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.