/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
VANCOUVER, March 8, 2019 /CNW/ - Pacific Link Mining Corp., (the "Company" or "Pacific Link"). The Company is pleased to provide the following corporate update:
Proposed Acquisition of Aibeida
Following the Company entering into a definitive share exchange agreement to acquire all the outstanding shares of Aibeida Lifetech Limited ("Aibeida"), the acquisition was approved by the Company's shareholders at its Annual General and Special meeting held on November 15, 2018. The Company continues its efforts to close the acquisition.
To avoid a conflict of interest during the acquisition process, Dr. Shuang Xie, the controlling shareholder of Aibeida, has resigned from the Board of Directors of the Company.
Firwood Extraction Facility
CBD99 Inc., a wholly owned subsidiary of Aibeida, has made significant progress after it entered a lease agreement to lease a 5,000 sq. ft facility located at Firwood Industrial Park, Sandy, Oregon. In August 2018, CBD99 obtained a Hemp Handling License from the Oregon Department of Agriculture. The renovation of the facility was completed at the end of January 2019 and passed the final inspection by Clackamas County. CBD99 is in the process of installing the hemp extraction equipment at the facility, then start up and ramp up production. The Company has provided CBD99 a secured loan of C$200,000 towards the facility pursuant to a loan agreement entered between the Company and Aibeida.
2018 Farm Bill
Business outlook for the Company has materially improved following the passing of the 2018 Farm Bill ("Farm Bill") on December 20, 2018. Under the new Farm Bill, hemp is permanently removed from the Controlled Substances Act (CSA) and becomes an agricultural commodity governed by the U.S. Department of Agriculture ("USDA"), out of the jurisdiction of the Drug Enforcement Administration (DEA). The passing of the Farm Bill is transformational for the industry, allowing for the national cultivation, production, distribution and marketing of hemp-derived products in the United States.
With the new Farm Bill, the company intends to focus on hemp extraction and CBD products development in the USA and defer the proposed extraction operation in Poland at the present time.
CSE Listing and Financing
The Company is making good progress with its proposed CSE listing and financing. A draft listing statement, together with the Company's and Aibeida's audited financial statements for the 2018 fiscal year, were recently filed for review by the CSE. The Company is also working towards closing its previously announced private placement of shares at a price of $0.20 per share up to $5.0 million.
ON BEHALF OF THE BOARD
"Ken Cai", President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pacific Link Mining Corp.
For further information: For additional information on the Company, please contact Jennifer Trevitt at 604-688-8002