Vatic Anounces Termination of Change of Business
VATIC VENTURES CORP. 1500-1040 WEST GEORGIA STREET VANCOUVER, BC V6E 4H1 CANADA
PHONE: (778) 373-6972 FAX: (604) 689-1288 EMAIL: [email protected]
VATIC ANOUNCES TERMINATION OF CHANGE OF BUSINESS
Vancouver, B.C., January 29, 2020 - Vatic Ventures Corp. (the "Company" or "Vatic") (TSXV: VCV; OTCBB: VTTCF; FWB: V8V3) announces the termination of its change of business as per its November 6, 2019 and March 19, 2019 news releases. From February 21, 2019, when trading in the shares of the Company was halted at the request of the Company, to the date hereof, the Company had been carrying out due diligence in order to secure a valid and viable opportunity in the cannabis industry. As a result of due diligence, it has decided to no longer pursue the opportunities announced previously.
The Company’s Board of Directors has decided to terminate the October 31, 2019 letter of intent for a share exchange to acquire Indian Ocean Organics Ltd. due to certain conditions precedent not being met, as per the letter of intent disclosed in the November 6, 2019 news release. Vatic is not satisfied with its due diligence including but not limited to its review of the financing environment of the cannabis sector and the political and the regulatory environment in certain jurisdictions as it relates to the cannabis industry. The Company believes that due to the softening of the cannabis financing market and a recovering minerals resources financing market a strategic shift to the mineral resources industry will be essential in delivering long-term sustainable shareholder value.
Under certain financial agreements with Vatic, Indian Ocean has agreed to assume responsibility for the advance by the Company of certain funds including a $205,000.00 (US$150,000.00) deposit of which $64,481.00 has been repaid by Indian Ocean leaving an outstanding balance of $140,519.00, as well as a due diligence costs outstanding balance of $175,277.53.
The Company is actively reviewing and evaluating exploration and development opportunities in the mineral resources industry.
ON BEHALF OF THE BOARD OF DIRECTORS OF VATIC VENTURES CORP.
"T. Barry Coughlan"
T. Barry Coughlan, CEO & Director
For further information please contact:
T. Barry Coughlan, CEO and Director [email protected]
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward- looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.