IGNITE Announces Stock Option Grants and Issuance of Convertible Debenture

Rhea-AI Summary

Ignite International Brands, Ltd. (CSE:BILZ, OTCQX:BILZF) announced the issuance of stock options to directors Lester Lee and Greg Gilpin-Payne, each receiving options for 100,000 shares with a vesting period of three years at $1.40 per share. Additionally, the company issued a convertible debenture to International Investments, Ltd. for $5,513,644.26, replacing three prior promissory notes. The CEO expressed gratitude to the management team and consultants for their contributions during an extraordinary turnaround year, emphasizing confidence in continued success into 2022.

Positive

• Issuance of options to directors may align their interests with shareholders.
• CEO expresses confidence in continued growth and success for 2022.

Negative

• Convertible debenture could indicate previous financial instability requiring restructuring.

VAUGHAN, Ontario--(BUSINESS WIRE)-- Ignite International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods company, today announced that it has issued options to two of its longest serving directors, Lester Lee and Greg Gilpin-Payne. Mr. Gilpin-Payne and Mr. Lee were each granted options to purchase 100,000 subordinate voting shares of IGNITE, vesting over 3 years at an exercise price of $1.40 per subordinate voting share.

IGNITE also announced that it issued a convertible debenture to International Investments, Ltd. (“International”) in the amount of $5,513,644.26 on December 16, 2021, with an exercise price of $1.40 and maturity date of March 31, 2023. The convertible debenture extinguishes and replaces three promissory notes that the Company issued to International over the past six months.

Dan Bilzerian, CEO at IGNITE, stated, “As we finish what will be an extraordinary turnaround year at IGNITE, I wish to thank the entire management team, the Board of Directors and our dedicated employees for a great effort. I also wish to recognize and thank some of our unpaid consultants who have given their time and invaluable advice to help IGNITE over the past fifteen months. David Bell has given guidance and advice to our sales team which has helped IGNITE achieve several record-breaking quarters of sales. Scott Rohleder has given guidance and advice to our finance team and is currently serving as Acting Chief Financial Officer. And last, but not least, my father, Paul Bilzerian, has given guidance and advice with respect to legal, finance, and general management issues. Although none of them has any obligation to continue providing the Company with their unpaid services, they have all indicated their intention to continue through 2022.”

John Schaefer, IGNITE’s President and Chief Operating Officer, stated, “I agree with Dan that the management team, Board of Directors, our dedicated employees, and consultants have worked very hard to make 2021 a highly successful year for IGNITE. It is our belief that 2022 will be an even greater year.”

About IGNITE

IGNITE is a global consumer premium brand, operating in several market segments. IGNITE product categories include CBD products, nicotine and synthetic nicotine vape products, premium performance drinks named ZRO, apparel, and spirits featuring tequila and a premium vodka.

Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.

Further information on IGNITE can be found on the Company’s website at www.ignite.co.

CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION

This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation, including the future performance of the Company in 2022 and the continued services provided by the named consultants. Forward‐looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the effects and impacts of the coronavirus disease (COVID‐19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business, and general economic and business conditions. There can be no assurance that any of the forward‐looking 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 statements. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether because of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211221005418/en/

Paul A. Holden, General Counsel

Tel: 416-407-1795

Email: paul.holden@ignite.co

Source: IGNITE International Brands, Ltd.

FAQ

What recent options were granted by Ignite International Brands (BILZF)?

Ignite International Brands issued options to directors Lester Lee and Greg Gilpin-Payne for 100,000 shares each, vesting over three years at an exercise price of $1.40.

What is the amount and purpose of the convertible debenture issued by Ignite (BILZF)?

Ignite issued a convertible debenture to International Investments, Ltd. for $5,513,644.26 to replace three prior promissory notes.

How does the CEO view the company's performance in 2021 and 2022 for Ignite (BILZF)?

The CEO stated that 2021 was an extraordinary year for Ignite and expressed optimism for an even greater performance in 2022.

What are the main product categories offered by Ignite International Brands (BILZF)?

Ignite's product categories include CBD products, vape products, premium performance drinks, apparel, and spirits.