Bougainville Ventures Inc. and ESEV R&D Begins Formulation Process for CBD Energy Drink
VANCOUVER, British Columbia, June 13, 2019 (GLOBE NEWSWIRE) -- BOUGAINVILLE VENTURES INC. ("Bougainville" or the "Company") (CSE:BOG) (Frankfurt:8BV) Further to the Israeli sponsorship research agreement announced in the Company's news release dated May 14, 2019, management is pleased to announce that it has paid a 10% deposit to ESEV R&D to begin the formulations process on the water soluble cannabis-based (CBD) 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, Comments:
"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."
WORMCASTING 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 USD$120,000 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 sq. ft. out-door 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 $0.06 per Unit (the "Private Placement") 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
About Bougainville Ventures, Inc.
Bougainville Ventures Inc. is dedicated to rapid growth in production, processing, retail and branding of cannabis and cannabis related products. Currently the company provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate properties. We offer fully built out turnkey facilities equipped with state-of-the-art growing infrastructure to cannabis growers and processors. Also, the Company is focused on building a strong presence in the hemp industry with the objective of extracting cannabinoids (CBD & CBN) in both Canada and the United States. With our flagship Hemp project in Oregon State the Company has proprietary, patent-pending hemp root oil extraction technology and formulas for cannabis topicals and tinctures.
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
For further information, please contact Andy Jagpal at email@example.com or 1-888-395-7816
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
Source: Bougainville Ventures Inc.