Prescient Mining Corp.
CNSX : PMC

June 20, 2014 10:00 ET

Prescient Was Granted an Exclusive Right to Acquire a Company in Final Stages of Medical Marijuana Growers License Approval

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 20, 2014) - Prescient Mining Corp . (CSE:PMC) ("Prescient" or "the Company") is pleased to announce that it has entered into a letter agreement (the "Agreement") granting the Company an exclusive right to acquire a corporation ("Target" or "Corporation) which is in the final stages of securing a license to produce marijuana for medical purposes. The Target company made an application in July of last year with Health Canada to become a licensed producer (LP) under the Marihuana for Medical Purposes Regulations ("MMPR") and plans to be in production under the MMPR this summer.

Under the Agreement, Prescient has the exclusive right to acquire the Target company which currently owns a property secured in a brand new expandable 54,000 square foot state of the art facility in western Canada with an approval from the regional district to grow medical marijuana. Also included is the fully completed application to acquire a license under the MMPR, including all building plans, strains, clients, equipment and proprietary designs for the production facility. A more detailed description of the business, assets and its team will be released in due course.

The Target company has a pre-license approval granted by Health Canada and anticipates obtaining the Licensed Producer designation from Health Canada. The new MMPR will provide access to quality controlled marijuana produced under secure and sanitary conditions for medical purposes. This allows for a safe reliable marketplace where patients will have convenient accessibility to more strains to treat many ailments. Their licensed producer inspection has been requested and is expected in July 2014, at which time they will be able to start propagating their initial crop.

Marc E. Levy, President & CEO, commented: "This potential transaction represents a significant milestone for the Company and will place the Company in a very strategic position in the medical marijuana sector."

Prescient has agreed to make an initial loan of $500,000 (the "Loan") to the Target company, which shall bear interest at 8% per annum and shall be due six months from funding. The Loan shall be secured pursuant to a general security agreement, granting Prescient security over all present and after acquired property of the Target. Prescient will conduct a due diligence review of the business and has the exclusive rights to acquire the business, subject to the successful outcome of the due diligence review. The initial review is expected to take up to 30 days, at which time the company may exercise its right to acquire the business and assets.

Prescient has arranged for a non-brokered private placement of 16 million common shares at 10 cents per share. A finder's fee of 8% payable in cash or shares and 8% in broker warrants will be payable on the funds raised. Funds raised will be used primarily for due diligence and working capital purposes.

At this time, no transactions are in place, or is there any assurance that a new project will be concluded in the future. There can be no assurance that the transaction will be completed as proposed or at all.

On behalf of the Board of Directors,

Prescient Mining Corp.

Marc E. Levy, President & CEO

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

The CSE has not reviewed, approved or disapproved the content of this press release.

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Contact Information

  • Prescient Mining Corp.
    Marc E. Levy
    (604) 669-9788
    (604) 669-9768