RE:RE:Thelon Capital acquires 2 marijuana licence applicantsThings are looking up. Interesting board changes too. We have a real business on our hands.
Last part of NR below:
By providing scientific and biotechnological support services to a target demographic that includes current and potential licensed producers under MMPR, THC intends to strengthen current industry standards, while establishing a robust and safe source of medical marihuana. On January 22, 2015, Health Canada conducted its pre-licensing inspection of the Company's existing facility in Kelowna. We look forward to Health Canada's feedback as we strive for continuous quality improvement.
There can be no assurance that the Company will obtain an MMPR license. In the event the Company does not obtain an MMPR license, it will focus on the other aspect of its business, namely the supply of goods and services related to the medical marihuana business. THC acquired 100% of the issued and outstanding shares of the THC Companies in exchange for consideration of 56,976,246 of its common shares. There are an additional 26,823,751 earn out shares that may be issued to the former shareholders of the THC Companies on the accomplishment of certain milestones: 16,600,000 to be released in the event that an MMPR license is granted by Health Canada to one of the two subsidiaries and 10,233,751 to be released pending the removal of certain potential liabilities of the THC Companies. In addition to appointing Mr. Miller as the company's new President and CEO, THC has also appointed Mr. Miller to its Board of Directors. Hee Jung Chun, the President of both THC Companies has been named to The Board of Directors, as well as George Smitherman of Toronto, Ontario. Jason Walsh and Geoff Watson have remained on the Board.
Scott Walters, Mark Tommasi and John Roozendaal have resigned from the Board. Scott Walters has also resigned as President and CEO. On January 14, 2015, as a condition precedent to the closing of the Share Exchange Agreement, the Company completed a Plan of Arrangement with Thelon Diamonds Ltd. in which the Company vended out its interests in the joint venture in diamond mining with Peregrine Diamonds Ltd. and the related mineral leases in exchange for 2,260,000 common shares of Thelon Diamonds Ltd. The Company immediately distributed the Thelon Diamonds shares to its shareholders as of the record date of October 21, 2014.
THC has received conditional approval for the listing and trading of its common shares on the CSE.