MINDCURE Announces Financial Results for the Second Quarter of Fiscal 2023
VANCOUVER, BC, Jan. 25, 2023 /PRNewswire/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company") today announced its financial results for the three and six months ended November 30, 2022. All amounts are stated in Canadian dollars unless otherwise indicated.
A copy of the Company's financial statements for the three and six months ended November 30, 2022 and the related management's discussion and analysis are available under the Company's profile on SEDAR at www.sedar.com.
As previously announced on November 18, 2022, the Company signed a binding Letter of Intent with LNG Energy Group Inc. ("LNG Energy"), a private company focused on the acquisition of natural gas production and exploration assets in Latin America, pursuant to which the Company will become the holder of all of the issued and outstanding securities in the capital of LNG Energy (the "Transaction"). It is intended that the Transaction will constitute a reverse take-over of the Company by the shareholders of LNG Energy. In connection with the proposed Transaction, the Company will complete a 2.4-1 consolidation of its shares and change its name to LNG Energy Group Inc.
In connection with the Transaction, LNG Energy will complete a private placement of subscription receipts for proceeds of between US$15m and US$35m at a subscription price of at least C$0.20 per subscription. Further, LNG Energy will complete a non-convertible debt financing of between US$65m and US$85m. The Company will further complete a non-brokered private placement for total proceeds of approximately $1m at a price of $0.05 per unit.
The proposed Transaction is subject to the terms of a definitive agreement, approval by the Company's shareholders and the Canadian Securities Exchange.
Robert Hill has resigned as a director of the Company's board of directors effective January 1, 2023. Stephen Inouye has replaced Mr. Hill on the Company's board of directors. "On behalf of the board of directors and the Company, I would like to thank Rob for his contribution and support." stated Philip Tapley, CEO and Chair of the board of directors of MINDCURE. "I would also like to welcome Steve to the board of directors. Steve has been working with the Company in various roles since the Company's inception."
On Behalf of the Board of Directors
Philip Tapley, CEO
Forward-looking information is based on a number of key expectations and assumptions made by management of MINDCURE, including, without limitation: the considerations and outcome of the strategic review process and cost-saving measures; COVID-19 pandemic impact on the Canadian economy and the Company's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect the Company's business; no unanticipated expenses, costs or detrimental consequences of the Strategic Review Process or cost-savings measures will arise; availability of additional capital required to execute the Company's business plan; the lack of necessity of further developmental expenditures related to the Company's business plan with respect to the execution of strategic alternatives for the Company; the ability to preserve the value of the Company's assets, including its public company status with Canadian securities regulators; and the ultimate availability of any strategic alternatives for the Company.
Forward-looking information is provided for the purpose of presenting information the Company's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information inherently entails known and unknown risks and uncertainties about the future and actual results and involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking information presented, there may be other factors that cause results, performance or achievements to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements as no forward-looking information can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
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SOURCE Mind Cure Health Inc.