- Primo Nutraceuticals (CSE:PRMO) has agreed to fund and acquire World Agri Minerals, a manufacturer of agricultural trace mineral products
- World Agri Minerals’ GENESIS 89 product is an organic growth aid for crops, which uses trace minerals harvested from seawater
- Primo hopes to apply the product’s unique blending process to the psychedelic mushroom industry
- The two companies will draft and execute a definitive agreement and complete the transaction by June 20, 2020
- Primo Nutraceuticals (PRMO) is down 16.67 per cent and is currently trading at 2.5 cents per share
Primo Nutraceuticals (CSE:PRMO) has agreed to fund and acquire World Agri Minerals, a manufacturer of agricultural trace mineral products.
World Agri Minerals manufactures and sells its GENESIS 89 products, which are organic growth aids for plants. The products contain a blend of micro-nutrients, micro-flora, micro-fauna, and trace minerals harvested from deep-ocean seawater.
World Agri Minerals discovered the regenerative powers of trace minerals after the Boxing Day tsunami of 2004, which devastated Southeast Asia. For several seasons afterwards, multiple farmers in the area reported unprecedented harvests and bumper crops.
This was reportedly the result of deep-ocean minerals, which soaked into the soil after being carried inland by tsunami waves. World Agri Minerals has blended over 80 trace minerals and other ingredients, creating an agri-product with a proven positive impact on crops.
The company’s current products, GENESIS 89 and GENESIS 89 GOLD are ready for sales and distribution to growers. World Agri Minerals is still researching and developing new products to add to the line, specifically for the psychedelic mushroom market.
Primo has signed a non-binding letter of intent to provide funding and acquire up to 100 per cent of World Agri Minerals’ assets and inventory.
The two parties will soon draft and execute a definitive agreement and complete the transaction by June 20, 2020.
The terms of the letter of intent are subject to change, as set out in the definitive agreement. An independent third-party evaluator is currently determining the final valuation.
Primo (PRMO) is down 16.67 per cent and is currently trading at 2.5 cents per share at 11:12am EDT.