Cannabix Looks to Spinout Asset


Ryan Allway

October 30th, 2014

News, Top News


[stockchart symbol=BLOZF]

Cannabix Technologies Inc. [stockquote symbol=BLOZF] (CSE: BLO), developer of marijuana breathalyzers for law enforcement and workplaces, recently announced that it would spin off its remaining gold project, known as the Monster Lake South Gold (“MLS”) property within its wholly-owned subsidiary Torino Ventures Inc. into a separate publicly traded entity.

Under the terms of the spin off agreement, all assets related to the company’s mineral exploration business will be transferred to Torino in consideration for a certain number of shares of common stock. These shares will be distributed to the company’s existing shareholders on a pro-rata basis pursuant to a plan of arrangement under the Business Corporations Act in British Columbia.

Cannabix is finalizing the arrangement agreement with legal counsel and will announce further details in the future. Management believes that the spin off will maximize shareholder value by separately valuing both components of the business, while enabling the team to focus on the development and commercialization of its breakthrough marijuana breathalyzer technology.

The MLS property consists of six claims totaling 112 hectares and contains historical drilling by Homestake Mining (Canada) Ltd. and Westminer Canada Ltd. with anomalous gold-bearing intervals including 5.39 g/t over eight meters. Since the winter of 2012, the region has seen significant exploration activity when TomaGold drilled 2,420 meters and discovered 237.6 g/t over 5.7 meters.

Shares of Cannabix Technologies Inc. rose 2.56% in early trading on Thursday, October 30, 2014 following the news release.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.



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