VANCOUVER, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Goldrea (CSE:GOR) (Frankfurt:GOJ) (Pink Sheets:GORAF) entered into agreement in the form of a non-binding LOI with Tabu Investments, dated October 23, 2017. Tabu is a company focused on the cannabis sector. Their website is www.tabu.co.
Tabu currently has an LOI signed with Spliffin of California dated December 18, 2017, to begin operations in Canada. Tabu is to issue 40,000,000 shares of Tabu, plus a half warrant at twelve cents, to Spliffin. Tabu intends to assist Spliffin with a CSE public listing, and Spliffin intends to arrange up to $7.5 million in financing for Tabu's construction of a marijuana facility. Spliffin is a company in a variety of cannabis related businesses. Terms of the deal and valuations will be independently assessed. Tabu also is in an LOI agreement, dated November 15, 2017, to own 40% of Planter’s Guide, at a cost of 400,000 shares of Tabu and $40,000 cash. Planter's Guide is an on-line media site catering to growers and sellers of marijuana, and the industry as a whole.
It is anticipated that there is a share exchange with Tabu for Goldrea shares. Terms are not known at this time. Upon further due diligence and the Spliffin definitive agreement, confirmed terms will be announced. There is no guarantee that Tabu's LOI with Spliffin and Planter's Guide will be completed. Upon completion of a definitive agreement, partnership between Goldrea and Tabu is expected to add strength to the deal by providing a public platform of investment.
For more information, please contact:
James Elbert, President and CEO
Telephone: (604) 559-7230
Email: jelbert@goldrea.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.