VANCOUVER, British Columbia, April 15, 2019 (GLOBE NEWSWIRE) -- BOUGAINVILLE VENTURES INC. ("Bougainville" or the "Company") (CSE:BOG) is pleased to announce that it has entered into a non-binding letter of intent (the "LOI") dated April 12, 2019, to acquire a 25% ownership interest in five (5) Mountain Mellow Alberta locations in exchange for cash and common shares of Bougainville Ventures, Inc.
Mountain Mellow management is in their final stage of AGLC approval, has secured two (2) prime retail locations in the Province of Alberta and is in the process of securing a minimum of three (3) more. Mountain Mellow locations may be leased and/or owned and will have continuous daily traffic of no less than 5,000 drive by vehicles per day.
Andy Jagpal, President of Bougainville says, "Bougainville has gained a tremendous opportunity with Mountain Mellow to become the Premier Cannabis retailer in Alberta. Mountain Mellow and Bougainville Ventures are committed to providing the perfect consumer retail experience and Mountain Mellow will add to the Bougainville strategy in its retail expansion.”
Pursuant to the terms of the LOI, the Company will acquire 25% of the issued and outstanding common shares in the capital of Mountain Mellow in exchange for Two hundred and Fifty Thousand ($250,000.00) Canadian dollars plus Seven Hundred and Fifty thousand ($750,000.00) in common shares share’s at a deemed share value as set at close of market on the fifteenth (15) day after the opening of each AGLC approved and occupancy permitted location, for an aggregate consideration of $5,000,000.
Bougainville has also secured the right of first refusal for any additional locations garnered by Mountain Mellow management, terms of which are to be determined in the Definitive Agreement.
The completion of the Definitive Agreement is limited to the following; (i) the negotiation and execution of a definitive agreement, (ii) completion of a satisfactory due diligence by Bougainville and Mountain Mellow; and (iii) receipt of all required regulatory, corporate, permits, Canadian Securities Exchange requirements and any other conditions necessary to complete the transaction.
About Bougainville Ventures, Inc. Bougainville provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources. Greenhouse canopies provide a 50% saving in cultivation cost. Bougainville has 10,000 sq.ft., in near production in Oroville, WA.
For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
For further information, please contact Andy Jagpal at email@example.com
or by phone at 1-888-395-6399