Vancouver, BC / ACCESSWIRE / May 28, 2014 / Shamrock Enterprises Inc. (CSE: SRS; the "Company") wishes to announce that while it intends to maintain its current resource portfolio, due to current market conditions in the resource sector management has determined that it would also be prudent to evaluate new projects, including, but not limited to, opportunities in the agriculture, medical, biotechnology, technology and/or resource sectors, to enhance our shareholder value. At this time, no transactions are in place, nor are there any assurances that a new project will be concluded in the near future, if ever.
To assist the Company in evaluating potential new projects, the Company is establishing an Advisory Board to assist the Board in evaluating non-resource related opportunities. The first member to join the Advisory Board is Dr. Paul Hornby, who will assist in the evaluation of agricultural, nutraceutical and medical marijuana opportunities. Dr. Hornby has a PhD in human pathology from the University of British Columbia. During his Masters Degree in Biochemistry, he worked with compounds that altered human physiology and also worked with anesthetics. He also worked for B.C. Cancer Research for nine years. His research took him to many parts of the world, from the northern Arctic to India. (Dr. Hornby's full bio will been posted to the Company's website, at www.shamrockresources.com.)
Dr. Hornby is the creator of the first standardized cannabis growing product targeting specific illnesses with individual cannabis strains. Dr. Hornby is the founder and president of Hedron Analytical Inc., a company providing chemical analyses of herbal preparations. Dr. Hornby has been granted authority by Health Canada for a laboratory that can legally analyze cannabis for its cannabinoid profile and chemical content. The Company has granted Dr. Hornby 104,000 incentive stock options at a price of $0.05 per share for a period of five years pursuant to its Stock Option Plan. Dr. Hornby will also receive a monthly retainer for providing his expertise and guidance. In addition, the Company has granted to a consultant 150,000 incentive stock options at $0.05 per share for a period of five years, pursuant to its Stock Option Plan.
The Company announces a proposed non-brokered private placement up to 4,000,000 Units at a price of $0.05 per Unit for gross proceeds of $200,000, the proceeds of which will be used to evaluate and perform due diligence on new opportunities presented to management and for general working capital purposes. Each Unit will consist of one common share and one-half share purchase warrant. Each whole warrant will be exercisable to acquire an additional common share of the Company, for a six month period at a price of $0.15 per share. The offering will be made to accredited investors. A finder's fee may be payable on the accredited investor portion of the offering.
The Company intends to provide periodic disclosure as to the status of its evaluations and any changes in its corporate objectives if and when applicable.
The Company also reports that in light of the new financing announced today, it has terminated its financing previously announced on September 27, 2013. As previously announced, it closed three tranches of that private placement for a total of $131,000, which funds have been allocated for the care and maintenance of the Company's Fireweed project and for general working capital purposes.
On behalf of the Board,
For further information, please contact:
Shamrock Enterprises Inc.
Gordon R. Osinchuk, Chief Executive Officer
Phone: (604) 722-1877
Neither the Canadian Securities Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
SOURCE: Shamrock Enterprises Inc.