May 1 (Reuters) - Wattle Health Australia Ltd WHA.AX :
* ENTERS INTO STRATEGIC PARTNERSHIP WITH SHEPPARTON PARTNERS COLLECTIVE
* STRATEGIC PARTNERSHIP WILL BE IN FORM OF A 50/50 JOINT VENTURE
* SPC WILL BE ISSUED 30 MILLION FULLY PAID ORDINARY SHARES IN WATTLE HEALTH UPON FIRST DRAWDOWN OF LOAN
* DEAL WILL SEE SPC ARRANGING UP TO $20M OF DEBT FOR WATTLE HEALTH TO COMPLETE CONSTRUCTION OF CORIO BAY DAIRY GROUP SPRAY DRYER
* WILL RETAIN OWNERSHIP OF UGANIC BRAND UNTIL JV ACHIEVES ANNUALISED REVENUE OF $10 MILLION PER ANNUM IN UGANIC SALES
* UPON FORMATION OF JV, SPC WILL BE ISSUED 40 MILLION FULLY PAID ORDINARY SHARES IN WATTLE HEALTH