Toronto, Ontario--(Newsfile Corp. - January 10, 2019) - Nebu Resources Inc. (TSXV: NBU) ("Nebu" or the "Company")
announces that it has terminated its previously announced proposed reverse take-over transaction with Linceo Media Group Inc.
("LMGI"). In consideration for the expenses incurred by Nebu and the assistance provided by Nebu to LMGI in
connection with the proposed transaction and related financings, LMGI agrees to issue to Nebu 6,667 common shares of Linceo which
are expected to have a value of approximately $240,000. Such value was determined as reasonable through arms-length negotiation
between the parties. LMGI has informed Nebu that it is in discussions with various parties regarding an alternative transaction or
joint venture with respect to its properties.
The Company is pleased to announce that it is finalizing details of a conditional letter of intent with Farris Holdings Group
Inc. a Delaware corporation, pursuant to which Nebu to change its business to an investment company.
Details of the proposed transaction remain subject to negotiation and will be provided in a separate press release when
finalized by the parties' respective advisors.
The common shares of Nebu will remain halted from trading pending the review of the proposed transaction and change of business
by the TSX Venture Exchange.
For further information please contact:
Paul Crath
Interim CEO
Nebu Resources Inc.
Telephone: 416-504-4128
Forward Looking Information
"Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if
applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder
approval is obtained. 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 management information circular or filing statement to be 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 Nebu should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor
disapproved the contents of this news release."
This news release contains certain forward-looking statements that reflect the current views and/or expectations of management
with respect to performance, business and future events, including but not limited to express or implied statements and assumptions
regarding the Company's intention to negotiate for or complete the Transaction. Forward-looking statements are based on the
then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which
the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and
assumptions which are difficult to predict. In particular, there is no guarantee that the parties will successfully negotiate and
enter into a definitive agreement or complete the Transaction contemplated herein, that the Company's due diligence will be
satisfactory or that the Company will obtain any required shareholder or regulatory approvals, including approval of the TSX
Venture Exchange. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are
qualified in their entirety by this cautionary statement. The Company does not undertake any obligations to release publicly any
revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
All information contained in this press release with respect to Linceo and FHG, their respective business and proposed
corporate reorganization and financing was supplied by Linceo and FHG for inclusion herein. The Company has not conducted due
diligence on the information provided and does not assume any responsibility for the accuracy or completeness of such
information.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
