Business
Argo Living Soils Enters into License Agreement with Canadian AgriChar Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) - Argo Living Soils Corp. (CS...
About this update from Argo Graphene Solutions Corp.
[{"type":"text","content":"Argo Living Soils Enters into License Agreement with Canadian AgriChar Inc.Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) - Argo Living Soils Corp. (CSE: ARGO) (OTC Pink: ARLSF) (\"Argo\" or the \"Company\") is pleased to announce that it has entered into a license agreement (the \"Agreement\") with Canadian AgriChar Inc. (\"Canadian AgriChar\"), a company controlled by Ken Bowman, a director and officer of the Company. Canadian AgriChar is a Canadian based manufacturer and distributor of biochar for use in soil remediation and growth enhancement. Pursuant to the Agreement, Canadian AgriChar agreed to grant Argo the exclusive right and license (the \"License\") to market and sell \"CHAR+ BioChar\", a soil amendment product, globally for an initial term of 10 years. Additionally the parties agreed that Argo will sell CHAR+ BioChar products on its website, https://argolivingsoils.com/ and will receive a percentage of all CHAR+ sold through its website. As consideration for the License, the Company agreed to issue Canadian AgriChar 500,000 common shares of the Company upon the Agreement becoming effective (the \"Effective Date\"), and a further 500,000 common shares on or before the six month anniversary of the Effective Date. The shares have a deemed price of $0.15 per share. Additionally, the Company agreed to issue 1,300,000 stock options to principals of Canadian AgriChar, exercisable at a price of $0.15 per share for a period of five years, subject to vesting in four equal installments over two years. The shares and options will be subject to a four month statutory hold period from the date of issuance. Peter Hoyle, Argo's CEO, states; \"This licensing partnership with Canadian AgriChar will provide Argo with a much broader product offering based on their trademarked biochar product Char+. Biochar can be used in agriculture, in water treatment, environmental restoration, and in a number of industrial applications. We believe Argo will benefit from access to the many opportunities this product offers.\"Completion of the License transaction described in this news release remains subject to the approval of the Canadian Securities Exchange.The Agreement and the transactions contemplated therein between the Company and Mr. Bowman constitutes a \"related party transaction\" as defined under Multilateral Instrumen...