Vancouver, British Columbia--(Newsfile Corp. - August 23, 2024) - Nextraction Energy Corp. (OTC: NXTFF) (the "Corporation") acquired a demand promissory note (the "Note") from an unrelated party with a principal amount of $155,000. The Corporation assigned the Note to a recently incorporated wholly-owned subsidiary corporation, 1493259 B.C. Ltd. (the "Subsidiary") in exchange for 77,500 Class B shares and 10,000 Class A shares of the Subsidiary to provide the Subsidiary with working capital to explore future financings and business opportunities.
The Corporation also sold 84,100 Class B shares and 32,900 Class A shares of 1480436 B.C. Ltd. ("1480436 BC") being all of the issued and outstanding shares of 1480436 BC to an unrelated party for $186,750 in cash, and a demand promissory note with a principal amount of $116,800. $166,750 was paid for legal and consulting services in connection with the transaction.
On Behalf of the Board,
"John A. Versfelt"
John A. Versfelt, CEO
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