Telferscot Signs Letter of Intent with Canntab Therapeutics Limited
November 27 2017 - 4:49PM
Telferscot Resources Inc. (CSE:TFS) (“
Telferscot”
or the “Company”) is pleased to announce the signing of a binding
Letter of Intent (“LOI”) to acquire the issued and outstanding
shares of Canntab Therapeutics Limited (“Canntab”). The LOI
calls for the consolidation of the Telferscot shares on the basis
of one (1) post-consolidated share for each two hundred (200)
pre-consolidation shares. Telferscot will then acquire all of the
outstanding Canntab shares at a ratio of four (4) post consolidated
Telferscot shares for every one (1) Canntab share (the
“Transaction”). The Company currently has 114,856,961 shares
outstanding. It is anticipated that prior to closing, Canntab will
raise up to $5,000,000 through the issuance of up to 1,250,000
shares. A definitive agreement is anticipated to be completed
on or about December 15, 2017 with the Transaction expected to
close in February of 2018. The Transaction will result in the
Company having approximately 24.4-million common shares and
approximately 3.5-million warrants and options outstanding together
with approximately $5-million in working capital.
Canntab is a private Canadian company, which has
developed a patent-pending oral sustained-release formulation for
cannabinoids. Most conventional (immediate-release) dosage forms,
such as tablets and capsules, release the active drug component
immediately after oral administration. Canntab’s proprietary
extended release tablets make it easier for doctors and patients to
manage dosage. Sustained-release dosage forms are designed to
release the active pharmaceutical ingredient at a predetermined
rate in order to maintain a constant drug concentration over a
specific period of time, resulting in a longer duration of action
from a single dose and often with reduced side effects. Generally,
this is done to achieve an improved therapeutic outcome and/or to
enhance patient compliance. Immediate-release dosage forms of
cannabinoids tend to lose therapeutic effects in four to six hours,
requiring subsequent re-administration and the risk of reduced
patient compliance. The sustained-release product is designed
to release the cannabinoid content over a period of at least 12
hours. Sustained-release formulations of pharmaceutical products
are particularly valuable in the treatment of chronic conditions,
such as chronic pain, where patients tend to need round-the-clock
relief.
On October 3, 2017 Canntab and Emblem Corp. of
Paris, Ontario, a licensed producer of marijuana under the Access
to Cannabis for Medical Purposes Regulations (ACMPR), announced a
collaboration and licensing agreement using Canntab’s
patent-pending oral sustained-release formulation for
cannabinoids. Please see Emblem Corp. (TSX-V:EMC) release of
October 3, 2017 for complete details.
There are a number of conditions precedent for
both Telferscot and Canntab to the completion of a Definitive
Agreement for the acquisition including, but not limited to: due
diligence; Telferscot shareholder approval of the proposed share
consolidation and the Transaction; completion of ongoing audits;
closing of the $5-million financing of Canntab; and, all necessary
exchange and regulatory approvals.
Following completion of the Definitive
Agreement, the Company will provide further information on the
transaction and expected timelines to completion.
About Telferscot Resources
Inc.
Telferscot Resources Inc. is a Canadian company
listed on the CSE under ticker symbol TFS. For further information
and access to the Company’s public disclosure record please consult
SEDAR at www.sedar.com or the Canadian Securities Exchange at
www.cnsx.ca.
This news release may contain forward-looking
statements that are based on the Company’s expectations, estimates
and projections regarding its business and the economic environment
in which it operates. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to control or predict. Therefore, actual outcomes and results may
differ materially from those expressed in these forward-looking
statements and readers should not place undue reliance on such
statements. Statements speak only as of the date on which they are
made, and the Company undertakes no obligation to update them
publicly to reflect new information or the occurrence of future
events or circumstances, unless otherwise required to do so by
law.
FOR ADDITIONAL INFORMATION, PLEASE
CONTACT:
Stephen Coates,
President
Telferscot Resources Inc.
Office:
416-642-1807
info@telferscotresources.com
Catherine Beckett, Manager Corporate
AffairsTelferscot Resources Inc.Office:
416-642-1807info@telferscotresources.com
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