P5 Systems Inc. ("BudTrader") executed a binding letter of intent to acquire Lake Victoria Mining Company, Inc. (OTCPK:LVCA) in a reverse merger transaction on April 30, 2020. At the conclusion of the acquisition, Grapefruit's founders and management team will own approximately 20% of post-acquisition LVCA/BudTrader. Upon conclusion of the acquisition, BudTrader's designees shall own approximately 80% of the then outstanding common shares of the Lake Victoria and the Lake Victoria's current shareholders shall own approximately 20% of such then outstanding common shares. Pursuant to the terms of the binding LOI, Lake Victoria and BudTrader have initiated negotiations intended to result in completion and execution of a definitive equity exchange agreement defining all of the material terms of the acquisition on or before May 31, 2020.

On the proposed closing date, the current LVCA officers and directors shall appoint BudTrader's designees (subject to approval by existing LVCA Management) to officer and director positions in post-acquisition LVCA and immediately resign their positions as officers and directors of the Lake Victoria Mining. However, Daniel Yourist shall remain a Director and acting Chief Financial Officer of LVCA until a replacement suitable to all interested parties can be appointed. The LOI is subject to customary due diligence, compliance, exclusivity and confidentiality provisions.

The Acquisition cannot be consummated until BudTrader obtains an acknowledgement from a PCAOB member independent public accounting firm acceptable to both parties (the "Prospective Auditor") that BudTrader's accounting records and financial statements for the years ended December 31, 2018 and 2019 are of such form and substance that they can be audited in conformity with US Generally Accepted Accounting Principles auditing standards and that the Prospective Auditor has been retained and commenced the BudTrader audit. The transaction is expected to complete on May 31, 2020.