AMPD Ventures Inc. (CNSX:AMPD) agreed to acquire Departure Lounge Inc. from James Hursthouse and others for CAD 1.1 million on October 26, 2021. The purchase price for the Acquisition contemplated by the LOI is CAD 1,079,458 plus an agreed earnout based on performance. The Purchase Consideration will be satisfied through the issuance of 3,598,195 common shares in the capital of AMPD.

The Purchase Shares will be subject to statutory resale restrictions of four months and a day, and, in addition, 50% of the Purchase Shares will be subject to contractual resale restrictions for two years from the date of issuance and will be released in four equal instalments every six months following the closing of the Acquisition. James Hursthouse is the current Chief Strategy Officer of AMPD and one of the Vendors in the Acquisition. The transactions contemplated by the LOI are subject to a number of conditions, including entering into a definitive Share Purchase Agreement through which the Company will acquire all the issued and outstanding shares of Departure Lounge.

The completion of the Acquisition is subject to, among other things, the successful completion of AMPD's due diligence review of Departure Lounge, entering into of the Share Purchase Agreement, approval of the directors and shareholders, as applicable, of AMPD and Departure Lounge, and any required approvals of the CSE, among other conditions.