TORONTO, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, is pleased to announce that, at the annual and special meeting of shareholders of the Company (the “Shareholders”) held on June 30, 2021 (the “Meeting”), by ordinary resolution, a majority of the disinterested Shareholders approved the adoption of the restricted share unit plan of the Company (the “RSU Plan”).
Under the new RSU Plan, restricted share units (“RSUs”) may be granted to directors, officers, employees and consultants, subject to disinterested Shareholder approval or applicable requirements of the TSX Venture Exchange (the “Exchange”). The RSU Plan is intended to complement the Company’s stock option plan (the “Stock Option Plan”) by allowing the Company to offer a broader range of incentives to diversify and customize the rewards for management and staff to promote long term retention. The RSU Plan provides for a fixed maximum limit of 7,431,993 of the outstanding subordinate voting shares of the Company (“Class B Shares”) as permitted by the policies of the Exchange. Subject to the restrictions and vesting provisions provided under the RSU Plan, each RSU shall entitle the holder thereof to receive one Class B Share. The number of Class B Shares issued or to be issued under the RSU Plan and all other security-based compensation arrangements of the Company, including the Stock Option Plan, at any time, shall not exceed 20% of the total number of the issued and outstanding Class B Shares.
Further details regarding the RSU Plan are included in the management proxy circular of the Company, which was filed on SEDAR in connection with the Meeting. The RSU Plan will become effective upon receipt of final acceptance by the Exchange.
About Menē Inc.
Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.
For more information about Menē, visit mene.com.
Media and Investor Relations Inquiries:
Adil Sheikh
Chief Financial Officer
Menē Inc.
ir@mene.com
+1 289 748 3702
Forward-Looking Statements
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 and other infectious diseases presenting as major health issues on the price of precious metals, capital market conditions, expectations of management regarding future growth in revenue and sales, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company’s shares; the Company’s limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
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.
