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Eden Empire's Interim Financial Statements for Six Months

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TKane   Friday, 04/23/21 04:11:11 PM
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Eden Empire's Interim Financial Statements for Six Months ended January 31, 2021 and 2020

https://webfiles.thecse.com/sedar_filings/00049922/2103291811166549.pdf

Quote:
"8. OPTION AGREEMENT

Option Agreement for the Acquisition of Actium Botanicals
On October 7, 2019, the Company entered into an option agreement (the “Michigan Option”) to purchase all of the issued
and outstanding shares of Actium Botanicals, Incorporated (“Actium”). Actium is in the process of applying for facility
licenses at two locations: its Battle Creek facility and its Stronach facility in Michigan, USA. Pursuant to the Actium Option,
the seller agrees to use reasonable best efforts for Actium to obtain the required licenses, consents and approvals to
initiate the operations of the facilities.

The Company paid a non-refundable deposit of USD$20,000 with respect to the Michigan Option, which may be applied
against future payments due under the option. The Michigan Option was valid for a period of one year, then extended for
up to one year at the cost of US$1,667 for each month extended. On January 5, 2021, Eden Michigan elected to extend
the Michigan Option for three successive periods of 30 days by paying Tondu an extension payment in the amount of
US$5,000 and, as a result, the Option Termination Date is now May 5, 2021. Eden Michigan anticipates extending the
Michigan Option for further periods in the event that the Michigan Option is not exercised prior to May 5, 2021.

As the purchase price for the Michigan Option, the Company shall make payments in an amount equal to 4% of the
amount of all gross receipts received by Actium at the Battle Creek and Stronach facilities, due within 45 days after each
calendar quarter. The Company may terminate its obligation to make payments on gross receipts by making a one-time
payment of US$5,000,000.

The Michigan Option provides that, concurrently with its execution, the Company and Actium will enter into a service
agreement and a lease for the real estate owned by Actium and an affiliate of the vendor, on which the Stronach Facility
is situated. Pursuant to the service agreement, the Company will provide certain services to support Actium’s operation
of the Battle Creek and Stronach facilities prior any exercise of the Michigan Option."



Nothing I say, post, or do should ever be considered financial advice. It is just my personal opinion. I may be holding a long, short or no position. I am NOT or NEVER have been compensated to post on here and my posts are for entertainment purposes only.
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