Calgary, Alberta--(Newsfile Corp. - August 21, 2026) - LEEWARD CAPITAL CORP. ("Leeward" or the "Company") announces a change of directors, senior management changes, a sale of certain assets, and an acquisition of certain real property assets.
DIRECTOR AND MANAGEMENT CHANGES:
The Board of Directors of Leeward ( the "Board") announce that Douglas Gillies has resigned as a director of the Company and he has been replaced by Anthony Grafton. In addition, the Board is pleased to announce the appointment of new officers for the Company. The Board has appointed Malcolm Bukenberger as the Chef Executive Officer and Corporate Secretary of the Company. The Board has also appointed Chrsitopher McArthur as Chief Financial Officer of the Company.
Mr. Bukenberger is a businessman who resides in Calgary, Alberta and owns and operates a significant construction company as well as other enterprises. Mr. McArthur is a Certified Professional Accountant who resides in Calgary, Alberta. He is an experienced Chief Financial Officer of junior public companies. Mr. McArthur is part of management of various companies through-out North America.
ASSET SALE:
Leeward has completed the sale of its mineral assets on terms contained the Asset Purchase Agreement between the Company and a private company (the "Sale Agreement"). The consideration for the sale of the assets under Sale Agreement was the assumption by the Buyer of substantially all of the debt and obligations of Leeward (the "Assumed Debt"). The Assumed Debt totals in excess of $599,000. This represents substantially all of the Leeward debt relating to the business operations of the Company. The debt related to maintaining the Company as public company (including filing fees, preparing financial statements, and transfer agent costs) totaling approximately $40,000 which remains owing by Leeward. A portion of this debt is owed to Burton Growers Ltd. As announced on July 17, 2026 Leeward has entered into an agreement with Burton Growers Ltd. which, if completed, will result in a reverse take-over of Leeward by the shareholders of Burton Growers Ltd. (the "Burton Growers Transaction"). For a more detailed description of the Burton Growers Transaction the reader is referred to the aforesaid news release dated July 17, 2026.
The Leeward assets transferred under the Sale Agreement include:
- Leeward's 100% interest in certain mineral claims known as the Pistol Lake gold property located in the Territory of Nunavut (the "Pistol Property"). The Pistol Property is located approximately 14 km west of Portage Bay on Bathurst Inlet, Nunavut, and 580 km from Yellowknife, Northwest Territories; and
- Leeward's rights arising from a "Inuit Owned Lands Mineral Exploration Agreement" dated August 1, 2022 (the "Inuit Agreement"). The terms of Inuit Agreement provide for the further exploration of an expanded land area around the Pistol Property (the "NTI Interest"). The NTI Interest requires third party consent to assign. Leeward and the purchaser have agreed that Leeward will hold the NTI Interest in trust for the benefit of the Purchaser until the required consent is received. Upon receipt of the consent Leeward has agreed to transfer that interest to the purchaser. Upon completion of the transfer of NTI Interest Leeward will cease to have any ownership interests in any mineral assets.
ASSET PURCHASE:
Leeward has completed the purchase from a private company (the "Vendor") of a real property asset consisting of approximately 160 acres of grain producing farmland near Alliance, Alberta (the "Farm Land"). The Farm Land was previously appraised of a value of $598,000. These lands are currently subject to a crop lease for the 2026 farming year. The rent from the crop lease will remain with the Vendor. The total purchase price payable by Leeward for the Farm Land was $588,000. The purchase price was paid by Leeward assuming the $305,000 mortgage registered on the Farm Land, the provision of a Vendor take back loan from the Vendor in the amount of $280,000 (the "VTB Loan") and the remainder cash. The VTB Loan is a non-recourse loan-meaning the only enforcement by the Vendor against Leeward, if Leeward defaults on the VTB Loan, is for Vendor to take-back the Farm Land. No payments are due on the VTB Loan until its maturity on December 31, 2027. Assuming the Burton Growers Transaction is completed Leeward currently intends on applying to Health Canada for a licence to cultivate cannabis on the Farm Land. If Leeward cannot or does not receive a Health Canada cannabis licence, Leeward is entitled to return the Farm Land to the Vendor and the Vendor is responsible for all obligations relating thereto. The Vendor is a private company and is an affiliate of Burton Growers Ltd.
Disclosure
Completion of the Burton Growers Transaction is subject to a number of conditions, including, if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. Receipt of cannabis licences from Health Canada is no certainty and subject to the applicant meeting many conditions. There can be no assurance that the Burton Growers Transaction will be completed as proposed or at all. There can be no assurance that the cannabis licence for the Farm Land will be obtained.
This press release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Information disclosed herein regarding the Company is provided by the Company. Leeward has not verified the information provided by other parties.
Forward looking information is typically identified by words such as believe, expect, anticipate, intend, estimate, forecast, postulate and similar expressions, or are those, which, by their nature, refer to future events. Leeward cautions investors that any forward-looking information provided by Leeward are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: Leeward's ability to complete the proposed transaction; the state of the financial markets for Leeward's equity securities; the state of the market for gold or other minerals that may be produced generally by the resulting issuer in the event the transaction is completed; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leeward is unaware of at this time. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR+ at www.sedarplus.ca.
For further information:
LEEWARD CAPITAL CORP.
1150, 707 7th Avenue SW
Calgary, AB. T2P 3H6
Email: Leewardcapitalcorp@gmail.com
Phone: 403 875 9659
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310828
Source: Leeward Capital Corp.
