Kitrinor Metals Inc. Announces Filing of Filing St

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TORONTO, July 04, 2017 (GLOBE NEWSWIRE) -- Kitrinor Metals Inc. (“ Kitrinor ”, or the “ Company ”) (TSXV:KIT) announces that, in connection with the conditional approval of the TSX Venture Exchange Inc. (the “ TSXV ”) regarding the previously announced business combination (the “ Transaction ”) with Scythian Biosciences Inc. (“ Scythian ”) and certain other transactions related thereto, the filing statement of the Company dated June 30, 2017 (the “ Filing Statement ”), which describes the Transaction and certain other related transactions which have occurred or will occur prior to or in connection with, the Transaction, has been filed on SEDAR under the Company’s profile at www.sedar.com .

The Transaction will constitute a change of business and reverse takeover of Kitrinor pursuant to TSXV Policy 5.2 – Changes of Business and Reverse Takeovers , such that upon completion, Scythian will be a wholly-owned subsidiary of Kitrinor.  In connection with the Transaction and prior thereto, the Company will change its name (“ Name Change ”) from Kitrinor Metals Inc. to Scythian Biosciences Corp., consolidate its share capital (the “ Consolidation ”) on the basis of approximately twenty (old) common shares for one (new) common share.  

Shareholder Approval

Further to the Company’s press release dated June 13, 2017, the Company will not be obtaining shareholder approval for the Transaction as the Transaction is not a Related Party Transaction (as defined in the policies of the TSXV) and there are no other circumstances exist which may compromise the independence of the Company or other interested parties, such as the Company’s director or officers, the Company is currently without active operations and it is not subject to a cease trade order or otherwise suspended from trading.

A further press release will be disseminated upon closing of the Transaction in compliance with the policies of the TSXV.

Cautionary Note

Completion of the Transaction is subject to a number of conditions including, but not limited to, final TSXV acceptance. There can be no assurance that the Transaction will be completed as proposed, or at all.

Investors are cautioned that, except as disclosed in the Filing Statement prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Kitrinor should be considered highly speculative.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has in any way passed upon the merits of the Transaction and associated transactions and neither of the foregoing entities has in any way approved or disapproved of the contents of this press release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws for each of the Company and Scythian, relating to the completion of Transaction, the Name Change, the Consolidation and the completion of associated transactions. Readers are cautioned to not place undue reliance on forward-looking information.  Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Transaction, the Name Change, the Consolidation and associated transactions, that the ultimate terms of the Transaction, the Name Change, the Consolidation and associated transactions will differ from those that currently are contemplated, and that the Transaction, the Name Change, the Consolidation and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this press release are made as of the date of this release.  

Kitrinor Contact Lisa McCormack President and CEO Phone: (416) 361-2820