NuVim Inc. (OTC PINK:NUVM) has initiated a debt-reduction strategy to finance its acquisition of The Two Drunken Goats LLC. The company will convert $148,070 in short-term debt into nearly 3 million restricted shares at an effective price of $0.05 per share. An additional $30,000 debt's maturity has been extended to April 1, 2024. These measures result in a positive working capital balance. CEO Rick Kundrat emphasized the company's sustainable growth potential following this debt relief.
NuVim Inc. (OTC PINK:NUVM) has announced its acquisition of Two Drunken Goats LLC, a profitable restaurant in South Florida, for $1.2 million. The deal aims to enhance NuVim's growth strategy by adding an estimated $3 million in revenue and creating new product offerings, particularly in the craft beer market. NuVim plans to utilize the restaurant's unused space to establish a brewery, leveraging its health technology for innovative beverages. The transaction involves $600,000 in cash and $600,000 in Seller Notes.
NuVim, Inc. (NUVM) has entered into a definitive stock purchase agreement to acquire Two Drunken Goats, LLC. This strategic move is projected to increase NuVim's annual revenues by over 40-fold, estimating approximately $3 million post-acquisition if closed before the end of 2021. Two Drunken Goats, a restaurant located in Florida, reported $2.8 million in revenues for the first ten months of 2021, showcasing a recovery from pandemic impacts. NuVim's CEO, Rick Kundrat, expressed enthusiasm for this pivotal acquisition aimed at business growth.