More News Mountain Lake, Phenome enter licensing royalty deal
Mountain Lake Minerals Inc (C:MLK)
Shares Issued 12,282,962
Thursday April 11 2019 - News Release
Mr. Matt McGill reports
MOUNTAIN LAKE ANNOUNCES LICENSING AGREEMENT WITH PHENOME ONE
In furtherance of its proposed fundamental change transaction with 1157630 B.C. Ltd., as announced on June 8, 2018, Mountain Lake Minerals Inc. has entered into a licensing royalty agreement dated April 8, 2019, with Phenome One Corp., a privately held full service live genetic cannabis company incorporated under the Canada Business Corporations Act. The licensing agreement provides the company with full access to Phenome's entire library of cultivars, as well as access to Phenome's farming intellectual property. The company will also be granted unlimited access to Norstar Nutrients' proprietary nutrient intellectual property and catalogue.
In consideration for the rights granted to the Company under the Licensing Agreement, the Company will pay an aggregate of $250,000 in cash and issue an aggregate of 10,000,000 common shares in the capital of the Company to Phenome over a nine-month period, of which $50,000 in cash and 2,500,000 common shares will be due upon the completion of the Transaction.
The Company will also make non-refundable, non-creditable royalty payments to Phenome equal to five percent (5%) of gross sales of products.
"This is a unique opportunity for investors to participate with a company that has access to one of the largest proprietary genetic strain banks in Canada," comments Matt McGill, VP Strategy & Director of the Company.
In other news, the Company will enter into agreements with investors from the initial tranche of its private placement, as completed July 17, 2018, extending the term of their warrants by one year, to July 18, 2020 and issuing them an additional one-half warrant, such that an aggregate of 2,066,500 warrants are issuable, each entitling the holder to acquire one additional common share at a price of $0.50 per share until July 18, 2020.
About Phenome One
The strategic licensing agreement with Phenome entitles Mountain Lake access to Canada's largest LIVE genetic cannabis library with over 250 cultivars that have been lab tested and rigorously field-tested over 30 years. The Company will have unlimited access to utilize any cultivars in the Phenome library with a unique access to growing, breeding and cloning IP. Phenome One consists of second-generation farmers with more than two decades of West Coast garden expertise. Phenome One's catalog dates back over 30 years which includes BC Classics line, as well as multiple outdoor varieties adopted to the West Coast and Central interior of British Columbia. Phenome's years of selecting only the very elite genotype and phenotype expressions ensures customers receive the highest quality cultivar possible.
About Norstar Nutrients:
Norstar is a private label nutrient company with over a decade of formulating and nutrient line testing. Norstar offers a unique blend of macro and micro nutrients formulated for optimal essential oil production, immune system health, and industry leading production. Norstar's beneficials have been formulated under a multi strain growing system which thrives with their heirloom varieties as well as modern day hybrids.
Norstar's two-part nutrient system provides everything plants need in the vegetative periods, right through to the flowering stage with slight elemental ratio adjustments. The optimal flower boost provides a bump some plants may need for the mid-flower developmental phase.
About Mountain Lake Minerals Inc.
Mountain Lake Minerals Inc. is a junior exploration company exploring for precious metal deposits. Mountain Lake's current projects are located on the pro-mining island of Newfoundland and include: a 100% interest in high-grade gold, and massive sulphide occurrences along the Glover Island Mineral Trend in Newfoundland, a 100% interest in the Little River high-grade gold exploration property, and a 100% option agreement on Caledonia Brook.
Completion of the Transaction is subject to a number of conditions, including but not limited to, CSE acceptance and, if applicable, pursuant to the requirements of the CSE, shareholder approval. There can be no assurance that the Transaction will be completed as proposed or at all.
We seek Safe Harbor.
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