Mesa Exploration Corp. Signs Extension to Letter Agreement with J.P. Mariwell Inc. and Update on Transaction
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2018) - Mesa Exploration Corp. (TSXV: MSA) (OTC: MSAJF) (the "Company" or "Mesa") has agreed to an extension of the Letter Agreement ("Letter Agreement") with J.P. Mariwell Inc. ("JPM") to acquire all of the issued and outstanding Common shares of JPM, an applicant under Health Canada's "Access to Cannabis for Medical Purposes Regulations" ("ACMPR"), previously announced and dated December 20, 2017.
Terms
All terms and conditions remain unchanged other than the time required and agreed to complete certain actions and events. The Letter Agreement and all references thereto has been extended to February 16, 2018.
The Cannabis Market
Health Canada estimates that the Canadian medical marijuana market will encompass 300,000 users by the end of 2017, giving it a net worth of $2.8 billion dollars. With the introduction of recreational cannabis use the number of legal cannabis users in the country will be between 3.4 million and 6.7 million by 2021. Research estimates that 800,000 kilograms of product, having a value of $8 billion must be produced to serve the demand represented by the recreational market.
About J.P. Mariwell Inc.
JPM has applied to produce and sell medical cannabis under the ACMPR. JPM is in advanced Review Phase of the ACMPR, and is waiting for a Confirmation of Readiness Letter from Health Canada. JPM has secured access to 165 acres of site plan approved property just minutes from the greenhouse capital of North America in Chatham-Kent, Ontario, to support its operations. A state of the art 62,400 square foot greenhouse and processing facility, complete with in-house laboratory, will be located on the site. JPM is dedicated to growing premium cannabis with superior quality and consistency efficiently.
For further information please visit our website at www.mariwell.ca.
About Mesa Exploration Corp.
Mesa is exploring a portfolio of mineral properties in the United States where it controls land holdings in proven mining districts with excellent access and infrastructure. Mesa currently has 17.5 million shares issued and outstanding.
For further information please visit our website at www.MesaExploration.com.
ON BEHALF OF THE BOARD
MESA EXPLORATION CORP.
(signed) Foster Wilson, President and CEO
For further information call:
Corporate Communications Mesa 1-775-771-5219 JP Mariwell 1-548-996-9355
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of [insert name of Issuer] should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel, a failure by JPM to complete the licensing process under the ACMPR within a reasonable timeframe, lower demand for cannabis products than expected, higher production costs of cannabis products than anticipated, and an inability to obtain further funding to finance cannabis operations, and general economic conditions. Mining is an inherently risky business, as is the production and sale of cannabis. Accordingly, actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.