/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TSX-V: PKC.H
VANCOUVER, March 8, 2019 /CNW/ - Pacific Link Mining
Corp., (the "Company" or "Pacific Link"). The
Company is pleased to provide the following corporate update:
Proposed Acquisition of Aibeida
Following the Company entering into a definitive share exchange
agreement to acquire all the outstanding shares of Aibeida Lifetech
Limited ("Aibeida"), the acquisition was approved by the Company's
shareholders at its Annual General and Special meeting held on
November 15, 2018. The Company
continues its efforts to close the acquisition.
To avoid a conflict of interest during the acquisition process,
Dr. Shuang Xie, the controlling
shareholder of Aibeida, has resigned from the Board of Directors of
the Company.
Firwood Extraction Facility
CBD99 Inc., a wholly owned subsidiary of Aibeida, has made
significant progress after it entered a lease agreement to lease a
5,000 sq. ft facility located at Firwood Industrial Park,
Sandy, Oregon. In August 2018, CBD99 obtained a Hemp Handling
License from the Oregon Department of Agriculture. The renovation
of the facility was completed at the end of January 2019 and passed the final inspection by
Clackamas County. CBD99 is in the
process of installing the hemp extraction equipment at the
facility, then start up and ramp up production. The Company has
provided CBD99 a secured loan of C$200,000 towards the facility pursuant to a loan
agreement entered between the Company and Aibeida.
2018 Farm Bill
Business outlook for the Company has materially improved
following the passing of the 2018 Farm Bill ("Farm Bill") on
December 20, 2018. Under the new Farm
Bill, hemp is permanently removed from the Controlled Substances
Act (CSA) and becomes an agricultural commodity governed
by the U.S. Department of Agriculture ("USDA"), out of the
jurisdiction of the Drug Enforcement Administration (DEA). The
passing of the Farm Bill is transformational for the industry,
allowing for the national cultivation, production,
distribution and marketing of hemp-derived products in the United States.
With the new Farm Bill, the company intends to focus on hemp
extraction and CBD products development in the USA and defer the proposed extraction
operation in Poland at the present
time.
CSE Listing and Financing
The Company is making good progress with its proposed CSE
listing and financing. A draft listing statement, together with the
Company's and Aibeida's audited financial statements for the 2018
fiscal year, were recently filed for review by the CSE. The Company
is also working towards closing its previously announced private
placement of shares at a price of $0.20 per share up to $5.0
million.
ON BEHALF OF THE BOARD
"Ken
Cai", President
Neither 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.
SOURCE Pacific Link Mining Corp.