VANCOUVER, BC / ACCESSWIRE / January 25, 2016 / Alta Vista Ventures Ltd. ('Alta Vista' or the 'Company') (CNSX: AVV, OTC: YRLLF) has signed an engagement letter with Jacob Capital Management Inc. ('JCMI') for the purposes of completing the acquisition of RedeCan Pharm and expanding its operations. Redecan Pharm is one of Canada's 20 MMPR (Marijuana for Medical Purposes Regulations) cultivation and sales licenses (see news release dated November 27, 2015).
"We are very familiar with RedeCan Pharm and the great job the founders have done in growing the business to its current level. In particular, the low cost operating environment and the considerable acres available for expansion serve as a solid foundation to build on. We look forward to working with the RedeCan Pharm and Alta Vista teams to complete this compelling transaction and develop the underlying business into one of the leading producers in the MMPR program," stated Khurram Malik, Cannabis Lead at Jacob Capital Management Inc.
"The JCMI team has been very active in the Medical Marijuana sector and was one of the first to realize the potential of the space. They will be a value added partner in that they will be able to help us with many facets of building our business," stated Ian Foreman, president of Alta Vista.
In consideration for acting as strategic advisor Alta Vista has issued JCMI 500,000 shares. An additional 1,000,000 shares will be issued on March 6, 2016 and 2,500,000 shares will be issued to JCMI upon the successful completion of the acquisition of RedeCan.
About Jacob Capital Management Inc.:
The core JCMI team has managed in excess of $6b in transactions in its specialty areas of focus since 2007. In addition to clean technology, renewable power, and water, the team has completed almost $100m in transactions in the Cannabis sector around the world in the last 1.5 years. Moreover, JCMI has developed several strategic assets and relationships that allow it to offer advisory services to build and grow existing Cannabis businesses around the world.
About Alta Vista Ventures:
The purchase of Redecan Pharm is a critical step in Alta Vista's goal of becoming a significant player in Canada's medical marijuana marketplace. Under the terms of the LOI, subject to satisfactory due diligence and the signing of a definitive agreement, Alta Vista Ventures can purchase RedeCan Pharm by paying $7,000,000 in cash and issuing a total of 7,575,757 shares.
In addition to the right to purchase RedeCan, Alta Vista has the right to purchase Thor Pharma, an early stage MMPR applicant that could add up to 75,000 square feet of growing space. Alta Vista cannot guarantee nor estimate the timing for the issuance of an MMPR license to Thor Pharma.
As part of its ongoing efforts to expand in the sector Alta Vista continues to evaluate additional opportunities.
On behalf of the Board,
"Ian Foreman"
Ian Foreman
President
For information on Thor Pharma and RedeCan please contact Mr. Don Shaxon at 289-697-8625.
or 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 such statements. As a result, actual results may vary materially from those described in the forward-looking statements.
SOURCE: Alta Vista Ventures Ltd.
