In connection with the letter of intent with Borganic Consulting Inc. previously announced on Sept. 6, 2018, EVI Global Group Developments Corp. has entered into a definitive share exchange agreement with Borganic under which the company has agreed to acquire all the issued and outstanding shares of Borganic in exchange for an aggregate of 30 million common shares of the company, being 43.57 per cent of the company's total issued and outstanding shares. The share exchange agreement remains subject to a number of conditions, including but not limited to the approval of the Canadian Securities Exchange, receipt of all other required regulatory approvals and customary closing conditions.
The company is also pleased to announce 1.05 million stock options have been granted to certain consultants pursuant to the company's stock option plan. The options are immediately exercisable for a period of five years at a price of 63 cents per share.
The company is also proposing a change of business from a mining issuer to a life sciences issuer.
Completion of the change of business is subject to a number of conditions, including Canadian Securities Exchange and shareholder approval.
"I believe 2019 will be known as the year of CBD," explained EVI's chief executive officer, Jason Dussault. "In all businesses, timing is everything. We are at the right place, at the right time, with the right team. I feel our agreements and technologies position us perfectly in this marketplace. I see a future that is salt, pepper, CBD!"
About Borganic Consulting Inc.
Borganic is focused on the commercial extraction of cannabidiol from industrial hemp and has engineered a proprietary commercial-scale extraction process that is more cost-efficient than other traditional extraction processes. Borganic's technology utilizes a food-grade ethanol extraction method that is far cleaner than many of the other commercial operations which use harmful and potentially carcinogenetic products such as hexane and butane for extraction.
About EVI Developments Corp.
EVI Global Group Developments is a natural resource company based in Vancouver, B.C., engaged in the acquisition, exploration and development of mineral properties, with its primary focus on its silica properties, located within British Columbia.
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