The Very Good Food Company Inc. (CNSX:VERY) signed a non-binding letter of intent to acquire The Cultured Nut Inc. for CAD 3 million on January 11, 2021. Pursuant to the LOI, the aggregate purchase price for Cultured Nut will be CAD 3 million consisting of: (i) a CAD 1 million cash payment; (ii) such number of common shares of VERY equal to CAD 1 million divided by the greater of the 30-day volume weighted average trading price of VERY shares ending two trading days prior to closing of the acquisition or the the minimum price as may be permitted by the exchange; (iii) a CAD 925,000 cash payment subject to meeting certain milestones related to integration of the Cultured Nut's business; and (iv) a CAD 75,000 cash payment subject to certain indemnification requirements. Under the terms of the LOI, completion of the acquisition is subject to a number of conditions including, but not limited to, the completion of mutual due diligence, the negotiation and execution of a definitive agreement and the satisfaction of all closing conditions (including obtaining all regulatory approvals). The parties have agreed to an exclusivity period until February 15, 2021 to complete due diligence and to negotiate and execute the definitive agreement.