VANCOUVER, B.C. / ACCESSWIRE / April 15, 2014 / UMBRAL ENERGY CORP. (TSX-V: UMB) (the "Company" or "Umbral") announces the following addition to the board. Mr. Fraser Campbell has been appointed a Director of the Company effective April 15, 2014.
Mr. Campbell is a partner and director of First Growth Management ("FGM"), a private equity company which invests both capital and varied management resources in small to mid-sized businesses with attractive growth potential. Mr. Campbell is Chairman of the Board for Pacific Safety Products and Chairman of the Board of the Kelowna Community Food Bank. Mr. Campbell has held a number of executive positions in FGM investee companies including as President of Modu-Loc Fence Rentals Ltd., IFCO Systems Canada and PalEx Canada.
Jag Bal, President and CEO of Umbral Energy states, "Fraser brings a wealth of knowledge to the board, we look forward to his guidance and expertise as we continue to evaluate opportunities in the medical marijuana industry".
The Company is conducting diligence in regards to the commercial cultivation of marijuana under the newly established Health Canada regulations pertaining to the cultivation of marijuana for medical purposes. No agreement in principle or otherwise has been entered into with any party and there is no assurance that the Company will acquire any agriculture-related assets, directly or indirectly. Until such time as a transaction is completed, management continues to evaluate all potential transactions across all sectors with a view to creating value for shareholders.
In addition the Company announces that it has granted a total of 350,000 incentive stock options to directors/officers/employees and/or consultants under the Company's Stock Option Plan. The options are exercisable at $0.05 per share and will expire April 15, 2019. Following this grant of options, the Company has 2,600,000 stock options outstanding.
The Company has a mineral exploration project in Quebec, Canada as well as an oil and gas project in Alberta, Canada. The Company's most recent activity has been the Little Bow oil project in Alberta, Canada, where, during 2013, the Company participated in drilling an exploration oil well with Aroway Energy Inc. The Company is currently evaluating the potential commercial viability of the well and will provide an update when a decision is made.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: UMBRAL ENERGY CORP.