Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to
comply with this restriction may constitute a violation of U.S. Securities laws.
TORONTO, July 04, 2017 (GLOBE NEWSWIRE) -- Kitrinor Metals Inc. (“Kitrinor”, or the
“Company”) (TSXV:KIT) announces that, in connection with the conditional approval of the TSX Venture Exchange Inc.
(the “TSXV”) regarding the previously announced business combination (the “Transaction”) with
Scythian Biosciences Inc. (“Scythian”) and certain other transactions related thereto, the filing statement of the
Company dated June 30, 2017 (the “Filing Statement”), which describes the Transaction and certain other related
transactions which have occurred or will occur prior to or in connection with, the Transaction, has been filed on SEDAR under the
Company’s profile at www.sedar.com.
The Transaction will constitute a change of business and reverse takeover of Kitrinor pursuant to TSXV Policy
5.2 – Changes of Business and Reverse Takeovers, such that upon completion, Scythian will be a wholly-owned subsidiary of
Kitrinor. In connection with the Transaction and prior thereto, the Company will change its name (“Name
Change”) from Kitrinor Metals Inc. to Scythian Biosciences Corp., consolidate its share capital (the
“Consolidation”) on the basis of approximately twenty (old) common shares for one (new) common
share.
Shareholder Approval
Further to the Company’s press release dated June 13, 2017, the Company will not be obtaining shareholder
approval for the Transaction as the Transaction is not a Related Party Transaction (as defined in the policies of the TSXV) and
there are no other circumstances exist which may compromise the independence of the Company or other interested parties, such as
the Company’s director or officers, the Company is currently without active operations and it is not subject to a cease trade order
or otherwise suspended from trading.
A further press release will be disseminated upon closing of the Transaction in compliance with the policies of
the TSXV.
Cautionary Note
Completion of the Transaction is subject to a number of conditions including, but not limited to, final TSXV
acceptance. There can be no assurance that the Transaction will be completed as proposed, or at all.
Investors are cautioned that, except as disclosed in the Filing Statement prepared in connection with the
Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be
relied upon. Trading in the securities of Kitrinor should be considered highly speculative.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
has in any way passed upon the merits of the Transaction and associated transactions and neither of the foregoing entities has in
any way approved or disapproved of the contents of this press release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws
for each of the Company and Scythian, relating to the completion of Transaction, the Name Change, the Consolidation and the
completion of associated transactions. Readers are cautioned to not place undue reliance on forward-looking information.
Actual results and developments may differ materially from those contemplated by these statements depending on, among other things,
the risks that the parties will not proceed with the Transaction, the Name Change, the Consolidation and associated transactions,
that the ultimate terms of the Transaction, the Name Change, the Consolidation and associated transactions will differ from those
that currently are contemplated, and that the Transaction, the Name Change, the Consolidation and associated transactions will not
be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory
authorities). The statements in this press release are made as of the date of this release.
Kitrinor Contact Lisa McCormack President and CEO Phone: (416) 361-2820
