Canadian plant-based food company Modern Plant Based Foods has signed a Letter of Intent (LoI) to acquire 100% of shares of low-cost vegan caviar producer Northern Pacific Kaviar.

Northern Pacific Kaviar has developed a plant-based alternative to caviar using a blend of seaweed, flavorings, and chia seeds to replicate the texture of real caviar.

With the proposed acquisition, Modern Plant Based Foods plans to produce and sell vegan caviar to retail stores, restaurants, and other food service businesses through its already established sales and distribution channels. The company’s current product portfolio includes burgers, meatballs, crab cakes, crumbles, and gyoza made using pea protein, chickpea flour, brown rice, cauliflower, beet, mushroom, and eggplant.

According to the terms of the LoI, Modern Plant Based Foods is to acquire all of the issued and outstanding securities in the capital of Northern Pacific Kaviar in exchange for issuing: 1) an aggregate of 4,000,000 common shares at a deemed price of 18 cents per share and 2) an aggregate of 4,000,000 share purchase warrants at a deemed price of 18 cents per warrant.