Blender Bites Incorporated entered into a letter of intent to acquire Balsam Technologies Corp. (TSXV : BTEC.H) for CAD 5.9 million in a reverse merger transaction on March 16, 2021. Blender Bites Incorporated entered into a definitive share purchase agreement to acquire Balsam Technologies Corp. in a reverse merger transaction on August 31, 2021. Balsam proposes to issue 11.77 million common shares to the existing shareholders of Blender Bites and 10.1 million share purchase warrants in exchange for all of the outstanding share capital of Blender Bites. Prior to closing of the transaction, the company intends to apply to list its common shares on the Canadian Securities Exchange (CSE) and voluntarily delist its shares from the TSX Venture Exchange (TSXV). Balsam Technologies Corp will change its name to Blender Bites Limited and will reconstitute its board and management to consist of an equal number of nominees from Balsam and Blender Bites.

Balsam Technologies Corp. intends to undertake a non-brokered private placement (the “Financing”) of no less than 2,000,000 subscription receipts, at a price of CAD 1 per Subscription Receipt, to raise no less than CAD 2,000,000. All proceeds from the Financing will be held in escrow pending completion of the Transaction and will be returned to subscribers in the event the Transaction is not completed. Upon completion of the Transaction, each Subscription Receipt will automatically convert into one common share of the Company. All securities issued in connection with the Financing, will be subject to a four-month-and-one-day statutory hold period. It is anticipated that approximately CAD 400,000 of the proceeds from the Financing will be utilized to retire existing loans made to Blender Bites.

Completion of the transaction remains subject to a number of conditions, including the completion of satisfactory due diligence, the negotiation and finalization of definitive documentation, receipt of any required regulatory and third-party consents, approval of minority shareholders of Balsam to the delisting of Balsam's common shares from the TSX Venture Exchange, Balsam having arranged for third-parties to lend no less than CAD 1 million to Blender Bites, completion of the financing, the CSE having conditionally accepted the listing of Balsam's common shares, the TSXV having consented to the voluntarily delisting of the Balsam's common shares and the satisfaction of other customary closing conditions. On August 31, 2021, Balsam completed an over-subscribed non-brokered private placement of 3.9 million subscription receipts at a price of CAD 1.00 per Receipt for gross proceeds of CAD 3.9 million. On September 16, 2021, Balsam Technologies Corp. changed its name to Blender Bites Limited. On September 17, 2021, Balsam received conditional acceptance from CSE to list its common shares on the CSE upon the completion of the acquisition. Desmond M. Balakrishnan of McMillan LLP acted as legal advisor to Blender Bites Incorporated. Sam Cole of Cassels Brock & Blackwell LLP acted as legal advisor to Balsam Technologies.