UMB.c Umbral Completes Early Close On Falkland Facility
by @thenewswire on September 5, 2017
Vancouver, B.C. / TheNewswire / September 5, 2017 – UMBRAL ENERGY CORP. (CSE: UMB) (“Umbral or Company”) is pleased to announce that it has completed the final payment one month early on the purchase of the Falkland, BC property as previously announced on May 10, 2017. The final payment of $895,000 plus closing costs was completed August 31, 2017, and the company now has full access to the property.
The Falkland facility will be used by Umbral’s 75% owned subsidiary PhyeinMed Inc. (“PhyeinMed”), a late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations). The entire facility consists of 13 acres of land, and includes 10,500 square feet of potential grow area, plus areas identified for a sizeable vault, laboratory, drying room, nursery and office area for a total of 15,500 square feet of facility. Engineering and architectural plans and drawings are already underway, and the company will update shareholders as the build-out progresses.
Clint Sharples, Chairman of Umbral states “The closing of the property transaction one month early is a testament to the hard work and efforts by Jag Bal and Debra Senger, and their respective teams at Umbral and PhyeinMed. I am proud of our combined group’s ability to follow through on commitments, and I look forward to watching the continued progression toward our ultimate goal of achieving an ACMPR license from Health Canada.”
PhyeinMed has contracted and has been working with a General Contractor, Architect and Engineering firms to oversee the construction of the project for the past few months. First review of blueprints to tender the project for construction quotes are expected early this week. Recent rule changes by Health Canada has led to new and creative ways to maximize revenues per square foot, and the professionals that PhyeinMed is working with have previous experience with building pharmaceutical, hospital and ACMPR licensed producer facilities.
“Choosing the right partners was an extremely important process for us.” commented Debra Senger, CEO of PhyeinMed “We are very comfortable with the experience of the companies and the people we have contracted to work with on this project, and we are all focused on completing our build-out on time, and on budget.”
About Umbral Energy Corp.
The Company is currently listed as a junior resource issuer having mineral exploration projects in Quebec. Additionally, in efforts to increase shareholder value, The Company is also involved in other activities, including a non-resource project. This includes The Company owning a 75% interest in PhyeinMed Inc, a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations).
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other
factors that may cause actual events to differ materially from current expectation. Important factors - including the availability
of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially
from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as
of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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