CALGARY, Oct. 24, 2017 /CNW/ - Maple Leaf Green World Inc. ("Maple Leaf" or the "Company") (TSX-V: MGW, OTCQB: MGWFF) is pleased to announce that MMP Structural Engineering Ltd., a structural engineering firm in Calgary, Alberta with over 39 years of experience, is acting as the Company's project manager for Maple Leaf's cannabis cultivation facility in Telkwa, British Columbia (the "Telkwa Facility") and has submitted the building permit application to the Regional District of Bulkley-Nechako. If the application meets the Regional District of Bulkley-Nechako's approval, a permit for construction of the foundation of the Telkwa Facility will be granted to the Company. While Maple Leaf waits for the foundation permit, ground clearing will begin as soon as possible. Materials for the envelope and exterior of the Telkwa Facility have arrived at the site of Paramount Structures Inc. ("PSI") and will be ready for the pre-fabrication process. PSI is responsible for the exterior and envelope of the Telkwa Facility.
A Letter of Intent has also been signed with Woodmere Nursery Ltd. ("Woodmere") to lease 30 acres of land where the Telkwa Facility will be situated. The major terms are as follows:
- A leasing fee of $20,000 a month or $240,000 a year beginning October 1, 2017 for 20 years with adjustments every 5 years based on the Consumer Price Index;
- Maple Leaf will have the option to purchase the 30 acres of land from Woodmere after 1 year at the prevailing market price or at a minimum of $500,000; and
- Maple Leaf will grant 500,000 share options at $0.55 to Woodmere for 2 years and the options will vest after 1 year.
A formal leasing agreement will be prepared by Woodmere's legal counsel in due course.
For further information regarding Maple Leaf Green World Inc., please visit www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that focuses on the cannabis industry in North America. The Company currently operates three cannabis projects in British Columbia, California, and Nevada. With over ten years of extensive greenhouse management experience, it applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free organic cannabis products. Maple Leaf's long-term objective is to produce cannabis oil and to export its products to approved countries. The Company's common shares are listed for trading on the TSX Venture Exchange under the symbol "MGW" and on the OTCQB market under the symbol "MGWFF".
This press release includes certain statements and information that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking information relates to future events about Maple Leaf's intended business plans and operations. All information other than historical fact may constitute forward-looking information within the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget" or "budgeted", "scheduled", "estimates", "projects", "intends", "proposes", "complete", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the development and operation of the Company's projects, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments involving medical cannabis, inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms, the medical cannabis industry in Canada and the United States of America and the jurisdictions where the Company operates generally, income and sales tax and regulatory matters, competition, crop failure, currency and interest rate fluctuations, regulatory approvals including approvals from municipal, provincial, county, state, and federal regulatory bodies in Canada and the United States of America. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed, planned, or intended. Accordingly, such list of factors are not exhaustive. Additional information on these and other factors which could affect the Company's operations and financial results are discussed in the sections relating to risk factors of our business filed in the Company's required securities filings with applicable securities commissions or other securities regulatory authorities and which may be accessed through the SEDAR website (www.sedar.com).
Specifically, this press release includes, but is not limited to, forward-looking information with respect to obtaining certain municipal and provincial approvals and anticipated approval timings pertaining to the Telkwa Facility, the construction of the Telkwa Facility and the timelines thereof, and completion of the Telkwa Facility. Forward-looking information necessarily involves both known and unknown risks and uncertainties that could cause actual result to differ materially from those anticipated, including, but not limited to failure to obtain the requisite approvals for the Telkwa Facility, the leasing agreement with Woodmere, or any combination or all of the foregoing, failure to complete the leasing agreement with Woodmere and failure to obtain the requisite provincial approvals, and failure to obtain any regulatory, stock exchange, or other required approvals.
Although, the Company believes that expectations and assumptions reflected in the forward-looking information are reasonable, there can be no assurance that any forward-looking information will prove accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking information contained in this press release or that is incorporated by reference herein, whether as a result of new information, future events or results or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Maple Leaf Green World Inc.
For further information: Maple Leaf Green World Inc.: Raymond Lai, Chairman, President & CEO, +1(403) 452-4552, +1(403) 452-6900, [email protected] www.mlgreenworld.com; Big Reach Media, Inc. (Investor Relations): Dale Shirley, Phone: (780) 632-6963, Mobile: (780) 964-4732, [email protected], http://www.bigreachmedia.com/