Amana Copper Ltd.
CNSX : AMA

December 02, 2014 13:00 ET

Amana Announces Agreement with MMPR Applicant

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2014) - Amana Copper Ltd. ("Amana" or the "Company") (CSE:AMA) is pleased to announce that it has entered into a letter agreement ("the Agreement") granting the Company the exclusive right to acquire 100% of a Canadian company ("the Target") that is rapidly advancing its application for a license to produce and sell medical marijuana pursuant to Health Canada's Marihuana for Medical Purposes Regulations (MMPR). Subject to the successful outcome of Amana's due diligence, the Company has the exclusive right to acquire the Target including all of its related assets and intellectual property.

Amana has arranged a non-brokered private placement ("the Financing") of 10,000,000 common shares at a price of $.09 for gross proceeds of $900,000. Proceeds from the Financing will be used for due diligence and general working capital.

The Agreement and the Financing follow Amana's strategy to capitalize the Company in pursuit of a value creating transaction to the benefit of all shareholders. Further details related to the Agreement will be released in due course.

ON BEHALF OF THE BOARD

Yaron Conforti, Chief Executive Officer

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Amana Copper Ltd. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Contact Information

  • Amana Copper Ltd.
    Yaron Conforti
    CEO, CFO, Director
    416.716.8181