Albert Labs Inc. completed the acquisition of ME Resource Corp. in a reverse merger transaction.
Upon completion of the proposed transaction, the Resulting Issuer will continue to carry on the business of Albert Labs Inc. as currently constituted, under the new name Albert Labs Inc. or such other name as may be approved by the board of directors of the Resulting Issuer and the CSE (the Exchange). The parties also anticipate that in conjunction with and upon closing of the proposed transaction, the Board of Directors of the Resulting Issuer shall consist of five (5) directors Michael Raymont, Chand Jagpal, Richard Skaife, Frank Lane and Rob Kang. Completion of the proposed transaction is subject to a number of conditions, including, but not limited to, completion of the share consolidation, exchange approval and shareholder approval. In addition, completion of the proposed transaction is subject to certain standard closing conditions, including the completion of due diligence investigations to the satisfaction of each of MEC and Albert Labs, execution of a definitive agreement and there being no material adverse change in the business of MEC or Albert prior to completion of the proposed transaction. The definitive agreement has been approved by the directors of MEC and Albert Lab. Conditional approval of CSE for the transaction was received on November 9, 2021. As of March 9, 2022, listing of new common shares have been approved on the CSE.
Albert Labs Inc. completed the acquisition of ME Resource Corp. (MEC) in a reverse merger transaction on March 10, 2022. Upon completion of the transaction, the company changed its name from "ME. Resource Corp" to "Albert Labs International Corp." and will commence trading today on the Canadian Securities Exchange ("CSE") under the ticker symbol "ABRT". The Company closed a debt settlement and private placement offering of 18,947,500 Albert Labs' shares at a price per share of CAD 0.25 for gross proceeds of CAD 4,736,875.