Vancouver, British Columbia--(Newsfile Corp. - June 18, 2014) - Wildflower Marijuana (CSE: SUN), formerly trading as Sunorca Development on the Canadian Securities Exchange, has obtained approval from the CSE for its change of business. It will maintain the "SUN" symbol.
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The company has closed the purchase of all the assets related to a medical marijuana business from William MacLean, who will join the Board of Directors. The business comprises a Vancouver Island property that comes with approval from the Regional District to grow medical marijuana, and a fully completed application to acquire a license under the Marijuana for Medical Purposes Regulations including all building plans and proprietary designs for the grow facility.
Wildflower has issued 13 million shares to Mr. MacLean, which are subject to escrow, with releases over a 3 year period. A finder's fee of 1 million shares was issued, which is subject to a 4 month hold.
In conjunction with the acquisition, Wildflower will conduct a private placement of up to 3 million shares at a price of $0.05 per share, with the proceeds to be used to finalize and submit the application for the Marijuana for Medical Purposes Regulations license.
Nash Meghji, President & CEO stated, "We are very excited to have this opportunity to join a group of industry leading experts working towards a Health Canada license to commercially grow medical marijuana. We look forward to working with this new team in unlocking shareholder value."
The shares are trading at $0.20, and with 13 million shares currently outstanding, the company is capitalized at $2.6 million.
For more information, please visit the company's website www.wildflower.ca or contact William MacLean at 604-559-0420 or email William@wildflower.ca.
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