pcNewsWire – Vinergy Resources Ltd. (CSE: VIN; OTCQB: VNNYF) has entered into a definitive agreement to acquire 100% of 1099955 B.C. LTD. dba MJ BioPharma
Vinergy Resources Signs Definitive Agreement to Acquire MJ BioPharma
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 9, 2017) – Vinergy Resources Ltd. (“Vinergy” or the “Company”) (CSE:VIN)(OTCQB:VNNYF) is pleased to announce that it has signed a definitive agreement (the “Agreement”) with 1099955 B.C. LTD. dba MJ BioPharma (“MJ BioPharma”) whereby Vinergy will purchase 100% of MJ BioPharma, a cannabis technology company. Pursuant to the terms of the Agreement, the Company will acquire all of the issued and outstanding securities of MJ BioPharma (the “Transaction”).
About MJ BioPharma
MJ Biopharma is a cannabis technology company with a team of experienced business and medical professionals, biochemists and researchers. The company is currently focused on the following areas of interest:
manufacturing breath strips;
time release capsules;
food products and infused juices, teas, coffee and extract drinks;
pharmaceutical grade delivery systems.
MJ Biopharma’s expertise lies in its extracts and custom formulations. The company will also aim to inlicense and joint venture on best in class technologies and products for both the medicinal and recreational markets – domestically and internationally.
Pursuant to the terms of the Agreement, the Company will, upon closing of the Transaction, issue to MJ BioPharma shareholders an aggregate of 9,750,000 common shares in the capital of the Company (the “Payment Shares”) at a deemed price of CDN$0.20 per Payment Share. The Payment Shares will be subject to escrow conditions and/or resale restrictions as required by applicable securities laws and the policies of the Canadian Securities Exchange (the “CSE”). A finder’s fee of 400,000 common shares in the capital of the Company, subject to CSE approval, will be payable on this Transaction.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The CSE does not accept responsibility for the adequacy or accuracy of this release.