Bougainville Ventures Inc. Signs LOI to Enter in to Funding and Asset Purchase Agreement up to 100% of "Grounded CBD" Brand, Featured on Dragons Den.
Vancouver, British Columbia--(Newsfile Corp. - September 26, 2019) - BOUGAINVILLE VENTURES INC. (CSE: BOG) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Bougainville" or the "Company") is pleased to announce that it has signed a letter of intent (LOI) to provide funding and to acquire up to 100% of the assets and inventory of Grind Bar Nutrition Products Ltd. (Grind Bar). Grind Bar is CBD infused performance nutrition bars, made with real organic ingredients & Cannabinoid-focused natural health products under the "GROUNDED CBD" brand, which was featured of the CBC show Dragons Den.
Final evaluation will be determined by an independent third party evaluator, which is currently in progress. The Company will have the option to acquire up to 100% of Grind Bar assets and current inventory. The consideration is to be payable in such number of common shares in its share capital ("Consideration Shares") at a per share price equal to the volume weighted average price of such shares on the Canadian Securities Exchange over a 15-day period ending on the day such Consideration Shares are required to be issued ("15 day VWAP"). The final percentage to be acquired will be determined in a Definitive Agreement entered into after completion of a 30 day due diligence period.
Grind Bar is CBD infused performance nutrition bars, made with real organic ingredients & Cannabinoid-focused natural health products under the "GROUNDED CBD" brand, which was featured of the CBC show Dragons Den. On season 9 of the hit CBC show "Dragons Den", David Weale, of Grounded CBD from Vancouver, B.C ., was hoping to raise $150,000.00CDN form the Dragons for 20% of the business: https://www.cbc.ca/dragonsden/pitches/grounded-cbd
Andy Jagpal, President Comments:
"This LOI is another strategic move as this company enters the CBD natural health food market. Through our growth through acquisition strategy we are identifying companies that have begun the process of providing CBD products to the mass retail market, and need to partner with a company that can get them to the next milestone in their growth strategy. We look forward to working with the Grounded CBD team to bring high quality, innovative CBD infused products to market."
About Bougainville Ventures, Inc.
Bougainville Ventures Inc. is dedicated to rapid growth in production, processing, retail and branding of cannabis and cannabis related products. Currently the company provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate properties. We offer fully built out turnkey facilities equipped with state-of-the-art growing infrastructure to cannabis growers and processors. Also, the Company is focused on building a strong presence in the hemp industry with the objective of extracting cannabinoids in both Canada and the United States. Along with our flagship Hemp project in Oregon State and the Greenhouse campus in Washington state, the Company has proprietary formulas for cannabis edibles, topical, and tinctures.
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, President and Director
For further information, please contact Andy Jagpal at firstname.lastname@example.org. Please note that our Toll free number has changed to 1-877-517-7816.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
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