VANCOUVER, British Columbia, May 07, 2019 (GLOBE NEWSWIRE) -- GrowMax Resources Corp. (“GrowMax” or the “Company”) (TSXV:V.GRO) announces it is currently considering investments in the legal cannabis, hemp, and related sectors with a focus on advance stage licensed producers in North America.
“We intend to leverage the Company’s strong cash position of approximately C$30 million to make investments primarily in the legal cannabis and hemp sectors,” says Kal Malhi, Chairman and Chief Executive Officer. “The Company now has a strong management team and its two largest shareholders include Bullrun Capital Inc. and Kisan International, a division of Indian Farmers Fertiliser Cooperative Limited, together owning 27.60% of outstanding shares.”
The Company has appointed Michael Malana to replace Lloyd Wiggins as Chief Financial Officer effective May 1st 2019. Mr. Malana was previously appointed as Corporate Secretary in a news release dated. April 1st 2019. Kal Malhi stated, “We thank Lloyd for his contributions in getting the new board of directors up to speed on the financial status of the company. We wish him every success in his future endeavors.”
The Company continues to pursue disposition of its Peru-based phosphate and potash assets and will provide further guidance on its proposed dividend after reviewing outstanding liabilities and ongoing investment opportunities.
About GrowMax Resources Corp.
GrowMax Resources Corp is a publicly-listed Canadian phosphate and potash mining company currently undergoing restructuring. The Company’s two largest shareholders include Bullrun Capital Inc. and Kisan international, a division of Indian Farmers Fertiliser Cooperative Limited.
On behalf of the Board,
Growmax Resources Corp