Walmer Capital Corp. Provides Corporate Update

CALGARY, ALBERTA--(Marketwired - Feb. 1, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

Walmer Capital Corp. (TSX VENTURE:WAL.H) (the "Company" or "Walmer"), a capital pool company as defined under Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the "Exchange"), is providing an update to its previous press releases regarding its proposed Qualifying Transaction with Renaissance Exploration, Inc. ("RenEx"). The Company advises today that the transaction with RenEx has been terminated due to the inability of Walmer to complete a minimum financing for gross proceeds of at least $1,000,000.

Walmer is actively pursuing two alternative possibilities for Qualifying Transactions and will report further on their progress at the appropriate time. Jay Richardson, Walmer's CEO, commented: "While I am disappointed that the extremely negative attitude of the markets toward resource exploration opportunities, even those with very high prospectivity, prevented the completion of this transaction, I am pleased that we are pursuing two other opportunities that hold promising potential for our shareholders."

The Company will provide a further update with respect to its business or operations, including with respect to its proposed Qualifying Transaction, in future news releases. The Company is still committed to pursuing its Qualifying Transaction as soon as possible and to subsequently apply for relisting of the common shares of the Company on the facilities of the Exchange.

The Company's common shares remain suspended from trading and it is expected that trading will remain suspended until completion of a Qualifying Transaction.

About Walmer Capital Corp.: Walmer is a CPC that completed its initial public offering and obtained a listing on the Exchange in May, 2012. In August 2014, Walmer was transferred to the NEX Board of the Exchange (Trading Symbol "WAL.H") and trading in its shares was suspended. Prior to entering into an earn-in agreement with RenEx, Walmer did not carry on any active business activity other than reviewing potential transactions that would qualify as Walmer's Qualifying Transaction.

ON BEHALF OF THE BOARD OF DIRECTORS:

Jay Richardson, Chief Executive Officer and Chief Financial Officer and Director

This press release contains forward-looking information. More particularly, this press release contains statements concerning the prospective qualifying transaction of the Company and the associated financing. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular, filing statement or other continuous disclosure document to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.