Umbral Energy Halted Pending Change to Medical Marijuana Company - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2017) - Umbral Energy (CSE: UMB) (OTCQB: UMBBF) is proposing an official change of business, and plans to change its name to Heritage Medical Cannabis Holdings Corp. With this change to medical marijuana, the Canadian Securities Exchange will be assigning a new trading symbol.
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The company's 75% owned subsidiary, PhyeinMed Inc., a Health Canada late stage applicant under the Access to Cannabis for Medical Purposes Regulations, has begun the build out of its 15,500 square foot facility in Falkland, British Columbia. Management anticipates that the build out will be completed by January 2018, which will position the company to meet the requirements by Health Canada to receive a cultivation license.
In addition to this first phase of construction, PhyeinMed has chosen to accelerate the second phase of expansion on a brand new 14,000 sq ft, two story facility which will be built simultaneously with the retrofitting of the current building. These two facilities represent over 37,000 sq ft of the planned 420,000 sq ft of cannabis production that PhyeinMed is targeting for this 13-acre location. Management believes the addition of the second phase increases the initial production of the facilities to 4,550 kilograms and could potentially have a positive material affect on the first year cash flow projections.
Jag Bal, President and CEO, stated: "We are extremely confident in our construction plans and our ability to complete on budget. Once we looked at all the details, it became obvious that moving directly into phase two was a good decision and could be done without derailing any of our original timelines. We are excited about our progress, and the ability of PhyeinMed to meet the increasing market demands."
No definitive decision has been made yet in respect of the company's mineral exploration project in Quebec.
The shares last traded at $0.14, and with 138 million shares outstanding, the company is capitalized at $19.3 million.
The shares have been halted, and will remain halted until the applicable CSE requirements have been met.
For more information, please visit www.umbralenergy.com, contact Jag Bal, President & CEO, at 604-628-1767, or email info@umbralenergy.com.
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