Phoenix Terminates Letter of Intent

TORONTO, CANADA / ACCESSWIRE / June 3, 2019 / Phoenix Canada Oil Company Limited (TSX-V: PCO) (“Phoenix” or the “Company”) announces announces that, further to the Company’s news release dated October 24, 2018, it has terminated the letter of intent with VMedia Inc. (“VMedia”) and will no longer be proceeding with the transaction between Phoenix by VMedia.

Phoenix has initiated the process of having the trading halt on its securities lifted and is actively considering alternatives for enhancing shareholder value.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way approved or disapproved of the contents of this press release.

For questions, please contact:

Dr. Charlotte Moore Hepburn
Chief Executive Officer
Phoenix Canada Oil Company Limited
(416) 368-4440

SOURCE: Phoenix Canada Oil Company Limited

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