Business
Meryllion Resources Announces New Strategic Direction Focused on the Cannabis Sector
(via TheNewswire) TORONTO, ON / TheNewswire / June 20, 2017 - Meryllion Resources Corporat...
About this update from Meryllion Resources Corp.
[{"type":"text","content":"Meryllion Resources Announces New Strategic Direction Focused on the Cannabis Sector(via TheNewswire)\n\n \nTORONTO, ON / TheNewswire / June 20, 2017 - Meryllion Resources Corporation (CSE-MYR)(\"Meryllion\" or the \"Company\"), today announced that it has entered into a non-binding Letter of Intent (\"LOI\") to enter into a business combination with Thunderhawk Cannabis Ltd. (\"Thunderhawk\") resulting in a reverse takeover of Meryllion by the shareholders of Thunderhawk (the \"RTO\") \n\n \n \nThunderhawk is a newly formed private company incorporated under the laws of Canada(CBCA) currently controlled by Troy Jerome and Beaver Paul (the \"Principals\") who are long standing residents of Listuguj, a Mi'gmaq Indigenous community located in the southwestern part of the Gaspe Peninsula. Both Principals are involved in several businesses in Quebec and New Brunswick. \n\n \n \nThunderhawk is in the process of developing a cannabis related commercial enterprise with the initial primary purpose of operating a retail cannabis storefront (a 'Dispensary') in Listuguj that will distribute cannabis products in accordance with applicable laws.\n\n \n \nMeryllion had been evaluating acquisition targets in the Cannabis sector that would generate additional shareholder value through the purchase of operating assets. Ben Gelfand, a director of Meryllion stated \"We believe we have identified a compelling new opportunity for our company in teaming up with Jerome and Paul who have a long track record of developing quality operating assets that we believe will, over time, build greater long-term shareholder value.\"\n\n \n \nThe RTO is conditional upon due diligence, the entering into of a definitive agreement by the parties, applicable board and shareholder approvals, regulatory and Canadian Securities Exchange approval as well as a completion of a concurrent private placement of 4,000,000 Class A Common Shares at a price of $0.50 Class A Common Share for gross proceeds of $2,000,000 (the \"Concurrent Private Placement\"). Upon completion of the RTO, Meryllion intend to complete a name change to Thunderhawk Cannabis Group Inc. or such other name as may be approved by shareholders of the Company and the applicable regulatory authorities. \n\n \n \nMeryllion currently has 35,488,420 Class A common shares issued and outstanding. Prior to the enteri...