Replies to post #76162 on PharmaCyte Biotech Inc (PMCB)

[Brian903]

On October 9, 2017, the Board of Directors (“Board”) of PharmaCyte Biotech, Inc., a Nevada corporation (“Company”), appointed Raymond C.F. Tong, M.D. (“Dr. Tong”) to the Board to fill a vacancy created by the departure of certain members of the Board. Dr. Tong will be a member of the Audit Committee of the Board. The Company is not aware of any transaction in which Dr. Tong has an interest requiring disclosure under Item 404(a) of Regulation S-K.



In connection with Dr. Tong’s appointment to the Board, the Company entered into a letter agreement (“Letter Agreement”) with Dr. Tong pursuant to which the Company agreed to pay Dr. Tong $12,500 in cash for each calendar quarter of service on the Board and agreed to issue annually: (i) 500,000 fully-paid, non-assessable shares of the Company’s restricted common stock (“Shares”); and (ii) a five-year option to purchase 500,000 Shares (“Option”) to Dr. Tong at an exercise price equal to the fair market value of the Company’s common stock on the date of grant. The Shares and the Option were fully vested on the date of the grants. The Board approved the initial issuances of the Shares and the Option on October 9, 2017, and the Option has an exercise price of $0.055 per share.

[Edward]

Looks to me PMCB wants Tong since he is someone with connections for distributing medical and healthcare products and services in China and the Asia.