(TheNewswire)
Vancouver, B.C., / TheNewswire / May 10, 2017 - UMBRAL ENERGY CORP. (CSE: UMB) (the "Company" or "Umbral") and the management of PhyeinMed Inc. ("PhyeinMed") a Health Canada Stage 5 applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations) are pleased to announce the completion and acceptance of the offer to purchase the property in Falkland, BC for the purposes of cannabis production.
The purchase price for 13 acres of land, the current structures including 10,500 sq ft of potential grow area and a stand alone administration building is $995,000. The terms of the offer to purchase the property is the payment of a partial deposit of $25,000 (paid) upon acceptance of the offer, the balance of the deposit $75,000 to be paid upon subject removal, July 15, 2017. Possession of the property is September 29, 2017.
Pre build preparations are well underway and grow methodologies, equipment requirements and permits and inspections have been conducted. Due to the location of the property the ease to conduct these necessary requirements, for both application compliance and construction, has been an easy process.
PhyeinMed has engaged the services of an architectural firm and is awaiting confirmation of engineering quotes to complete the engagement for services.
PhyeinMed is pleased with the progress of the application and looks forward to completing the final requirements in Stage 5 of the application and notification to prepare for a pre-license inspection.
About Umbral Energy Corp.
The Company is currently listed as a junior resource issuer having mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects. The Company has mineral exploration projects in Utah, Nevada and Quebec. In addition the Company has a 75% interest in PhyeinMed, who has applied for a license from Health Canada to legally grow and sell medical marijuana.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
"Jag Bal"
Jagdip Bal President and CEO
NEITHER CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPTS 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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