(TheNewswire)
Vancouver, B.C. / TheNewswire / November 2, 2017 - UMBRAL ENERGY CORP. (CSE: UMB) (the "Company" or "Umbral") is pleased to announce that further to its press releases dated July 5, 2017 and August 18, 2017 in connection with the acquisition by the Company of an aggregate 75% interest in PhyeinMed Inc. ("PhyeinMed"), a late stage Health Canada Access to Cannabis for Medical Purposes Regulations applicant for the purpose of growing, selling and distributing medical cannabis, that it is proposing a change of business, within the meaning of such term in the policies of the Canadian Securities Exchange (the "CSE") to a medical marijuana issuer.
Management and the Company's board of directors believe that the ideal allocation of the Company's working capital and resources is to focus on the build-out of its facility in Falkland, British Columbia which will position PhyeinMed to meet all of Health Canada's requirements to receive a license to cultivate (see press release dated October 19, 2017 for further details). No definitive decision has been made yet in respect of the Company's mineral exploration project in Quebec.
Upon completion of the change of business, the Company intends to change its name to "Heritage Medical Cannabis Holdings Corp", and the CSE will assign a new trading symbol at the time of the formal name change.
Pursuant to Policy 8, shareholder approval is required for a change of business. The Company intends to seek CSE acceptance to provide such shareholder approval by way of a written consent of shareholders of the Company holding a majority of the issued and outstanding shares of the Company.
Trading in the Company's common shares has been halted effective today and will remain halted until the applicable CSE requirements are met.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
"Jag Bal"
Jagdip Bal
President and CEO
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other
factors that may cause actual events to differ materially from current expectation. Important factors - including the availability
of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially
from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as
of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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