Infinity Minerals announces conditional approval by CSE of change of business and name
29.08.2014 | FSCwire
(FSCwire) - Infinity Minerals Corp. (the “Company”), reported today, that it has obtained conditional approval of its change of business and name to Herbal Clone Bank Canada Inc. and for the Company’s previously announced acquisition (June 02, 2014) of two companies in the medical marihuana sector.Herbal Clone Bank Canada Inc. has acquired The Herbal Clone Bank Inc. (THCBank) and Advanced Greenhouse Technologies Ltd. (AGT) and will operate both as wholly owned subsidiaries. Herbal Clone Bank Canada Inc. will trade on the Canadian Securities Exchange under the symbol HC.
The previous business of the Company was mineral exploration. When trading as Herbal Clone Bank Canada Inc. the Company, upon receipt of a license, will be a provider of services to producers of Medical Marihuana.
The new board of directors and management will now be Barry Kuypers, President/CEO, David Hutchinson, Director, Marc Geen, Director, Brian Roberts, CFO/Director, Ron Shenton, Director and Luca Riccio, Director.
The Company will file a Listing Statement on Sedar and also on the CSE website that will provide detailed disclosure of the Company's new business and related risk factors.
The Company expects that the CSE will publish a bulletin shortly to announce the resumption of trading on September 8, 2014.Closing of all aspects of the transaction is expected within the next few days.
In relation to the acquisition, the Company wishes to provide additional disclosure pertaining to the license application made by THC Bank. THC Bank filed its license application with Health Canada, in October 2013, which identifies all the proposed personnel required under the Marihuana for Medical Purposes Regulations, all of which were principals and employees of the acquired company prior to the name change. Herbal Clone Bank Canada Inc. is in continued discussion with Health Canada as it works through the licensing process. In addition to the general risk factors described in the new Listing Statement and although the corporation is confident an MMPR is close and that the company will meet all requirements, it should be noted that there is no guarantee the Company will ever obtain a license under the MMPR.
As consideration for the acquisition, the Company will issue an aggregate of 28,750,000 common shares to the principals of THC Bank and AGT. These shares will be escrowed for three years and subject to the standard escrow release schedule.
About Herbal Clone Bank Canada Inc.
Herbal Clone Bank Canada Inc. based in Kelowna, B.C., through its subsidiary The Herbal Clone Bank Inc. will provide a range of services to licensed producers (LPs) in the medical marihuana sector, with the goal of enhancing profit margins and the LP's bottom line. Specific services provided include propagation, direct cultivation and sale of purebred cultivars; cloning; and marihuana strain storage. The second subsidiary, Advanced Greenhouse Technologies, has offers exclusive brands of greenhouses particularly designed for the industry.
On Behalf of the Company
`Ron Shenton``
Ron Shenton, CEO
DISCLAIMER: The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Infinity’s control. Some of these risks and uncertainties may be described in Infinity’s corporate filings (posted at www.sedar.com).
Infinity has no intention or obligation to update or revise any forward looking statements due to new information or events.
Infinity Minerals Corp.
(name to be changed to Herbal Clone Bank Canada Inc.)
#400-409 Granville Street,
Vancouver, BC, Canada, V6C 1T2
Ph. 604-685-6806. Fx. 604-678-2532