VANCOUVER, British Columbia, April 08, 2019 — BOUGAINVILLE VENTURES INC. (CSE: BOG) (8BV-FF:Frankfurt Stock Exchange) (the “Company“) has terminated the previously announced November 13, 2018, transaction and underlying agreement with Gene Bank Research Inc.
With respect to its transaction (“Transaction”) involving Gene Bank Research Inc., the company worked with its legal counsel to determine that Gene Bank defaulted on representations it entered into in the Share Exchange Agreement. Subject to Section 7.1(c) of the Share Exchange Agreement the Company has to terminate the contract.
Of the 25,000,000 shares initially issued 18,125,000 shares of Bougainville stock will be cancelled and returned to the company treasury. The remaining 6,875,000 share of Bougainville stock were already deposited into CDS and were unable to be cancelled, but the Company is still actively trying to cancel the remaining stock. As part of the termination of the agreement the Company will be returning any and all intellectual property, genetic material belonging to Gene Bank Research Inc.