Toronto, Ontario--(Newsfile Corp. - August 26, 2022) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture data company in North America, is pleased to announce it has granted an aggregate of 2,000,000 stock options (the "Options") to purchase common shares (the "Common Shares") of the Company exercisable at a price of $0.56 per Common Share and expiring on August 26., 2028, to an officer of the Company. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant. The Options shall vest as to: (i) 300,000 Options shall vest on the date the options are granted (the "Grant Date"); (ii) 300,000 Options shall vest on the first anniversary of the Grant Date; (iii) 400,000 Options shall vest on the second anniversary of the Grant Date; (iv) 300,000 Options shall vest when the weighted average share price of the Common Shares stays above $1.00 for a period of thirty trading days; (v) 300,000 Options shall vest when the weighted average share price of the Common Shares stays above $2.00 for a period of thirty trading days; and (vi) 400,000 Options shall vest when the weighted average share price of the Common Shares stays above $3.00 for a period of thirty trading days.
About Deveron: Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs, and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Our team of agronomists and data scientists build products that recommend ways to manage fertilizer, seed, fungicide and other farm inputs better. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone, that build a basis of our best-in-class data layers. Our focus is the US and Canada where 1 billion acres are actively farmed annually.
President & CEO Deveron Corp.
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This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world-wide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.
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