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10.08.2018 23:03
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Leo Resources Inc. Provides Update on Transaction with Green Life Clinics

DRUCKEN

VANCOUVER, Aug. 10, 2018 /CNW/ - Leo Resources Inc. (LEO:CSE; FSE: L00) ("Leo" or the "Company") is pleased to announce that Leo has received conditional acceptance from the Canadian Securities Exchange ("CSE") for its proposed acquisition by the Company of all of the issued and outstanding securities of Green Life Clinics Ltd. (the "Transaction"), which is a 'fundamental change' within the meaning of the applicable policies of the CSE. For additional details concerning the Transaction, please refer to the Company's news releases dated May 9, 2017, July 7, 2017 and July 4, 2018. 

The conditions for the Company to receive the final approval of the CSE include submitting all final remaining listing documentation and fees. The Company anticipates that the closing of the Transaction will occur within the next seven to ten days. The Company's shares will remain halted until the final approval of the CSE is received.

In connection with the above, the Company confirms it has entered into a further amendment agreement dated August 3, 2018 to the amalgamation agreement dated July 5, 2017 with Green Life Clinics Ltd, in order to extend the time for the completion of the Transaction beyond July 31, 2018 as previously contemplated.

Trading in the common shares of the Company is expected to remain halted pending satisfaction of applicable requirements of the CSE. There can be no assurance that trading in the common shares of the Company will resume prior to completion of the Amalgamation.

LEO RESOURCES INC.

"Sam Chaudhry"
_______________________
Sam Chaudhry, CEO

Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect","intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.

Statements about the closing of the Amalgamation, expected terms of the Amalgamation, the number of securities of the Company that may be issued in connection with the Amalgamation,, and the parties' ability to satisfy any and all other closing conditions, and receive necessary regulatory and CSE approvals in connection therewith, are all forward-looking information, as are statements regarding the business of PAP, MCRCI and GLC.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Amalgamation will occur or that, if the Amalgamation does occur, it will be completed on the terms described above. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.

Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Leo Resources Inc

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