Flow Capital Corp. has granted its recently appointed Executive Chairman Vernon Lobo and CFO Donnacha Rahill options to acquire a total of 2.7 million common shares. The company also agreed to extend a C$200,000 loan to acting CEO Robb McLarty.
Lobo, who will continue to chair the company's investment committee, was granted options to acquire 2.5 million common shares. Rahill was granted options to acquire 200,000 common shares. The shares were priced at 18 Canadian cents each. The options expire June 13, 2023.
Flow Capital also granted each nonexecutive director options to acquire 200,000 common shares, while a nonexecutive employee was granted options to acquire 100,000 common shares.
The company is also planning to complete a nonbrokered private placement of units priced at 18 Canadian cents each for gross proceeds of about C$900,000. Each unit comprises one common share and one common share purchase warrant, which entitles holders to buy one additional common share for 22 Canadian cents each, for a period of 60 months following the date of issuance of the warrant.
In addition, Flow Capital has hired Goodman & Associates LLP as its new independent auditor, replacing PricewaterhouseCoopers LLP. The company also appointed Alan Torrie to its board of directors, where he will become the chairman of the audit committee. Torrie is a former president and CEO of HR services and technology firm Morneau Shepell and MDS Diagnostics.
The company also announced that Peter Kampian and Eldon Smith have resigned from the board of directors.