globenewswire.com
VANCOUVER, British Columbia, July 27, 2018 (GLOBE NEWSWIRE) -- Canada Coal Inc. (the “Company” or “Canada Coal”), (TSX-V: CCK) announces that it has entered into an arm’s-length non-binding letter of intent (“LOI”) dated July 25th, 2018, in respect of a proposed business combination (the “Business Combination”) that would result, if completed, in the takeover of Canada Coal by Geberi, Ltd. (hereinafter, “Medcolcanna”). The LOI provides that Canada Coal and Medcolcanna will negotiate in good faith and attempt to enter into a definitive agreement in respect of the Business Combination on or before September 15th, 2018. Completion of the Business Combination will be subject to a number of conditions including, but not limited to, completion of due diligence, execution of a definitive agreement, shareholder approval and receipt of all required regulatory approvals.
In connection with the LOI, Canada Coal has agreed to provide Medcolcanna US$25,000 as payment to secure exclusivity rights to the Business Combination. |
