TORONTO and BEIT SHEAN, Israel, April 26, 2021 /CNW/ - K.B. Recycling Industries Ltd., conducting business as Alkemy ("Alkemy" or, the "Company"), a leading environmental technology company based in Israel, announced today that the TSX Venture Exchange ("TSXV") has approved the listing of its Ordinary Shares and Warrants with trading on the TSXV to commence on April 28, 2021 under the symbols "AKMY" and "AKMY.WT", respectively.
Under its Global Equity Incentive Plan the Company also announced a grant of 2,756,264 options to purchase Ordinary Shares at an exercise price of C$0.2175 per share to its Founder, Technology and Innovation. Subject to his continued engagement with the Company, the options will vest as to: (i) 1,378,132 options subject to the Company's establishing an operational manufacturing site outside of Israel within 5 (five) years of the date of the grant, and (ii) 1,378,132 options subject to the Company's establishing an additional operational manufacturing site outside of Israel within five years of the date of the grant.
The Company also announced that the Board of Directors resolved to grant options to two of its external directors. Each of the external directors shall be granted 566,551 options to purchase Ordinary Shares at an exercise price of C$0.2175 per share. The grant is subject to the ratification by the general meeting of shareholders of their appointment as external directors and their compensation set forth in the Director Services Agreements entered into between the external directors and the Company. Subject to the ratification and their continued engagement with the Company, these options shall vest as to 188,851 options on the first anniversary of the date of the shareholders' approval and the remainder of the options will vest in two equal instalments of 188,850 options on each of the second and third anniversaries of such date.
About K.B. Recycling Industries Ltd.
K.B. Recycling Industries Ltd. is an environmental technology company based in Israel, and carries on business under the name "Alkemy". Alkemy has developed a unique plastic recycling process to recycle plastic bags and sheets traditionally not considered economically viable for recycling and as such have become one of the largest plastic pollutants in the world. Alkemy employs a dynamic one-step process that does not require separate recycling and production plants. Alkemy's process includes both recycling and finished product manufacturing in a single process called "waste-to-product", allowing Alkemy to reduce the cost of the recycled plastic as raw materials, and increase the profit margin per metric ton.
Neither 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.
SOURCE K.B. Recycling Industries Ltd.
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