Synstream Energy Corp. Announces Termination of Non-Binding Letter of Intent
Calgary, Alberta (FSCwire) - Synstream Energy Corp. (“Synstream” or the “Corporation”) announced today that it, 1262430 Alberta Ltd. (“126”) and Sundial Growers Inc. (“Sundial”) have mutually agreed to terminate the previously announced non-binding Letter of Intent relating to the purchase by 126 and Synstream from Sundial of the controlling interest in Kamcan Products Inc. (“KPI”), a company applying for a license to produce under the Access To Cannabis for Medical Purposes Regulation. KPI is a late stage applicant under the Regulation with a facility under construction located in Kamloops, British Columbia. Synstream has cited its inability to obtain timely regulatory approval and the consequent effect on its ability to raise the required financing to close the transaction.
As a consequence, Synstream will continue with its previously announced strategic review program aimed at assessing proposals for opportunities submitted by various stakeholders. These proposals to date have included a review of the Company’s efforts to complete its financing program as a participant in the mid-stream, gas-to-liquids industry. In addition, Synstream will continue discussions with those stakeholders relative to other opportunities they have identified in the medicinal cannabis cultivation and production industry, and is also considering opportunities presented to it in the developing blockchain technologies creation, development and listing market. These opportunities require extensive due diligence and to this end the Company will explore the merits of any proposal with its professional advisors.
It is expected that the common shares of Synstream will resume trading in the near future.
For further information, contact:
Chief Executive Officer (Interim)
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements in respect of the resumption of trading. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation 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.
To view this press release as a PDF file, click onto the following link:public://news_release_pdf/Synstream12042017.pdf
Source: Synstream Energy Corp. (TSX Venture:SHM)
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