Enterra Corporation entered into a Letter of Intent to acquire VinCompass Corp. for $5.2 million.

Enterra Corporation (OTCPK:VNCO) entered into a Letter of Intent to acquire VinCompass Corp. for $5.2 million on March 17, 2015. Under the terms Enterra Corporation will acquire 5.2 million shares of VinCompass and will issue 52 million shares of Enterra to VinCompass shareholders.

The exchange ratio was 10 shares of Enterra to each shareholder of VinCompass. The deal is subject to completion of due diligence and signing of a definitive agreement. Post acquisition Enterra Corporation will change its name to VinCompass and will carry the business of VinCompass.

The deal is expected to close on April 17, 2015.