Business
King's Bay Terminates Newfoundland Mining Project
VANCOUVER, BC / ACCESSWIRE / April 11, 2019 / King's Bay Resources Corp. (TSX-V: KBG), (FSE: ...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"King's Bay Terminates Newfoundland Mining ProjectVANCOUVER, BC / ACCESSWIRE / April 11, 2019 / King's Bay Resources Corp. (TSX-V: KBG), (FSE: KGB1), (the \"Company\") announces that that it has terminated the mineral property acquisition agreement for its Lynx Lake project in Newfoundland and Labrador. Pursuant to the 2016 acquisition agreement for the property, if the Company decides to abandon the claims it acquired, it is obligated to transfer the claims back to the original vendors. In the termination agreement, the Company has agreed to the transfer of all the remaining claims to the prior owners, without further obligations regarding the property or the claims.Since February, 2018, the Company has been considering business opportunities outside of the resource sector (see February 8, 2018 Company news release), and particularly in the cannabis industry. On March 29, 2019, the Company announced that it had entered into an arm's length agreement to acquire all of the issued and outstanding equity of S&S Company, LLC (\"S&S\"), which owns and operates the licensed S&S California cannabis production and extraction lab, with immediate plans for expansion with high-capacity extraction and distillation under the brand name Elicit Labs (see March 29, 2019 Company news release for more details).The Company has limited resources and has decided to expend all its time and resources towards getting the S&S acquisition completed. The Lynx Lake project requires expenditure of time and Company resources, which the directors have determined are better spent on completing the S&S acquisition and focus on the Company's new business going forward. The Company's stock remains halted pending closing of the S&S Acquisition and the Company will not come back to trading on the TSX Venture Exchange. An application will be made to list the Company's shares for trading on the CSE in conjunction with the S&S closing.On Behalf of the Board Kevin Bottomley President & Chief Executive OfficerO: 604 681 1568E: [email protected] For Investment Inquiries please contact: Jared RushtonO: 604 681 1568 E: [email protected] Forward Looking StatementsThis news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results ...