brokered private placement (the " Offering ") issuing a total of 2,336,500 common shares (the " Shares ") at $0.15 per Share for gross proceeds of $350,475.00 . The Company has received additional offers to participate in the Offering, and closing of the second tranche is anticipated in early December.

The Company also announces it has received approval from the TSXV Venture Exchange (" TSXV ") for an extension to close the Offering on, or before, December 21, 2023 . The Company first announced the Offering on October 6, 2023 for up to 6,000,000 common shares of the Company for aggregate gross proceeds of up to $900,000 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
PRINCIPAL TECHNOLOGIES ANNOUNCES NEW ADVISORY BOARD MEMBER & GRANT OF STOCK OPTIONS

PRINCIPAL TECHNOLOGIES ANNOUNCES NEW ADVISORY BOARD MEMBER & GRANT OF STOCK OPTIONS

Principal Technologies Inc. (the " Company ") (TSXV: PTEC) (FRA: J07), is pleased to announce it has expanded and strengthened its advisory board by adding Joe Mullings to its Board of Advisors.

Mr. Joe Mullings is the Chairman & CEO of The Mullings Group Companies, including TMG Search and Dragonfly. The search firm, with over three decades in the industry, is responsible for more than 8,000 successful searches in medtech/healthtech/life sciences with clients ranging from multi-billion-dollar companies to emerging high-tech organizations worldwide. TMG's international presence and work with over 800 companies allow them to provide solutions with the clients they partner with across the globe. As the first search firm to integrate media and talent access, Dragonfly was launched as a media production company, complete with a state-of-the-art studio, for use by clients and partners for attention and awareness. Dragonfly is the media machine behind the 8-time Award-Winning video docuseries, "TrueFuture," of which Joe is the host.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Jamieson Wellness Inc. Declares Fourth Quarter 2023 Dividend

Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX:JWEL) announced today that the board of directors of the Company has declared a cash dividend for the fourth quarter of 2023 of $0.19 per common share, or approximately $8.0 million in the aggregate. The dividend will be paid on March 15, 2024 to all common shareholders of record at the close of business on March 1, 2024. The Company has designated this dividend as an "eligible dividend" for the purposes of the Income Tax Act (Canada).

About Jamieson Wellness Inc.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Cardiol Therapeutics Completes Patient Enrollment in its Phase II MAvERIC-Pilot Study Investigating CardiolRx for Recurrent Pericarditis

Cardiol Therapeutics Completes Patient Enrollment in its Phase II MAvERIC-Pilot Study Investigating CardiolRx for Recurrent Pericarditis

Topline Results Expected in Q2 2024

This is a Designated News Release.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Cardiol Therapeutics Granted Orphan Drug Designation for its Lead Drug Candidate for the Treatment of Pericarditis

Cardiol Therapeutics Granted Orphan Drug Designation for its Lead Drug Candidate for the Treatment of Pericarditis

Designation Based on Pre-Clinical Data and Initial Clinical Data from the Company's MAvERIC-Pilot Phase II Study

This is a Designated News Release.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Erasca Announces Two Clinical Trial Collaboration and Supply Agreements for Trametinib to Evaluate Naporafenib Combination in SEACRAFT-1 and SEACRAFT-2 Trials

Naporafenib is a potential first-in-class and best-in-class pan-RAF inhibitor in multiple RAS/MAPK pathway-driven tumors

Initial SEACRAFT-1 Phase 1b combination data in RAS Q61X solid tumors expected between Q2-Q4 2024

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
pills spilling out of a pill bottle on a yellow background

Pharma Stocks: 5 Biggest Companies in 2024

The pharmaceutical industry is a major player in the life science sector, responsible for developing and manufacturing the majority of prescription drugs.

Companies in this sector are constantly researching and creating innovative treatments for various medical conditions, including immuno-oncology, neurology and rare diseases. In recent years, there has been a particular focus on developing new treatments for diabetes, weight loss and cancer.

With the pharmaceutical sector projected to reach a staggering US$1.6 trillion in total revenue by 2028, there is an opportunity for investors to gain exposure to the growth potential of this industry while also benefiting from the diversification and stability provided by established companies.

Keep reading...Show less
Cardiol Therapeutics (TSX:CRDL)

Cardiol Therapeutics


Keep reading...Show less
Principal Technologies

Principal Technologies Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×