Mr. Kevin Bottomley reports
KING'S BAY CONSIDERS BUSINESS OUTSIDE OF RESOURCES
Despite some encouraging results and a great deal of potential still to be explored on the large Lynx Lake copper-cobalt property that consists of 959 mineral claims encompassing a land area of approximately 240 square kilometres in Newfoundland and Labrador, King's Bay Resources Corp. is considering other business ventures.
The company has no current intention of abandoning the Lynx Lake property, but it has considered becoming involved in one of the industries which has recently become a great focus for certain capital markets: cannabis. The reason for the company's interest in the cannabis industry is because opportunities are being presented to the company as a result of the involvement of certain of the company's directors in successful, publicly listed cannabis companies. One director in particular was a founding director and has remained on the board for the past four years of a successful cannabis company which is now Canadian Securities Exchange listed. During that time, the CSE listed cannabis company has raised substantial capital from the public for its operations and its shareholders have seen greatly increased share values. The company's management is therefore considered by some people in the cannabis industry as having the knowledge and fundraising ability to assist them greatly in their drive to go public. Hence, cannabis related opportunities are being presented to the company.
The company has not signed any term sheet, letter of intent or indication of interest, and has no particular transaction which it is currently pursuing in the cannabis industry. However, as opportunities present themselves, management is taking the time to consider whether those opportunities would better serve the interests of the shareholders and lead to quicker and possibly greater success for the company.
Kevin Bottomley states: "We are going to put our Lynx Lake project in abeyance for a while during which time we will start looking seriously at the cannabis opportunities we are being offered. If the right deal comes along and if we believe that we as a company can add value because of our experience in the cannabis industry and our connections in the public markets, it would only make sense to take that deal and try to make it a success. We won't jump at anything, and will take the time to make decisions based on the right reasons. No particular deal is imminent."
About King's Bay Resources Corp.
King's Bay is a mineral exploration company that is focused on the exploration of cobalt and other high-tech metals in North America. The company's head office is in Vancouver, Canada.
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