VANCOUVER, British Columbia, May 01, 2019 — Bougainville Ventures Inc. (“Bougainville” or the “Company”) is pleased to announce that the private placement announced on April 25, 2019 (the “Private Placement”) has been closed. The Private Placement has been oversubscribed and the Company has issued 3,166,666 Units at a price of $0.06 per unit for gross proceeds of $190,000. Each Unit is comprised of one common share (the “Shares”) of the Company and one common share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one common share (the “Warrant Shares”) of the Company at any time on or before 5:00 P.M. (Vancouver time) on the date that is 24 months from the date of closing of the Private Placement at an exercise price of $0.10 per Warrant Share.
The proceeds of the Private Placement will be used for general working capital. The shares and warrants issued in the Private Placement will be subject to a four month hold period under applicable Canadian securities legislation.
Andy Jagpal, President Comments:
“From the money raised, $100,000 CDN went towards paying down the outstanding balance on the purchase price of the Oregon hemp farm. With this payment, to date the company has paid a total of $230,000 USD towards the $350,000 USD purchase price, which will leave a remaining $120,000 USD to complete. We expect this final payment to be paid on the signing of the Definitive Agreement, which is very close to being finalized. Also, I would like to note that this acquisition comes with $250,000 USD of dried hemp in inventory, which was harvested last year. Once the final payment has been paid we plan to process and sell all of the hemp that is sitting in inventory this year.”