TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- Carrie Arran Resources Inc. ("Carrie Arran") announces that it has extended the expiry date of the definitive agreement with Fleurish Cannabis Inc. ("Fleurish Cannabis") (formerly Farmacopeia Inc.), to acquire a 100% interest in Fleurish Cannabis which will constitute a reverse takeover of Carrie Arran by the shareholders of Fleurish Cannabis (the "Transaction") from May 15, 2018 to June 20, 2018. No other terms or conditions were changed. As presently contemplated, it is expected that the Transaction will be completed by way of a three-cornered amalgamation under the Canada Business Corporations Act (the "Resulting Issuer"). The parties intend to apply for listing of the Resulting Issuer's common shares on the Canadian Securities Exchange (“CSE”).
About Fleurish Cannabis
As a late stage applicant under Canada’s Access to Cannabis for Medical Purposes Regulations, Fleurish Cannabis is Canada’s only female focused Cannabis Health and Wellness company. Fleurish Cannabis’s vision is to improve women’s health and wellness by developing and offering premium cannabis products designed specifically for women. Currently, the company is completing a 20,000 sq. ft. high-tech grow facility located on its 8 acre property in Kemptville, Ontario and plans to be licensed by summer 2018.
In other news, Carrie Arran reports the closing of the previously announced non-brokered private placement (the “Private Placement”) (see news release dated March 14, 2018). Carrie Arran issued 600,000 common shares at $0.05 per share for gross proceeds of $30,000. The cash proceeds received by the Corporation from the Private Placement will be used for general corporate expenses. The securities issued pursuant to this Private Placement are subject to a four month hold period.
The CSE has not reviewed, nor approved or disapproved the content of this press release. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
For further information regarding the Transaction please contact John McBride, Chief Executive Officer, at telephone: 416-577-8829 or email: johndmcb@gmail.com.
This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Carrie Arran believes, expects or anticipates will or may occur in the future are forward-looking statements, including statements regarding the proposed Transaction. This forward-looking information is subject to a variety of risks and uncertainties beyond the Carrie Arran’s ability to control or predict that may cause actual events or results to differ materially from those described in such forward-looking information. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Carrie Arran disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Carrie Arran believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on this forward-looking information due to the inherent uncertainty thereof.