Eat Beyond Global Holdings Inc. (CNSX:EATS) has entered into a Letter of Intent to acquire Mylk Brands Inc. for CAD 11.5 million on October 18, 2021. Under the terms of the LOI, in consideration for all outstanding share capital of Mylk, the Company is expected to issue 14,470,588 common shares ("Consideration Shares") to the existing security holders of Mylk at a deemed price of CAD 0.52 per Consideration Share. In addition, it is currently expected that approximately 420,000 additional Consideration Shares will be issued upon the automatic conversion of currently outstanding convertible notes of Mylk in the principal amount of CAD 225,000. As a part of transaction, Eat Beyond is indirectly acquire Mylk's wholly-owned subsidiary Fresh Start Beverage Company d/b/a Banana Wave ("Banana Wave"), a Florida corporation. The Proposed Transaction is not expected to constitute a Fundamental Change for the Company (as defined in the policies of the Canadian Securities Exchange), nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. The Company may pay finders' fees or commissions to eligible arm's-length third-parties in connection with the Proposed Transaction.

Completion of the Proposed Transaction remains subject to a number of conditions, including: the satisfactory completion of due diligence; the receipt of any required regulatory approvals; the negotiation of definitive documentation; Dissent Rights have not been exercised with respect to more than 5% of the issued and outstanding Mylk Shares; and the receipt of a third party valuation of Mylk. The approval of Mylk Shareholders at a special meeting of Mylk Shareholders expected to be held in February 2022. Jeff Wust of McMillan LLP acted as legal advisor to Eat Beyond Global Holdings. Farzad Forooghian of Forooghian & Company Law Corporation acted as legal advisor to Mylk.

As of April 1, 2022, the agreement was approved by the shareholders of Mylk in accordance with the requirements of the BCBCA at a special meeting of the Mylk Shareholders held on March 8, 2022, and was subsequently approved by the Supreme Court of British Columbia on March 11, 2022. In completing the acquisition, EATS has issued 22,115,310 EATS Shares to former Mylk Shareholders. Following completion of the Arrangement, EATS has beneficial ownership and control over 100% of the issued and outstanding Mylk Shares.

Eat Beyond Global Holdings Inc. (CNSX:EATS) completed the acquisition of Mylk Brands Inc. on April 1, 2022.