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Vancouver, British Columbia--(Newsfile Corp. - September 24, 2019) - BOUGAINVILLE VENTURES INC. (CSE: BOG) (OTC Pink: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Bougainville" or the "Company") is pleased to announce that further to the letter of intent ("LOI") with Thrive Nutrition Products Ltd. ("Thrive Nutrition") announced in the Company news release dated August 6, 2019 the Company signed a definitive agreement to complete the acquisition of Thrive Nutrition ("the Thrive Nutrition Transaction"). Thrive Wellness is a preeminent distributor of hemp & cannabinoid-focused natural health products under the "THRIVE WELLNESS" brand.
TERMS OF THE TRANSACTION
The total consideration will consist of common shares of Bougainville equivalent to $819,000 CDN. Subject to completion of the Thrive Wellness Transaction the board of directors of Bougainville will approve the Company to deliver the common shares of Bougainville to Thrive Nutrition, which will satisfy Bougainville's obligation under the Thrive Nutrition Transaction. The consideration is to be payable in such number of common shares equivalent to $819,000 CDN in its share capital ("Consideration Shares") at a per share price equal to the volume weighted average price of such shares on the Canadian Securities Exchange over a 15-day period ending on the day such Consideration Shares are required to be issued ("15 day VWAP"). The final evaluation was determined by an independent third party evaluator, which valued the business at $2,100 000 CDN. The Company will acquire 39% of Thrive Wellness assets and current inventory.
About Thrive Nutrition Products Ltd.
Thrive Wellness is a distributor of premium hemp and natural health products with operations currently in Canada and the USA. Thrive specializes in the development, marketing and distribution of cannabinoid products refined into their own natural health product brand. The company was founded in Vancouver, British Columbia and is the first of its kind with national retail distribution in Canada. Thrive has achieved $2,500,000 CDN in sales through retail distribution, its' e-commerce website and their relationship with Nutrition House, Canada's leading Natural Health Product franchise. Founded in 1979 the company began franchising in 1993 and now operates over 45 retail stores, located in high profile shopping centers across Canada, and in the USA. www.nutritionhouse.com
CEO, Andy Dhaliwal Comments:
"I am very excited to be joining the Bougainville team and happy to see the merger of our to companies happening at a time when the CBD market is set to explode. My objective is to have our two companies grow across multiple platforms in the CBD market, from oils, topical and drinks to fibers and eventually processing the many products derived from the Hemp plant."