White Pine Announces Closing of Acquisition of Secret Barrel Distillery Corporation
21.08.2017 | Newsfile
Toronto, August 21, 2017 - White Pine Resources Inc. (the "Company") is pleased to announce, further to its press release dated July 26, 2017, that it has completed its acquisition of Secret Barrel Distillery Corporation ("Secret Barrel") effective August 18, 2017.As consideration for the acquisition, the Company issued to the vendor 2,000,000 common shares, and advanced to Secret Barrel an aggregate of $175,000 to be used as working capital. As part of the transaction, the Company agreed that a nominee of the vendor will be appointed to the Company's board at a future date to be agreed between the Company and the vendor.
Secret Barrel is a small batch rum distillery which produces, markets and distributes premium craft rum in Alberta and other parts of Canada. It operates from its headquarters in Calgary, Alberta.
The Company intends to help Secret Barrel grow its business by making additional working capital available through its access to the public markets.
FOR FURTHER INFORMATION PLEASE CONTACT:
White Pine Resources Inc.
Brian Murray, President & Chief Executive Officer
Tel: (416) 985-7810
Fax: (647) 438-6246
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.