Pinto Beans & Penny Stocks 2020

[fast.money]

$ENRT 8-k filing Apr 10 2014 Enertopia Entry into a Material Letter of Intent Agreement

For full detail: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9912695

This Letter of Intent (" LOI ") shall set forth the basic terms of the recent discussions between Enertopia Corporation, or its wholly-owned subsidiary (" Enertopia ") and Lexaria Corp., or its wholly-owned subsidiary (" Lexaria ") (collectively, the " Parties ") with regard to the ownership by Enertopia of a 51% interest in the business, and the ownership by Lexaria of a 49% interest in the business of legally producing, manufacturing, propagating, importing/exporting, testing, researching and developing, and selling marihuana for medical purposes under the MMPR (the " Business ").

Acquisition Structure. In accordance with the terms of a formal and definitive Agreement to be entered into between Enertopia and Lexaria (the " Definitive Agreement "), Enertopia shall own 51% ownership interest in the Business (the "Enertopia Ownership ") and Lexaria shall own 49% ownership interest in the Business (the “Lexaria Ownership”). Within 10 days, Enertopia shall contribute $45,000 and Lexaria shall contribute $55,000 to the Business.

Upon the execution of this LOI, Enertopia and Lexaria shall structure a joint venture for legally producing, manufacturing, propagating, importing/exporting, testing, researching and developing, and selling marihuana for medical purposes under the MMPR. At such time the Parties will be deemed to have formed a joint venture for the operation, management and further development of the Business (the " Joint Venture "). Lexaria will pay 55% of all costs to earn its 49% net Ownership Interest and Enertopia will pay 45% of all costs to earn its 51% Ownership Interest. A total of 500,000 Definitive Agreement Shares shall be issued to Enertopia, held in escrow (the " Escrow Shares ") by Lexaria's solicitors until such date as the License (as hereinafter defined) has been obtained by Enertopia (the " Effective Date "). Upon occurrence of the Effective Date, the Escrow Shares will be released from escrow. In the event the Effective Date does not occur within 12 months of the date of the Definitive Agreement (the " Execution Date "), the Definitive Agreement Shares shall be cancelled and returned to treasury.