Buccaneer Gold Corp. Joins Letter Of Intent With Medcannaccess Regarding Pot Business Proposal

Prior to the closing of the Transaction, the Resulting Issuer may, and with the consent of Buccaneer, complete one or more transactions involving the issuance of additional securities or cash or other acquisitions of property or assets (referred to collectively as “Approved Financings”), in which case the percentage ownership interests of Buccaneer and MedCannAccess will be correspondingly adjusted on a pro rata basis to reflect additional security issuances comprising shares in MedCannAccess Holdco or MedCannAccess or securities convertible or exchangeable into shares of MedCannAccess Holdco or MedCannAccess.

At present, no material steps toward any Additional Financings have been taken and no specific Additional Financings are being contemplated. It is not a condition of the closing of the Transaction that any Approved Financings be undertaken, and further announcements shall be made in the event that an Approved Financing is to be undertaken. To date, MedCannAccess has raised approximately $3.2 million from private placement financings.

The proceeds of such financings, as well as any proceeds raised through Additional Financings, will be used for general corporate and working capital purposes as the Resulting Issuer executes on its business plan. MedCannAccess had unaudited working capital of $2.8 million as at June 30, 2014.

MedCannAccess has started to earn revenue from the sale of medical marijuana plants to regulated purchasers in Canada, and is currently preparing audited financial statements in connection with the Transaction.

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