TORONTO, ONTARIO--(Marketwired - Nov. 16, 2017) - Newstrike Resources Ltd. (TSX VENTURE:HIP) ("Newstrike" or the "Company") acknowledges the press release of CanniMed Therapeutics Inc. ("CanniMed") (TSX:CMED) issued yesterday and confirms that it has previously entered into an exclusivity agreement (the "Exclusivity Agreement"), and is in discussions with CanniMed regarding a potential business combination transaction.

Newstrike intends to continue negotiating a definitive agreement with CanniMed, which reflects the proposed exchange ratio of 33 common shares in CMED for every 1,000 common shares of HIP.

Any transaction with CanniMed is expected to be subject to, among other things, the approval of shareholders of CanniMed and Newstrike at special meetings of shareholders called for that purpose, and regulatory and court approval. There is, however, no certainty that any transaction with CanniMed will be entered into or completed.

Further details will be provided to shareholders as soon as practical.

Forward Looking Statements

This release includes certain statements that are deemed forward looking statements or forward looking information within applicable Canadian securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statement or information. Forward looking statements and information are statements that are not historical facts and are generally, but not always, identified by the words expects, plans, anticipates, believes, intends, estimates, projects, potential and similar expressions, or that events or conditions will, would, may, could or should occur, and include statements with respect to the potential proposal of CanniMed to acquire the outstanding shares of Newstrike, the anticipated terms thereof, the expected accretive nature and potential benefits of such transaction, and the receipt of applicable regulatory, shareholder and court approvals in connection therewith on a timely basis or at all . Although the Company believes the expectations expressed in such forward looking statements and information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include uncertainty that an offer will be made by CanniMed to acquire the outstanding shares of Newstrike and the terms thereof, the failure to receive applicable shareholder, regulatory and court approval of any such transaction, failure of such transaction to proceed as currently anticipated or at all, uncertainty of receipt of all necessary board approvals of each of CanniMed and Newstrike with respect to such transaction, and uncertainty as to the recommendation of either such board with respect to any such transaction and the timing thereof. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements and information. Forward looking statements and information are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward looking statements in the event that managements beliefs, estimates or opinions, or other factors, should change.

Contact Information:

Newstrike Resources Ltd.
PM Rendon
Director, PR and Communications
416 301-2391