BOUGAINVILLE VENTURES INC. (CSE: BOG) (8BV–FF:Frankfurt Stock Exchange) (the “Company”) would like to announce that further to the letter of intent (“LOI”) entered into a funding and profit sharing agreement with Worm Castings Farms Inc., (“Worm Castings”), announced October 29, 2018, the Company is continuing to work with Worm Castings regarding its Hemp assets and is close to finalizing the Definitive Agreement with the principals of Worm Castings. Worm Castings is the sole owner of an Oregon State Hemp production and processing license, issued by the Oregon State Regulatory approval board. Upon finalization of the transaction Worm Castings will be considering a name change from Worm Castings Farms Inc., to a name that better reflects its Hemp production and CBD processing objectives. In addition,Worm Castings is exploring other Hemp and CBD production and processing related opportunities.
President & CEO, Andy Jagpal Comments: “The Farm Bill, which went into effect on January 1, 2019, is a monumental step for the hemp industry, and is a historic event which will create a tremendous amount of opportunities for Hemp farmers, like Worm Castings, whose goal is to produce a Cannabidiol (CBD) product used to treat various ailments and improve wellbeing.“The Company would also like to announce that, in the name of transparency, until the company is profitable management salaries will be capped at $5,000 per month for each of the two operating directors on an accrued basis. In addition, there is a stock option plan for management and administration which will be 1,950,000 shares with a strike price of 25 cents.Bougainville’s issued and outstanding share figure on the CSE profile has been updated to 58,625,424 to reflect the changes announced in the news release disseminated April 8, 2019 in which 18,125,000 shares were cancelled. The company has issued 577,883 common shares and 492,883 common share warrants as securities for debt owed to consultants.