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Magnolia Colombia Announces Termination of Letter of Intent With PCT

TORONTO, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Magnolia Colombia Limited (“Magnolia” or the “Company”) (MCO.V) wishes to announce that its letter of intent with PCT LTD. (“PCT”), as previously announced on April 1, 2019 (the “LOI”), has been terminated pursuant to its terms effective immediately.  Pursuant to the LOI, Magnolia and PCT were to complete a business combination that would result in a reverse take-over of Magnolia.

Trading in Magnolia’s common shares is expected to resume on the TSX Venture Exchange shortly.

About Magnolia Colombia Limited:

Magnolia Colombia Limited is a Canadian independent oil exploration company.

For further information, please contact: James Lanthier, President & CEO of the Company.

Email: james.lanthier1@gmail.com

Phone: 416-861-5886

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.