TORONTO: Organic Garage Ltd. has entered into a binding letter of intent (LOI) to acquire all of the issued and outstanding securities of The Future of Cheese Company Corp. (FoC), a news release said

FoC is a Toronto, Ontario based organic, vegan premium plant-based company in the business of developing, manufacturing and marketing plant-based cheeses and plant-based cheese products.

Pursuant to the terms of the LOI, the Company will issue 13,800,000 common shares to the shareholders of FoC at a deemed price of $0.42 per share in consideration for all of the issued and outstanding securities of FoC, resulting in FoC becoming a wholly owned subsidiary of the Company. 690,000 common shares will also be issued to an arm’s length finder in connection with the Proposed Acquisition.

Completion of the Proposed Acquisition is subject to a number of conditions, including but not limited to completion of satisfactory due diligence, the negotiation and execution of a definitive agreement and the receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.

There can be no assurance that a definitive agreement will be negotiated or that the Acquisition will be completed as proposed, if at all. The Proposed Acquisition is anticipated to close on or about March 19th, 2021.

The Future of Cheese Company is a Canadian plant-based cheese innovator and manufacturer led by one of the world’s best and recognized cheese makers, along with one of Canada’s top chefs, and supported by a team of science minds and sustainability experts.

Utilizing unique aging and manufacturing processes, a well-established distribution network and high-profile marketing channels, the Company is set to disrupt the rapidly growing plant-based dairy alternatives market, paving the way for the future of cheese. www.futureofcheese.com

Organic Garage (TSXV: OG) is one of Canada’s leading independent organic grocers and is committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The Company’s stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience.

Founded in 2005 by a fourth-generation grocer, Organic Garage is headquartered in Toronto and operates a highly efficient supply chain through its centralized distribution centre. The Company is focused on continuing to expand its retail footprint within the Greater Toronto Area. www.organicgarage.com