GREY:QEXXF - Post by User
Post by
InvestLargeCon Nov 29, 2014 4:39am
134 Views
Post# 23176678
QXP: to $4 per share after 3 years
QXP: to $4 per share after 3 yearsSee the conversion:
Quattro Exploration and Production Ltd. is pleased to announce that it has entered into an arms-length agreement (the "Letter of Intent" or "LOI") with an Alberta-based private company for the acquisition of the Company's well database for $800,000 and a GORR of 1.5% on targets developed utilizing the database within the Western Canadian Sedimentary Basin.
Quattro intends to fund the Acquisition with the issuance of 8,000 Convertible Class B shares priced @ $100 per share, paying an annual interest rate of 4%, to be created by the Company prior to Closing. The holder will have the right in the 3rd year to convert the Class B shares into Class A common shares at a ratio of 25 Class A share for each Class B share converted, (25:1), valuing the Class A common shares at a deemed $4.00 per share.
"The opportunity to make an acquisition of an extensive database of this magnitude is clearly in our mandate," said Leonard Van Betuw, President and CEO, "Quattro is a focused Company that is dedicated to combining low cost production with high impact exploration. This acquisition directly supports our continuing plan to focus on diversified operations and development drilling, in combination with only the best defined and de-risked material exploration opportunities."
"As Quattro builds its foundation, the Company has formed its Advisory Board to insure that we have additional expertise to call on that is continually informed and dedicated to the Company. In anticipation of our accelerating business plan, we believe that an Advisory Board allows the Company to remain flexible, efficient and agile in combination with an ability to add the various areas of expertise necessary to continually strengthening our corporate governance and risk mitigation across our diversified business plan," added Mr. Van Betuw.