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Umbral's assigns interest in Tule Valley, Utah and Gerlach, NV Lithium Projects
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Vancouver, B.C. / TheNewswire / February 17, 2017 – UMBRAL ENERGY CORP. (CSE: UMB) (“Umbral” or “Company”) is pleased to announce that subject to regulatory acceptance, Umbral has entered into an Assignment Agreement with Equitorial Exploration Corp. for them to acquire 100% interest in the Tule Valley project in Utah and the San Emidio Project in Gerlach, NV.
As per the agreement and subject to regulatory approval, Equitorial shall pay Umbral the sum of $50,000 on execution of this agreement and shall issue to the Umbral 2,000,000 common shares upon regulatory acceptance. In consideration for the assignment of the underlying agreement, Equitorial will assume a final payment of $100,000 to the underlying owner and Umbral will issue 1,500,000 shares for 100% interest in the properties. There is a 2% NSR in favour of the underlying owner.
About Umbral Energy Corp.
The Company is currently listed as a junior resource issuer having mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects.
The Company has mineral exploration projects in Utah, Nevada and Quebec. In addition the Company has an interest in PhyeinMed, who has applied for a license from Health Canada to legally grow and sell medical marijuana.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
“Jag Bal”
Jagdip Bal President and CEO
NEITHER CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
UMBRAL ENERGY CORP.
929 Mainland Street, Vancouver, BC V6B 1S3
Tel: (604) 628-1767 | Fax: (604) 628-0129