VANCOUVER, BC / ACCESSWIRE / March 30, 2015 / MARSHALL THOMSEN LTD. and CANYON GOLD CORP., terminated their Material Definitive Agreement, with an effective date of August 31, 2014.
On May 21, 2014, Canyon Gold Corp. entered into an agreement to acquire 100% of the issued and outstanding capital shares of Marshall Thomsen Ltd., a development stage company that intends to produce and distribute medicinal marijuana in Canada. Marshall Thomsen had previously applied to Health Canada for a Commercial Production License as a commercial grower of cannabis. The agreement provided for a closing on or before July 31, 2014, which was extended to August 31, 2014. However, the agreement did not close on August 31 and Canyon Gold and Marshall Thomsen came to a mutual understanding to terminate the agreement on that date without any further obligations.
As a result of the mutual termination of the agreement, neither party will have any future or ongoing obligations under the agreement. There were no early termination penalties incurred by either party due to the termination.
ON BEHALF OF THE BOARD OF DIRECTORS OF MARSHALL THOMSEN LTD.
"Tom Thomsen"
Thomas Thomsen
President and CEO
Neither Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Marshall Thomsen Ltd.