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Project One Resources cancels Cyber Security deal

Project One Resources cancels Cyber Security deal

Ron Shenton,
President and Chief Executive Officer
projectone@telus.net

Project One Resources (PJO.CSE) wishes to inform that due to COVID-related travel restrictions, the Company will no longer pursue the previously announced Cyber Security projects, (see Nov. 12, 2020 news).

“The inability for management and potential financiers to travel to the site of operations has made the necessary due diligence needed to fund and close the transaction far too difficult”, states Ron Shenton, CEO.

Management continues to review projects in various sectors and hopes to make an announcement shortly.

In light of the aforementioned, the Company has accepted the resignations of John Devlin and Antoine Karam from our advisory board and wish to thank them for their exemplary efforts in these unprecedented times.

The Company also wishes to announce that it will be canceling 450,000 stock options granted to consultants on September 18, 2020 at $0.50 with an expiry date of September 17, 2025.

For further information, investors and shareholders are invited to visit the Company’s website

at http://www.p1r.ca .

ON BEHALF OF THE BOARD OF DIRECTORS
Ron Shenton
Ronald Shenton, President and CEO

 

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Completion of the Transaction is subject to a number of conditions, including but not limited to, CSE acceptance and if applicable, pursuant to CSE Requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Forward-Looking Statements

This news release contains certain “forward-looking statements”. This forward-looking information includes, or may be based upon estimates, forecasts and statements of management’s expectations with respect to, among other things, the proposed Transaction, the completion of the proposed Financing, the approval of the CSE, the transfer of the Property to the Company, the entering into the definitive agreement, the satisfaction of the conditions of the definitive agreement, satisfaction of all payment obligations under the Underlying Agreement and transfer of the Property to the Resulting Issuer. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially and substantially from those anticipated in such statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from the Company’s expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, limited operating history, uncertainty with respect to receiving the necessary approvals and fulfilling the conditions of the definitive agreement, risks associated with the proposed exploration and/or drill programs, risks of operating in Guyana, volatility of the financial markets and the stability of global economic markets, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

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