Entering cannabis space Intigold Announces Entry into the Cannabis Industry
Vancouver, BC, August 23, 2019 Intigold Mines Ltd. (TSXV: IGD.H; the “Company” or “Intigold”) announces that it has entered into an agreement to acquire a Canadian based cannabis and cannabis accessories company with operations in Canada, California and Switzerland (the “Target”).
The acquisition of the Target will constitute a change of business for Intigold; and consequently:
1. Intigold will seek to delist from the TSX Venture Exchange (the “TSXV”) and re-list on the Canadian Securities Exchange (the “CSE”). As the Target is directly involved in the growing, processing and distribution of cannabis in the US, the Company will not be allowed to continue to list on the TSXV; and
2. trading of Intigold’s common shares on the TSXV will remain halted. Unless the transaction with the Target fails to close, the Company does not expect its shares will resume trading again until listing has been accepted by the CSE.
The Target is a premium farm to pipe company with operations in Canada, Switzerland and California. The Target's operations and brands include (i) marketing, sales and distribution of specialized cannabis accessories, (ii) growth, cultivation and branding of premium craft cannabis, and (iii) cultivation, marketing, sales and distribution of hemp derived CBD flower and derivative products. Further details concerning the Target, its operations, management, and financial status will be provided following completion of due diligence investigations and the negotiation of definitive agreements. Until then, confidentiality provisions preclude the disclosure of certain information concerning the Target. The Target is arm’s length to Intigold.