Vinergy Resources Ltd.
CSE : VIN
CSE : VIN.CN
CNSX : VIN
OTCQB : VNNYF

Vinergy Resources Ltd.

August 21, 2017 14:24 ET

Vinergy Resources Announces Amending Agreement to Definitive Agreement with MJ BioPharma

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2017) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vinergy Resources Ltd. ("Vinergy" or the "Company") (CSE:VIN)(CSE:VIN.CN)(CNSX:VIN)(OTCQB:VNNYF) announces that further to its press releases of December 14, 2016 and May 9, 2017 that it has entered into an amending agreement (the "Amending Agreement") with respect to the previously announced definitive agreement with 1099955 B.C. LTD. dba MJ BioPharma ("MJ BioPharma") whereby Vinergy 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;
  • extract oils;
  • 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.

Amending Agreement

Pursuant to the terms of the Amending Agreement, the Company will, upon closing of the Transaction, issue to MJ BioPharma shareholders an aggregate of 4,000,000 common shares in the capital of the Company (the "Payment Shares") at a deemed price of CDN$0.20 per Payment Share. Previously, the Company was to issue 9,750,000 Payment Shares. 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"). In addition, the termination date has been extended to September 30, 2017.

The Transaction remains subject to certain closing conditions, including, obtaining all necessary approvals, including, approval of the respective boards, the approval of the CSE, and if applicable, shareholders of the Company. There can be no guarantees that the Transaction will be completed as proposed or at all.

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.

Cautionary Statement Regarding "Forward-Looking" Information

The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.

Contact Information

  • Vinergy Resources Ltd.
    Glen Macdonald
    Director
    778-819-1085