TORONTO, July 04, 2017 (GLOBE NEWSWIRE) -- Lakeside Minerals Inc. ("Lakeside") and Nutritional High International Inc. ("Nutritional High") (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT:2NU) (together the "Parties") are pleased to announce that they have entered into agreement to amend the terms of the proposed transaction ("Proposed Transaction") originally announced in a joint press release dated February 28, 2017. The Parties are also pleased to announce a receipt of zoning approvals for the joint-venture between the parties in Pueblo, CO.
Amended Letter of Intent
The Parties have entered into agreement amending the original letter of intent ("Letter of Intent") entered into on February 22, 2017. The amendments include:
- On the completion of the closing of the Proposed Transaction, Lakeside shall issue to Nutritional High 1,750,000 common shares of Lakeside, which would satisfy Lakeside’s share issuance requirements in consideration for the Proposed Transaction;
- The Parties have agreed to extend the date to enter into Definitive Agreements on or before September 30, 2017;
- The Parties have agreed to extend the drop-dead date to November 30, 2017, prior to which Lakeside must obtain the conditional approval for the financing and complete the Proposed Transaction with Nutritional High, such approval to be satisfactory to each party acting reasonably.
All other terms of the Proposed Transaction remain unchanged.
Grant of Zoning Approval at Pueblo, CO Property
The Parties were advised by Palo Verde LLC ("Palo Verde"), that it has received an approval from Department of Planning and Development, Liquor and Marijuana Licensing of Pueblo County that it has received an Approval Letter for Zoning Compliance Review Marijuana ("Letter").
The Letter provides an approval to use the premises for the purpose of Retail Marijuana Cultivation. Palo Verde is in the process of submitting the application with the Marijuana Enforcement Division of the State of Colorado to obtain retail marijuana cultivation permit.
Palo Verde is a licensed MIPs producer in the State of Colorado, which is currently a tenant at Nutritional High’s Pueblo Facility. Pursuant to the terms of the Proposed Transaction, Nutritional High will lease to Lakeside land and a building in Pueblo, Colorado ("Pueblo Facility") which qualifies for marijuana cultivation. Lakeside will sublease the Pueblo Facility to Palo Verde.
Since announcing the Proposed Transaction, Lakeside has been designing a facility in Pueblo, CO to be operated by Palo Verde and has prepared preliminary plans, which are being submitted to determine the engineering parameters of facility. It is expected that Palo Verde will sell the cannabis flower produced to various retailers, and will utilize the trim and shake it produces in the Lakeside Cultivation Facility in its oil extraction and edibles operation established with the assistance of Nutritional High.
About Lakeside Minerals Inc.
Lakeside is considering potential strategies to maximize shareholder value in both the cannabis and mineral exploration sectors, including strategic alternatives relating to the Company's Launay project and different facets of the United States cannabis industry with a specific focus on plant propagation and growing as retail segments of the value chain. The Company intends to transition to a marijuana issuer, subject to necessary regulatory and shareholder approvals, with a focus on building grows that rely heavily on technology processes and data collection and analysis.
For further information, please contact:
David Drutz, CEO
Lakeside Minerals Inc.
416-587-1840
Email: ddrutz@lineagegrow.com
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products and nationally recognized brands in the marijuana-infused products industry, including edibles and oil extracts for nutritional, medical and adult recreational use. The Company works exclusively through licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
For updates on the Company's activities and highlights of the Company's press releases and other media coverage, please follow Nutritional High on Facebook, Twitter, Instagram and Google+ or visit www.nutritionalhigh.com.
For further information, please contact:
David Posner, Chairman of the Board
Nutritional High International Inc.
647-985-6727
Email: dposner@nutritionalhigh.com
Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by applicable securities laws.