VANCOUVER, B.C. / ACCESSWIRE / August 15, 2014 / Umbral Energy Corp. (TSX-V: UMB) ("Umbral" or the "Company") is pleased to announce it has received proceeds of $300,280 in connection with the exercise of 3,100,000 warrants and 1,950,000 options.
Jag Bal, President and CEO of Umbral Energy states "the proceeds from these exercises will used to advance our exploration/development projects, including the evaluation of the medical marijuana opportunity".
The Company is currently listed as a junior resource issuer having a mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects. 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. While the Company is conducting diligence and having exclusive discussions and negotiations with respect to medical marijuana opportunity, 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. In addition the Company has a mineral exploration project in Quebec, Canada as well as an oil and gas project in Alberta, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
Neither 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.
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: Umbral Energy Corp.