Schyan Exploration Inc.
Schyan Exploration Inc. Enters into Letter Agreement with Trulieve
DGAP-News: Schyan Exploration Inc. / Key word(s): Miscellaneous Toronto, Ontario–(Newsfile Corp. – July 18, 2018) – Schyan Exploration Inc. (‘Schyan‘ or the ‘Company‘) announces that it has entered into a non-binding letter agreement (‘Letter Agreement‘) with George Hackney, Inc. d.b.a. Trulieve (‘Trulieve‘) whereby the Company and Trulieve have agreed to merge their respective businesses resulting in a reverse takeover of the Company by Trulieve and change of business of the Company from a mining issuer to a marijuana issuer (the ‘Transaction‘). Concurrently with the closing on the Transaction the resulting issuer will apply to have its shares listed on the Canadian Securities Exchange (‘CSE‘). Accordingly, the Transaction is subject to the approval of the CSE. About Trulieve Trulieve is a vertically integrated ‘seed-to-sale’ company and is the first and largest fully licensed medical marijuana company in the state of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve branded stores throughout the state of Florida as well as directly to patients via home delivery. As a vertically integrated company with a patient-first mantra, Trulieve has developed a suite of Trulieve branded products with over 80 SKUs including flower pods for vaporizing, concentrates, topicals, capsules, tinctures, and vape cartridges. Headquartered in Quincy, Florida, Trulieve is focused on being the brand leader for quality medical cannabis products and service in Florida and beyond. Trulieve employs over 800 people and is committed to providing patients a consistent and welcoming retail experience across Trulieve branded stores. Trulieve intends to continue to focus on penetrating the Florida market with plans to open an additional 15 Trulieve branded stores by January 2019. In addition, Trulieve is focused on leveraging its manufacturing and retail expertise to expand into other states in the United States. For more information please visit: www.trulieve.com Information Concerning the Transaction The Transaction terms set out in the Letter Agreement is subject to the parties successfully negotiating and entering into a definitive agreement in respect of the Transaction (the ‘Definitive Agreement‘). The final legal structure for the Transaction will be determined after the parties have considered all applicable tax, securities law, and accounting efficiencies. Management and Board of Directors of Resulting Issuer Upon completion of the Transaction, it is expected that the board of directors and management of the resulting issuer will consist of the persons identified below.
Kim Rivers – Chief Executive Officer, Chairman and Director Mohan Srinivasan – Chief Financial Officer Kevin Darmody – Investor Relations Jason Pernell – Chief Information Officer Craig Kirkland – Research and Development Manager Ben Atkins – Director Thad Beshears – Director George Hackney – Director Richard May – Director Michael J. O’Donnell, Sr. – Director Further comprehensive information regarding the Transaction will be provided in a future press release at such time the parties execute a Definitive Agreement. Completion of the proposed Transaction is subject to a number of conditions including, but not limited to: completion of satisfactory due diligence; execution of a definitive agreement in respect of the Transaction; receipt of regulatory approvals; and receipt of approval for the listing of the shares of the resulting issuer. There can be no assurance that the Transaction will be completed as proposed or at all. FOR MORE INFORMATION, PLEASE CONTACT: Lisa McCormack Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release contains certain ‘forward-looking information’ within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as ‘plan’, ‘expect’, ‘project’, ‘intend’, ‘believe’, ‘anticipate’, ‘estimate’, ‘may’, ‘will’, ‘would’, ‘potential’, ‘proposed’ and other similar words, or statements that certain events or conditions ‘may’ or ‘will’ occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws. Click on, or paste the following link into your web browser, to view the associated documents http://www.newsfilecorp.com/release/36020
18.07.2018 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Schyan Exploration Inc. |
Canada |
End of News | DGAP News Service |