Further to the Israeli sponsorship research agreement announced in the company’s news release dated May 14, 2019, Bougainville Ventures Inc. has paid a 10-per-cent deposit to ESEV R&D to begin the formulations process on the water-soluble cannabis-based (CBD (cannabidiol)) supplement energy drink. The final report will include: clinical trials results, sourcing of ingredients, pH balance, nutritional chart, shelf-life, as well as cost of ingredients and contacts.
Andy Jagpal, president, commented: “We have already begun sourcing a local bottling company to handle the production and processing of the CBD energy drink once the formulations are ready. We are adamant about bringing the energy drink formulation to market and feel we have developed the right relationships to get the job done right.”
Worm Castings transaction financing update
Further to the company news release dated June 11, 2019, management is pleased to announce that it has paid off the final outstanding payment of $120,000 (U.S.) owed to Worm Castings Farms Inc. pursuant to Bougainville’s obligation under the Worm Castings share exchange agreement.
Oroville Campus Update
Further to the company news release dated April 1, 2019, management would like to announce that the tenant grower is waiting to receive final occupancy approval from the Washington State Liquor and Cannabis Board (WSLCB) to begin planting. The tenant expects a visit to the site by the WSLC in the near future and is planning to plant a 20,000-square-foot outdoor crop.
In addition, the company wishes to correct an error in its news release dated May 1, 2019, in which the company announced that a private placement with gross proceeds of $190,000 for 3,166,666 units at a price of six cents per unit had closed. The private placement was oversubscribed for 3,316,666. The remainder of the news release dated May 1, 2019, is accurate and the oversubscribed private placement was closed on May 1, 2019, with the amount of $199,000 for 3,316,666 units.