ACME Resources Corp. Announces Termination of Letter of Intent with Hantian Labs Limited in Respect of a Qualifying Transaction

TORONTO, ON / ACCESSWIRE / August 18, 2016 / ACME Resources Corp. (TSXV: ACY.H) (“ACME”), a capital pool company trading on the NEX Exchange with symbol ACY.H, wishes to announce that its intention to complete a business transaction with Hantian Labs Limited, a private UK corporation (“Hantian” or “Hantian Labs”) as originally considered in a letter of intent dated December 7, 2015, (the “LOI”) has terminated. ACME and Hantian had agreed to the settlement of a Definitive Agreement, after two amendments, by July 31, 2016. Acceptable terms and conditions relating to a Definitive Agreement could not be negotiated by the parties in that time frame and the LOI was allowed to expire by the parties.

The business transaction was intended to constitute the Qualifying Transaction of ACME as such term is defined in Policy 2.4 of the TSXV.

ACME currently has 4,101,950 common shares issued and outstanding and 247,168 stock options outstanding. ACME’s common shares were halted from trading in anticipation of the completion of the proposed business transaction. ACME will seek to restore the trading of its shares as it proceeds to investigate other avenues for a Qualifying Transaction.

For further information contact:

Paul Ankcorn – Chief Executive Officer
Telephone: (416) 866-2200

Cautionary Note Regarding Forward-looking Statements

Certain information in this press release may contain forward-looking statements. Such statements are based on the current expectations of the management of the Company, including the Company’s reinstatement to the NEX. Completion of the Company’s reinstatement to the NEX is subject to a number of conditions, including TSXV acceptance. There can be no assurance that reinstatement to the NEX will be completed as proposed or at all. Trading in the securities of the Company should be considered highly speculative. Except as required by applicable securities laws, forward looking statements speak only as of the date on which they are made and, unless required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

SOURCE: ACME Resources Corp.

ReleaseID: 443994