VANCOUVER,May 10, 2019 – Bougainville Ventures Inc. (“Bougainville” or the “Company”)(CSE:BOG) announces that it has issued 5,483,040 common shares of the Company at a deemed price of $0.12 per share as securities for debt owed to consultants and other creditors of the Company.
The Company had previously announced a private placement on November 9, 2018, however due to unforeseen circumstances the Company did not proceed with that private placement (the “Cancelled Private Placement”) As a result, the Company did not receive or accept any funds or subscriptions associated with the Cancelled Private Placement, nor were any shares issued from treasury as a result of the Cancelled Private Placement.
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 $180,000 for 3,000,000 Units at a price of $0.06 per Unit (the “Private Placement”) had been announced in the Company’s news release dated April 25, 2019. 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 Company’s news release dated April 25, 2019 did not announce the Private Placement due to an error with a news dissemination service. 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 $190,000 for 3,166,666 Units.
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 square feet of space being prepared for production in Oroville, Washington state. Bougainville possesses sufficient land for two more pods of the same size.For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director