VANCOUVER, British Columbia--(BUSINESS WIRE)--
Infinity Minerals Corp (CSE:IFN) announced today that it has signed a
Non-Binding Letter of Intent (“LOI”) to acquire 100% of the outstanding
shares of a private Medical Marihuana services company based in the
Okanagan Valley of British Columbia.
The LOI is subject to the execution of a definitive agreement (“the
Transaction”) between the two parties by July 1, 2014. The closing of
the Transaction will be subject to a number of other conditions
including completing due-diligence to the satisfaction of Infinity
management, financing, completion of non-compete agreements and receipt
of all necessary shareholder, regulatory and stock exchange approvals.
It is anticipated that a closing of this transaction will represent a
Fundamental Change as defined by the policies of the CSE.
The Kelowna, BC, based target company, The Herbal Clone Bank Inc. (THC
Bank), will provide a full range of services to Licensed Producers (LPs)
in the Medical Marihuana sector, with the goal of enhancing profit
margins and the LP’s bottom line. Specific services provided include
propagation, direct cultivation and sale of purebred cultivars; cloning;
and marihuana strain storage. A wholly owned subsidiary of THC Bank,
Advanced Greenhouse Technologies (AGT), has ongoing sales of an
exclusive brand of greenhouses particularly designed for the industry.
It is contemplated that upon a successful conclusion of this
transaction, the principals of the target company will join the board of
THC Bank applied to Health Canada for its LP under the Medical Marihuana
Purpose Regulations (MMPR) in November 2013.
“The THC Bank business model of growing and selling vegetative state
plants will allow the company to work with all of the successful
applicants of the MMPR (LPs). By providing a range of other services to
LPs as well as selling greenhouses, THC Bank is in a unique position to
assist companies producing Medical Marihuana. THC Bank is run by a 40
year veteran of the horticulture industry who, along with his team,
provides a unique insight into the direction of the industry and its
potential,” stated Ron Shenton, CEO of Infinity.
Infinity also announced a non-brokered private placement of up to 5.0
million units for gross proceeds of $1,000,000 at $0.20 per unit. Each
unit will consist of one common share and one half of one,
non-transferrable share purchase warrant. Each full warrant entitles the
holder to purchase one common share at a price of $0.30 for a period of
one year. Proceeds from the raise will be used for final due-diligence,
anticipated transaction costs, filing and professional fees and general
working capital. The proposed transaction has a purchase price of
$4,312,500 and will be facilitated by the issuance of Infinity treasury
stock at a deemed price of $0.15 per share and it is anticipated that
additional funds may need to be raised upon a successful closing of the
On behalf of the Board of Directors,
Ron Shenton, President and CEO
Infinity Minerals Corp
The CSE has not reviewed and does not accept responsibility for the
adequacy and accuracy of this information. This news release may contain
forward-looking statements. These forward-looking statements do not
guarantee future events or performance and should not be relied upon.
Actual outcomes may differ materially due to any number of factors and
uncertainties, many of which are beyond Infinity’s control. Some of
these risks and uncertainties may be described in Infinity’s corporate
filings (posted at www.sedar.com).
has no intention or obligation to update or revise any forward looking
statements due to new information or events.
Infinity Minerals Corp
Ron Shenton, 604-685-6806
Source: Infinity Minerals Corp