BC Craft Supply Co. Ltd. (CNSX:CRFT) entered into a letter of intent to acquire Somo Industries Inc. from Regan McGrath and others for $2.58 million on March 22, 2021. As per filing on April 20, 2021, BC Craft Supply has signed a share exchange agreement to acquire 100% of Somo Industries Inc. As part of consideration BC Craft Supply will issue 30.81232 million units at a deemed value of $0.08925 per Unit. Each Unit is comprised of one common share and one-half of one (1/2) common share purchase warrant (with two half warrants being a “Warrant”), each whole Warrant is exercisable to acquire one additional Share at a price of $0.12075 for a period of two years. Regan McGrath, the Chief Financial Officer and a Director of BC Craft is also a senior officer of Somo Industries and owns 3.16% of Somo Industries common shares. Upon completion of the Transaction, McGrath will acquire an aggregate of 974,368 Shares and 487,184 Warrants. As per filing on April 20, 2021, The Acquisition has been approved by the independent directors of the Company. The closing of the acquisition of Somo Industries remains subject to the completion of due diligence reviews by both parties and the mutual agreement on the structure of the transaction in the most efficient manner. As per filing on April 20, 2021, the closing of the acquisition of Somo Industries is scheduled for May 11, 2021.