VANCOUVER, BC / ACCESSWIRE / April 14, 2015 /
Grenadier Resource Corp. (CSNX: GAD) ("Grenadier"
or the "Company") is pleased to announce an update
regarding the business of Laguna Blends Inc.
("Laguna"), further to the Company's press release
of April 8, 2015.
Laguna has signed a letter of intent (the
"LOI") with Naturally Splendid Enterprises Ltd.
("NSP")(TSX-V: NSP, OTCQB: NSPDF, 50N.F) whereby
Laguna and NSP plan to enter into a research, development and
manufacturing agreement (the "Agreement") for the
purpose of pursuing mutually beneficial business opportunities in
the hemp food products area (the "Proposed
Transaction").
Pursuant to the terms of the Proposed Transaction, Laguna will
place an initial Purchase Order of $100,000 for the HempOmega(TM)
infused hemp protein formulations ("Laguna HempOmega(TM)
Infused Protein Products"). Laguna anticipates ordering a
further $1,500,000 of the HempOmega(TM) Infused Hemp Protein
Products in the first year of the Agreement and $4,500,000 of the
the HempOmega(TM) Infused Hemp Protein Products in the second year
of the Agreement.
NSP will contribute its research and development expertise in
hemp-derived, high quality, nutrient-dense foods, nutritional food
enhancers and related products. In particular, NSP will finalize a
new hemp protein formulation enhanced with HempOmega(TM) and
flavour to meet Laguna's requirements. Laguna will contribute its
expertise as a marketing and sales company in the hemp food
products market and the purchase, sale and distribution of the
Laguna HempOmega(TM) Infused Protein Products.
Laguna and NSP anticipate finalizing the definitive R&D
Agreement by the end of May 2015.
Under the Agreement, NSP will grant to Laguna: (i) a licence to
place the HempOmega(TM) trade-mark on the Laguna HempOmega(TM)
Infused Protein Products, as specified on a white label/private
label agreement, (ii) a worldwide exclusive on these specific
formulations, and (iii) the right and licence to Laguna to sell the
Laguna HempOmega(TM) Infused Protein Products. Laguna must meet
minimum sales targets (to be agreed upon in the Agreement) in order
to retain exclusive rights to the product.
Stuart Gray, President, CEO and Director of Laguna Blends Inc.
states, "Naturally Splendid is a leader in the research and
development, and production of hemp-based superfood products. We
are delighted to collaborate with NSP with the development of the
hemp protein formulations enhanced with their patented
HempOmega(TM). The products that NSP produces for Laguna will be
high in quality and unique to what's currently available. Laguna
affiliates will be able to retail these products in the United
States and Canada."
The completion of the Proposed Transaction pursuant to the
Agreement is subject to: (i) satisfactory due diligence regarding
the business and affairs of the parties, (ii) any necessary
contractual and other third party consents, and (iii) all necessary
regulatory consents and approvals required pursuant to applicable
law or in accordance with the rules of any stock exchange on which
the common shares of either party are listed for trading at the
relevant time.
As announced on April 8, 2015, Grenadier, Laguna and the
shareholders of Laguna have entered into a share exchange agreement
(the "Share Exchange Agreement") whereby Grenadier
will purchase all of the issued and outstanding common shares of
Laguna in consideration for common shares of Grenadier on the terms
and conditions of the Share Exchange Agreement. It is contemplated
that on closing of the Share Exchange Agreement, Laguna will become
a wholly-owned subsidiary of Grenadier. Completion of the share
exchange remains subject to a number of conditions, including but
not limited to, approval by the majority of Grenadier shareholders,
satisfaction of standard closing conditions for transactions of
this nature, and the acceptance of the Canadian Securities
Exchange.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid has an exclusive licencing agreement to
market and distribute the full complement of patent pending,
plant-based omega products created by Boreal Technologies. The
products include HempOmega(TM) and H2Omega(TM), as well as the
AlgaeOmega(TM) FlaxOmega(TM), CanolaOmega(TM), and ChiaOmega(TM)
plant based omega products. These novel products utilize
microencapsulation and are available in both a powder format and an
aqueous solution for increased flexibility in ingredient
applications and stand-alone products. Additionally, NSP has
licenced from FSL progressive cannabinoid extraction and
formulation technologies including the world's first water soluble
cannabinoid patent.
About Laguna Blends Inc.
Laguna's business is focused on the nutritional health benefits
derived from hemp. Laguna has independent affiliates that generate
retail sales and have the ability to recruit other affiliates.
Laguna's affiliates utilize tools and technology that enable them
to build an international business from their own home or while
travelling on the road.
The first products to be launched by Laguna are expected to be
functional beverages that provide high levels of protein and/or
nutrition. Laguna's products are made from high quality hemp
protein. Some of the current Laguna products are: (i) hemp coffee -
a coffee beverage that contains both whey and hemp protein; and
(ii) in the cold beverage category, a unique "just-add-water",
fruit-punch nutritional drink featuring hemp protein. In addition,
Laguna markets a variety of unique single serving "on the go" hemp
protein with various flavors. The hemp proteins are water soluble
and can be directly mixed in water or added to milk, almond milk or
coconut milk. The hemp protein can also be blended in a shake with
fruit. Laguna also plans to offer other product categories in the
future. Laguna will market all of the Hemp Omega protein products
under the name Laguna Blends and/or brand names owned by Laguna.
Laguna will sell its products through its independent affiliates in
the USA and Canada. Laguna anticipates launching its business by
July of 2015.
ON BEHALF OF THE BOARD
"Glenn Little"
Director and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Grenadier Resource Corp.
Glenn Little, CEO and Director
Tel: 604.559.3390
info@grenadierresources.com
Forward-Looking Information:
This news release contains "forward-looking information"
within the meaning of applicable securities laws relating to the
proposal by the Company to complete the share exchange, issuances
of securities thereunder and associated transactions, including
statements regarding the terms and conditions of the Share Exchange
Agreement and listing of the common shares of the resulting issuer
on the Canadian Securities Exchange, and statements regarding
Laguna's business, products and future plans, including Laguna's
plans to enter into a research, development and manufacturing
agreement with Naturally Splendid Enterprises Ltd. Although the
Company believes that the expectations reflected in the forward
looking information are reasonable, there can be no assurance that
such expectations will prove to be correct. Readers are cautioned
to not place undue reliance on forward-looking information. Such
forward looking statements are subject to risks and uncertainties
that may cause actual results, performance and developments to
differ materially from those contemplated by these statements
depending on, among other things, the risks that the parties will
not complete the share exchange and associated transactions for any
reason (including the failure to obtain shareholder approval or any
required approvals or clearances from stock exchanges or regulatory
authorities), that the ultimate terms of the share exchange and
associated transactions will differ from those that currently are
contemplated, and that Laguna's products and plan, including
advancing its LOI with Naturally Splendid to a definitive
agreement, will vary from current proposals stated in this news
release and that Laguna may not be able to carry out its business
plans as expected. Except as required by law, the Company expressly
disclaims any obligation, and does not intend, to update any
forward looking statements or forward-looking information in this
news release. The statements in this press release are made as of
the date of this release.
Neither the Canadian Securities Exchange nor its
Market Regulator (as that term is defined in the policies of the
CSE) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE: Grenadier Resource Corp.
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