TORONTO, Nov. 4, 2019 /CNW/ - PharmaCielo
Ltd. ("PharmaCielo" or the "Company")
(TSXV:PCLO), today announced that trading in its common
shares was halted today, pending an update from Creso Pharma
Limited ("Creso Pharma") in respect of PharmaCielo's proposed
acquisition of the company, which was originally announced on
June 6, 2019.
As outlined in a press release on November 1, 2019, BDO Corporate Finance (WA) Pty
Ltd. has updated its independent expert report dated September 26, 2019, to conclude that the Share
Scheme of Arrangement (the "Share Scheme") under which PharmaCielo
has proposed to acquire all of the issued and outstanding shares of
Creso Pharma, is neither fair nor reasonable and is not in the best
interests of shareholders of Creso Pharma.
PharmaCielo has sought confirmation from the Board of Directors
of Creso Pharma that it continues to support the Share Scheme, the
option scheme and the other transactions contemplated by the Scheme
Implementation Agreement originally announced on June 6, 2019, and is still awaiting a
response.
About PharmaCielo
PharmaCielo Ltd. (TSXV:PCLO,
OTC:PHCEF) is a global company, headquartered in Canada, with a focus on ethically and
sustainably processing and supplying all natural, medicinal-grade
cannabis oil extracts and related products to large channel
distributors. PharmaCielo's principal (and wholly owned) subsidiary
is PharmaCielo Colombia Holdings S.A.S., headquartered at its
nursery and propagation centre located in Rionegro, Colombia.
The boards of directors and executive teams of both PharmaCielo
and PharmaCielo Colombia Holdings are comprised of a diversely
talented group of international business executives and specialists
with relevant and varied expertise. PharmaCielo recognized the
significant role that Colombia's
ideal location will play in building a sustainable business in the
medical cannabis industry, and the Company, together with its
directors and executives, is executing on a business plan focused
on supplying the international marketplace.
For further information:
www.PharmaCielo.com
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that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE PharmaCielo Ltd.