CO2 GRO Inc. Grants Restricted Share Units

Rhea-AI Summary

CO2 GRO Inc. (OTCQB: BLONF) announced the Board of Directors approved the issuance of 4,125,000 Restricted Share Units (RSUs) to its directors, employees, and consultants. The RSUs will vest upon meeting performance criteria and require a payment of $0.11 each for conversion into common shares. Currently, 10,436,606 common shares are reserved under the 2022 Equity Incentive Plan, with 3,421,064 options and 5,607,669 RSUs remaining. The company aims to enhance crop yields by using their proprietary CO2 Delivery Solutions technology, which significantly reduces CO2 gas consumption.

Positive

• Issuance of 4,125,000 RSUs may align employee and board interests with company performance.
• The proprietary CO2 Delivery Solutions technology offers potential for increased crop yield by up to 30%.

Negative

• The requirement for RSU holders to pay $0.11 for shares could limit immediate liquidity for those involved.
• High reliance on performance criteria for RSUs may lead to uncertainty in shareholder value creation.

TORONTO, ON / ACCESSWIRE / January 27, 2023 / CO2 GRO Inc. ("GROW"or the "Company") (TSXV:GROW), (OTCQB:BLONF), (Frankfurt:4021) announces that the Board of Directors has approved the grant ("Grant") of 4,125,000 Restricted Share Units ("RSU"s) to members of its board of directors, employees and consultants of the Company.

The RSUs vest upon the completion of various time and performance criteria. Upon vesting, the common shares issuable (the "Shares") will be issued by the Company within sixty days and require the payment of $0.11 each by the recipient.

The RSUs were granted in accordance with the Company's 2022 Equity Incentive Plan (the "Plan"). The Shares will be subject to a four-month-plus-one-day hold period.

As of the date hereof and including the Grant, a total of 10,436,606 common shares of the Company are reserved for issuance under the Plan with 3,421,064 optionsremaining for issuance and 5,607,669 RSUs remaining for issuance, thereunder.

About CO2 GRO Inc.

CO2 GRO Inc. is a People,Planet, and Prosperity-focused precision ag-tech, clean-tech company.

We are on a mission to transform 700 billion sq. ft. of protected fruit & vegetable growth facilities so they can increase yield by up to 30% and feed half a billion more people around the world.

Our proprietary technology mists an aqueous CO2 solution directly onto plants in protected growth facilities. This enriches crops with CO2, suppresses the growth of micro-pathogens, and increases high-yield, high-quality varieties of produce. Because our CO2 Delivery Solutions™ technology replaces atmospheric gassing, growers can lower their CO2 gas consumption by over 90%, reduce their ecological footprint, and lower production costs.

We support the protected food crop community in all seven continents and also work with floriculturists and growers of medicinal & non-food varieties of plants.

Forward-Looking Statements

This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: statements regarding the future direction of the Company; the ability of the Company to successfully achieve its business and financial objectives; plans for expansion and the ability of the Company to obtain, develop and foster its business relationships; and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐ looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates that management considered reasonable at the date the statements are made. Such assumptions include but are not limited to: general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and that good relationships with business partners will be maintained. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the biotechnology industry and the greenhouse growers market are highly competitive, and technical advances in the industry will impact the success of the Company, and other risks described in the Company's filings that are available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please visit www.co2gro.ca or contact:
Soumik Roy
416.475.3806
ir@co2gro.ca

SOURCE: CO2 Gro Inc.

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FAQ

What is the significance of the RSUs granted by CO2 GRO Inc. on January 27, 2023?

The grant of 4,125,000 RSUs aims to incentivize directors, employees, and consultants, aligning their interests with company performance.

How does CO2 GRO's technology impact crop yields?

CO2 GRO's technology can potentially increase crop yields by up to 30%, benefiting the agricultural sector.

What are the financial implications of the RSU grant for shareholders of BLONF?

While RSUs can align interests, they also come with a cost to holders and depend on performance, introducing potential uncertainty.

How many common shares are currently reserved for issuance under CO2 GRO's 2022 Equity Incentive Plan?

As of January 27, 2023, a total of 10,436,606 common shares are reserved under the Plan.