Canada One Extends Letter Of Intent to Include Additional Facility and Provides Update on Strategic Review
Vancouver, January 4, 2018 - Canada One Mining Corp. (the "Company") (TSXV: CONE). As previously announced, the board of directors of the Company is in the process of completing a strategic review of the Company's existing portfolio of assets, as well as evaluating potential new transactions in the blockchain and cryptocurrency sector. In connection with the evaluation of new transactions, the Company has extended the term of the letter of intent previously entered into with a privately held company developing blockchain based transaction verification systems. The extended term will allow for management of the Company to finalize due diligence and to make a recommendation to the board of directors. As a result of due diligence investigations completed to date, the Company has also expanded the scope of the letter of intent to include a second potential facility in North America suitable for transaction verification in the blockchain and cryptocurrency sector.
In connection with the review of the Company's existing property portfolio, the board of directors has conducted an analysis of legacy exploration data, and arranged for this data to be compiled for presentation to various geological consultants. A field reconnaissance program is also under consideration for the Company's assets in British Columbia, and would consist of geological mapping, as well as rock and core geochemical re-sampling. The Company is also currently defining and evaluating a prospecting program for the identification of new areas of interest on these properties which would include additional sampling.
Readers are cautioned that the letter of intent entered into by the Company does not set forth the terms of a potential transaction nor have such terms been negotiated or finalized. Completion of any transaction is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive agreements in respect of such a transaction, the availability of financing on terms acceptable to the Company, and the receipt of any required regulatory and shareholder approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that such a transaction, or any transaction in the blockchain and cryptocurrency sector, will be completed at all.
For further information, contact Peter Berdusco at 1.877.844.4661.
On behalf of the Board,
Peter Berdusco, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
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