TORONTO, ON--(Marketwired - December 18, 2015) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
PharmaCan Capital Corp. (TSX VENTURE: MJN) ("PharmaCan" or the "Company") announces that the proposed sale of the Barnes Family Trust's ("BFT") shares in The Peace Naturals Project Inc. ("PNP"), scheduled to close on December 11, 2015 (see press releases dated October 9, 2015, November 6, 2015 & November 27, 2015) did not close. PNP advised PharmaCan that the Purchaser and Vendor remain in discussions concerning this proposed sale.
PharmaCan previously notified BFT that it would be exercising its Tag Along right to sell its shares (see press release dated November 3, 2015). PharmaCan owns 662,992 shares of PNP. Under PNP's Unanimous Shareholders Agreement, PharmaCan possesses a right of first refusal on the sale ("ROFR") of BFT's shares in PNP, which it declined to exercise (see Press release dated October 15, 2015). Should this sale not close by January 12, 2016 or should the terms of this sale change PharmaCan's ROFR would remain in full force and effect.
The proposed sale is subject to risks beyond the control of PharmaCan, and there is no assurance that the sale will be completed.
About PharmaCan Capital Corp.
PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marihuana pursuant to Canada's MMPR. PharmaCan has a diversified portfolio of investments including investments in 5 of the 26 companies licensed by Health Canada to produce medical marihuana.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.