Gunpowder Capital Corp. (CNSX:GPC) signed a letter of intent to acquire iBliss Inc. from Easton Pharmaceuticals Inc. (OTCPK:EAPH) for CAD 0.65 million on May 30, 2018. Should the two parties enter into a definitive agreement, Gunpowder will pay a one-time payment of CAD 0.25 million to the current shareholders of iBliss and will also allocate CAD 0.4 million of funds from its treasury which will be used to replace iBliss's current debt. Under the terms of transaction, Gunpowder proposes to acquire the business, trademarks and the assets of iBliss. The transaction will be financed by Gunpowder from its current working capital. Upon completion, iBliss will become a fully owned subsidiary of Gunpowder. Should the acquisition become completed, Gunpowder intends on making the iBliss subsidiary a publicly traded entity, and will commence the process of qualifying the iBliss subsidiary in becoming a reporting issuer in the Province of Ontario so that the entity can become listed onto a Canadian based Stock Exchange. Upon the listing of iBliss as a standalone public entity, Gunpowder will pay an additional CAD 0.4 million and issue 28 million shares to the current shareholders and finders in the transaction leaving Gunpowder with approximately 7 million shares or 20% of the current float of iBliss. The shares issued to the founders will be subject to escrow and earn-out provisions. iBliss currently has 70 shares issued and outstanding which will be split on a 500,000 for 1 basis post-closing to facilitate the above allocation. Paul Haber, Chief Financial Officer of Gunpowder will be appointed to the Board of iBliss to act as Chairman and Igal Sudman as Director. The current shareholders of iBliss will nominate one additional member to the Board of iBliss. The completion of the acquisition is contingent upon iBliss completing the audit of its financial statements, the completion of the due diligence process, and the two parties entering into a definitive agreement.

Gunpowder Capital Corp. (CNSX:GPC) cancelled the acquisition of iBliss Inc. from Easton Pharmaceuticals Inc. (OTCPK:EAPH) on November 29, 2018. Audited revenues of IBliss were below expectations and Gunpowder unable to agree to revised terms.