Press Release for Early Warning Report Regarding Rubicon Organics Inc.

Rhea-AI Summary

Pierre Lassonde sold 1,000,000 Common Shares of Rubicon Organics at C$0.77 each on June 20, 2022, totaling C$770,000. Post-sale, Lassonde holds 5,715,413 Common Shares, approximately 10.21% of the total shares, and 284,587 Warrants. This marks a decrease in his ownership from 13.79% as reported on March 2, 2021. The sale was for investment management purposes, and Mr. Lassonde may continue to buy or sell shares based on market conditions and Rubicon's business prospects.

Positive

• Mr. Lassonde continues to hold a significant stake with over 5.7 million Common Shares.

Negative

• The sale resulted in a 3.58% decrease in Mr. Lassonde's ownership percentage, potentially signaling reduced confidence.

VANCOUVER, British Columbia, June 21, 2022 (GLOBE NEWSWIRE) -- Pierre Lassonde, of 45 Hazelton Ave, Toronto, Ontario, M5R 2E3, today announced that on June 20, 2022, Mr. Lassonde sold common shares (“Common Shares”) of Rubicon Organics Inc. (“Rubicon”), a company with a head office at 505-744 West Hastings Street, Vancouver, BC, V6C 1A5, in an amount of 1,000,000 Common Shares. The Common Shares were sold to the Chair of the Board of Directors of Rubicon, Julie Lassonde, and occurred through the facilities of the TSX Venture Exchange at a price of C$0.77 per Common Share, for aggregate consideration of C$770,000.

As of March 2, 2021, the date of Mr. Lassonde’s previously filed Early Warning Report, Mr. Lassonde owned, directly or indirectly, or exercised control or direction over 5,427,974 Common Shares and 1,284,587 Common Share purchase warrants of Rubicon (“Warrants”), with each Warrant entitling the holder to purchase one Common Share. The 5,427,974 Common Shares represented approximately 13.79% of the total number of issued and outstanding Common Shares as of March 2, 2021.

As of June 21, 2022, after the sale of 1,000,000 Common Shares, Mr. Lassonde now owns, directly or indirectly, or exercises control or direction over, 5,715,413 Common Shares and 284,587 Warrants. The 5,715,413 Common Shares represent approximately 10.21% of the total number of issued and outstanding Common Shares, resulting in a 3.58% change to Mr. Lassonde’s Common Share holdings since March 2, 2021.

Mr. Lassonde’s sale was made for investment management purposes. In accordance with applicable securities laws, Mr. Lassonde may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Rubicon in the open market or otherwise, and reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Rubicon and other relevant factors.

For more information, or to obtain a copy of the subject early warning report, please contact:

Margaret Brodie
Chief Financial Officer
Phone: +1 (437) 929-1964
Email: ir@rubiconorganics.com

ABOUT RUBICON ORGANICS INC.

Rubicon Organics Inc. is the global brand leader in premium organic cannabis products. The Company is vertically integrated through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer. Rubicon Organics is focused on achieving industry leading profitability through a focus on differentiated product innovation and brand portfolio management, including its flagship super-premium brand Simply Bare™ Organic, its premium flower and hash brand 1964 Supply Co™, its premium concentrate brand LAB THEORY™, and its mainstream brand Homestead Cannabis Supply™. The Company ensures the quality of its supply chain by cultivating, processing, branding and selling organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art glass roofed facility located in Delta, BC, Canada.

The TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.

FAQ

What recent transaction did Pierre Lassonde make with Rubicon Organics (ROMJF)?

Pierre Lassonde sold 1,000,000 Common Shares of Rubicon Organics at a price of C$0.77 each on June 20, 2022.

How much does Pierre Lassonde own in Rubicon Organics after the sale?

After the sale, Pierre Lassonde owns 5,715,413 Common Shares and 284,587 Warrants, representing approximately 10.21% of total shares.

What was the total value of the shares sold by Pierre Lassonde?

The total value of the shares sold was C$770,000.

What reasons did Pierre Lassonde provide for the share sale?

The sale was made for investment management purposes.

What impact did the sale have on Pierre Lassonde's ownership percentage in Rubicon Organics?

The sale resulted in a decrease of 3.58% in his ownership percentage.