Alta Vista Ventures Ltd. (AVV-CSE) is pleased to announce that it has signed a Letter of Intent to purchase Thor Pharma Ltd. Thor Pharma is based in Burlington, Ontario and has an MMPR (Marijuana for Medical Purposes Regulations) application with Heath Canada that is in the Enhanced Screening stage of the MMPR application process.
Thor Pharma's application with Health Canada is for the production and sale of up to 10,000 kilograms (10 million grams) of dried marijuana per year. Thor Pharma plans on accomplishing this by utilizing up to 55,000 square feet of the 75,000 square foot commercial building that it has under lease. In order to conserve capital Thor Pharma has negotiated for no rent to be paid until Thor Pharma receives the 'ready to build' letter from Health Canada.
The Letter of Intent gives Alta Vista the right to purchase Thor Pharma via an Assignment and Assumption Agreement from Shaxon Enterprises by paying $1,000,000 and issuing 10,000,000 shares on a graduated basis as the Thor Pharma application moves through the licensing process with Health Canada with a $100,000 payment upon signing of a definitive agreement. Shaxon Enterprises will have a 10% royalty on all sales by Thor Pharma. The Assignment and Assumption Agreement will allow for Alta Vista to assume the purchase of Thor Pharma, which requires $1,500,000 of payments to the underlying owners in staged payments that terminate on the third year anniversary of the issuance of a license from Health Canada.
Cautionary Statements:
Investors are cautioned that the purchase of Thor Pharma remains subject to additional due diligence and the signing of a definitive agreement. Alta Vista cannot guarantee nor estimate the timing for the issuance of an MMPR license to Thor Pharma.
On behalf of the Board,
"Ian Foreman"
Ian Foreman
President
For additional information on Thor Pharma please call Mr. Don Shaxon at 289-697-8625.
For additional information on Alta Vista Ventures please call the Company at 604-678-2531.
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Original Article: http://www.altavistaventures.ca/s/NewsReleases.asp?ReportID=719582
