FamliFarms Withdraws from Term Sheet

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(TheNewswire)

 

TheNewswire - October 31st, 2019 - Camarico Investment Group Ltd. (CNSX:CIG.CN) ("Company") announces that FamliFarms Canada Ltd. (formerly operating as Lomac Canada Ltd. or “Lomac”) has issued a formal letter of withdrawal from the Non-Binding Term Sheet with One Eleven Inc. and their Wynyard Saskatchewan development, which was initially announced on August 27, 2018.

The Term Sheet included the following:

The formal execution of a Convertible Debenture of $5,000,000 CAD by Lomac Canada (0% interest for 24 months) to One Eleven with Lomac Canada receiving (in-return) 48% of the issued outstanding shares upon receipt of One Eleven’s license to produce and sell marijuana from Health Canada; and that the company would provide a Balloon Loan of $2,500,000 CAD on a 5-year term at a 10% interest rate with a 12-month interest holiday, to fund One Eleven’s start-up and initial operating expenses.

As of this announcement, Lomac and One Eleven do no not have dually executed or formalized Convertible Debenture or Balloon Loan agreements in place. Therefore, any cash or services will be forgone and written down by FamliFarms upon receipt of acknowledgment from One Eleven Inc.

The Company will now focus on its core projects, which includes its flagship Georgetown cannabis facility(s) and using the FamliFarms platform that directly aligns with Camarico’s integrated development strategy.

Contact information

Tel: 1-403-861-6779

Email: [email protected]

R. Mackenzie Loree

CEO & Director

Camarico Investment Group Ltd.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information contained in this news release.

Copyright (c) 2019 TheNewswire - All rights reserved.