VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 4, 2016) – Finore Mining Inc. (“Finore” or the “Company“) (CSE:FIN)(CSE:FIN.CN)(OTC PINK:FNREF) is pleased to announce that pursuant to the terms of the letter agreement with the shareholders of Kushtown USA, the company has made a first cash payment to the shareholders of Kushtown USA LLC for $50,000 (U.S.) on November 3, 2016. In addition, the Company announces that it is identifying warehousing and distribution locations across California to operate the Kushtown bottling operation.
On October 27, 2016 Finore signed a letter agreement dated October 27, 2016 (the “Assignment Agreement“) with an arm’s length private British Columbia company (the “Assignor“), pursuant to which the Assignor has assigned to the Company the rights and obligations of a letter agreement dated October 25, 2016 (the “Letter Agreement“) between the Assignor and Kushtown USA, LLC (“Kushtown“) a private California limited liability company. Pursuant to the terms of the Letter Agreement, the Company will acquire all of the issued and outstanding securities of Kushtown (the “Transaction“).
Pursuant to the terms of the Letter Agreement, the Company was required to, within 14 days of signing of the Letter Agreement, pay the shareholders of Kushtown aggregate cash consideration of US$50,000. Finore has conducted its due diligence on the transaction and has made the required USD$50,000 payment earlier than required. Finore is working aggressively to finalize all documentation required to complete the transaction with Kushtown and plans to file all required documentation with the Canadian Securities Exchange in the coming weeks.
The Company also reports that the company has entered into a consulting agreement with 420 Real Property to help Kushtown identify and acquire a warehouse and distribution center to expand the operation of the Kushtown business in a more robust way.
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