Lake Victoria Mining, Inc. Signs Letter of Intent for Reverse Acquisition by Budtrader.com

Los Angeles, CA, April 30, 2020 (GLOBE NEWSWIRE) -- Lake Victoria Mining, Inc. (OTCPINK:LVCA, “ LVCA” or the “Company”), is announcing today that it has executed a binding letter of intent (“LOI”) to be acquired in a reverse acquisition (the “Acquisition”) by privately held Encinitas, CA based P5 Systems Inc. (“BudTrader”) which owns and since 2016 has operated the BudTrader.com website on which BudTrader’s two million plus registered users safely and legally post classifieds–style advertisements for cannabis products, services, jobs, information and equipment etc. The site was originally conceived to be solely a cannabis commerce platform but as it has increased in number of users and user time spent on the site, it has evolved spontaneously into the cannabis ecosphere’s defacto largest social media platform upon which users can freely communicate and network with one another about all things cannabis without fear of platform censorship or banishment as is the case on all the major social media platforms. BudTrader’s founder Brad McLoughlin and its directors and LVCA’s current management (Bradley and Daniel Yourist, also the control persons of Grapefruit USA, Inc.; OTCPINK: GPFT), all believe this cannabis centric social media platform has the potential for explosive growth in lock step with projected growth rate of the US legal cannabis market which, according to New Frontier Data will be $17 billion for the year ending December 31, 2020 and projected by the same group to exceed $27.5 billion by the year ending December 31, 2025.

The reverse acquisition of LVCA, which is a control affiliate of Grapefruit, significantly expands the alliance between the two southern California firms which was first made public on April 1, 2020 when the firms announced execution of a Data License Agreement (the “License”) between them. Since that time, the firms have worked closely implementing the logistics of the License and in the course of that work the concept of the Acquisition developed into a general plan for the Acquisition culminating in the execution of the LOI. At the conclusion of the Acquisition, Grapefruit’s founders and management team will own approximately 20% of post-acquisition LVCA/BudTrader.