- Vortex Energy Corp. (VRTX) and Blue Ocean Salt Corp. (BOSC) have a signed a binding letter agreement
- Vortex Energy will acquire all of the issued and outstanding common shares of Blue Ocean Salt Corp.
- Blue Ocean owns a 100-per-cent interest in and to the Robinsons River Salt Property located in the Bay St. George region of southwestern Newfoundland
- Vortex Energy Corp. is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America
- Vortex Energy Corp. (VRTX) was up 50.00 per cent, trading at $0.30 at 13:36 ET
Vortex Energy Corp. (VRTX) and Blue Ocean Salt Corp. (BOSC) have begun a journey that will define their fate in opposite directions.
While Vortex Energy Corp. is headed for expansion, Blue Ocean Salt may cease to exist in its current form but as a part of Vortex Energy. Luckily for the two companies, it is not a hostile takeover, but a journey both of them have willingly embarked on for the good of the respective companies and their shareholders.
This follows the binding letter agreement signed between Vortex Energy and Blue Ocean by which Vortex Energy will acquire all of the issued and outstanding common shares of Blue Ocean Salt Corp.
Blue Ocean owns a 100-per-cent interest in and to the Robinsons River Salt Property located in the Bay St. George region of southwestern Newfoundland. The property consists of four contiguous mineral licences and is made up of 687 claims.
The transaction is expected to proceed by way of a series of share purchase transactions between Vortex Energy and each of the shareholders of BOSC. The consideration payable by the company for each BOSC share is two-thirds-of-one (2/3) common share of the company.
The two companies plan to complete the transaction as soon as practicable and, subject to the satisfactory completion of closing conditions, including receipt of any necessary approvals, will use commercially reasonable efforts to enter into a definitive agreement with each BOSC shareholder by the end of March 2023.
Vortex Energy Corp. is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America. Its flagship asset, The Fire Eye Project, is located in the Wollaston Domain of northern Saskatchewan.
Vortex Energy Corp. (VRTX) was up 50.00 per cent, trading at $0.30 at 13:36 ET.