Yukoterre Resources Announces Proposed Reverse Takeover by Psychdelics Company Silo Wellness

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TORONTO, June 17, 2020 (GLOBE NEWSWIRE) -- YUKOTERRE RESOURCES INC. (“Yukoterre”) (CSE:YT), is pleased to announce that it has entered into a binding letter of intent (the “LOI”) with FlyOverture Equity Inc., operating as Silo Wellness (“SILO”), dated June 16, 2020 which sets forth, in general terms, the basic terms and conditions upon which Yukoterre and SILO will combine their business operations resulting in a reverse takeover (the “Proposed Transaction”) of Yukoterre by SILO and its shareholders with a new ticker symbol intended as “SILO”, insofar as it is available. The LOI was negotiated at arm’s length and the Proposed Transaction will be an arms-length transaction.

Overview of SILO

SILO was founded in Oregon and has been in the psychedelics and functional mushroom space since 2018 and ultimately formulated and announced a patent-pending psilocybin nasal spray in Jamaica in 2019. This metered-dosing delivery modality was created for consumer microdosing to address some of the primary issues that may prevent many from trying natural psychedelics for the first time, including dose reliability, taste, stomach upset, and stigma.  Its primary benefit is an uptake speed that is faster than nature intended for convenience and to help prevent dosage stacking, a problem that is most well-known from cannabis edibles “overdosing.”

In addition to its IP portfolio, SILO is focusing on consumer product and wellness center/retreat brand development for psychedelic and functional mushrooms.  Its go-to-market revenue strategy includes scaling its United States Silo Reboot brand of functional mushrooms (via www.SiloReboot.com) and its magic mushroom cultivation and psychedelic retreat operations in Jamaica (via www.SiloRetreats.com). Following the Proposed Transaction, SILO anticipates that it will continue to grow its operations organically and by strategically integrating complementary businesses to its operations.

The Proposed Transaction

In connection with the Proposed Transaction, SILO shall complete a concurrent private placement offering of SILO common shares (the “SILO Shares”) for gross proceeds of approximately $2,500,000 (the "Private Placement"). Further details on the Private Placement, including the type and number of securities offered for issuance and the agent or agents engaged to broker the Private Placement, if any, will be provided and confirmed in due course once available.