VANCOUVER, British Columbia, Oct. 3, 2019 /CNW/ -- MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) ("MYM" or the "Company") provides an update on the BioHemp Naturals Growing and Farming Ltd. ("BioHemp") rescission agreement announced August 24, 2019.
The Company is proceeding as planned with the application for an order for rescission. We anticipate that the Department of Justice, on behalf of its government clients, will not oppose the application and we expect that the order for rescission will be granted in the next few weeks.
Once the order for rescission is granted, the transaction between MYM and BioHemp which closed on August 1, 2019 will be treated as if it never occurred. In keeping with this, the purchase price of $2.5 million and 6,000,000 million shares of MYM will be returned to MYM and MYM will return the shares of BioHemp.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on the global growth of Cannabis and CBD-rich hemp. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM International Brands Inc. is dedicated to creating and distributing world-class CBD-rich consumer products around the globe. MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE:MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
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This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims and does not undertake any intention or obligation to revise or update such statements, except as required by applicable law. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis dated April 24, 2019 (the "MD&A") and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
Forward-looking statements may include, without limitation, statements relating to, but not limited to, the Company's ability to obtain the Court order for rescission and the timing of the Court application or the ability to expand cultivation and distribution initiatives for cannabis and hemp globally or the acquisition of complementary businesses and assets in the technology, nutraceuticals and CBD sectors.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
SOURCE MYM Nutraceuticals Inc.