UMB.c Umbral's PhyeinMed makes 2nd payment for land purchase
2017-07-13 11:52 ET - News Release
Mr. Jag Bal reports
Umbral Energy Corp.'s PhyeinMed Inc., a late stage applicant under the ACMPR (access to cannabis for medical purposes regulations), has paid the second instalment of $75,000 on its targeted acquisition in Falkland, B.C., completing subject removals. This payment is in addition to the original $25,000 it paid on May 10, 2017, when it completed the letter of intent to purchase the property, leaving a balance to be paid of $895,000 on the original total purchase price. The full amount remaining is set to be completed on or before Sept. 29, 2017.
The purpose of this acquisition is to allow PhyeinMed to complete the planned buildout as it continues to move toward achieving its goal of becoming a licensed producer. The property includes 13 acres of land, which includes a steel-framed building representing 15,500 square feet of grow area, and a planned expansion of up to 420,000 square feet.
Jag Bal, president and chief executive officer of Umbral, stated: "As Umbral makes this payment, it marks another stage for PhyeinMed to continue to move forward on its path to being a licensed grower in Canada. The whole team is working hard to ensure we can commence our buildout quickly once we take possession of the property."
About Umbral Energy Corp.
The company is currently listed as a junior resource issuer having mineral exploration projects. The company is considering other activities to increase shareholder value, including non-resource projects.
The company has a mineral exploration project in Quebec. In addition, the company has an interest in PhyeinMed, which has applied for a licence from Health Canada to legally grow and sell medical marijuana.
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