Geberi Ltd. entered into a non-binding letter of intent to acquire Canada Coal Inc. (TSXV:CCK) in a reverse merger transaction on July 24, 2018. In connection with the letter of intent, Canada Coal has agreed to provide Geberi $0.025 million (CAD 0.033 million) as payment to secure exclusivity rights to the business combination. Canada Coal and Medcolcanna further intend to conduct, and it is a condition of the business combination for Geberi to close, a private placement of up to 14 million units (to be comprised of and convertible into one common share and one-half of one common share purchase warrant of the resulting issuer) by way of subscription receipts of Geberi to raise gross proceeds of approximately CAD 3.5 million. The transaction is subject to a number of conditions including, but not limited to, completion of due diligence, execution of a definitive agreement, shareholder approval and receipt of all required regulatory approvals. GMP Securities LP served as the financial advisor to Geberi in connection with the transaction. Geberi Ltd. cancelled the proposed acquisition of Canada Coal Inc. (TSXV:CCK) in a reverse merger transaction on October 12, 2018. On October 11, 2018, legal counsel for GMP Securities LP contacted Canada Coal Inc.’s legal counsel to set out new terms for the definitive agreement, significantly different than the terms set out at the announcement, and to indicate that the definitive agreement would need to be signed in the morning of October 12, 2018. Prior to the notification by GMP Securities, Canada Coal had expressed concerns that arose from its due diligence process related to the suitability of management of Medcolcanna. The specific due diligence questions related to these concerns were forwarded to the appropriate parties; however, as responses to such questions were not received by the arbitrary deadline imposed by Medcolcanna to sign the definitive agreement, on October 12, 2018, Medcolcanna (BVI) informed Canada Coal (through its legal counsel) that it had decided to terminate any further discussions in connection with the planned transaction. Canada Coal is reviewing its options which may include commencing an action against Geberi to recover costs incurred.