International Bethlehem Mining Corp. (TSXV:IBC.H) entered into a letter of intent to acquire InGreen Systems Corp. for CAD 8.1 million on December 21, 2023.

The company will pay a CAD 5.4 million share consideration to acquire InGreen, representing 27 million post-consolidated shares of the company. In connection with the transaction, the company intends to consolidate its issued and outstanding share capital on the basis of one new common share for every 10 outstanding common shares. Proceeds of the private placement valued CAD 0.5 million will be used to satisfy obligations under the transaction and provide working capital to InGreen.

Under the terms of the LOI, the parties will endeavor to sign a definitive agreement by Jan. 5, 2024. Closing of the transaction remains subject to a number of conditions, including signing of the definitive agreement, finalization of due diligence, the completion of any necessary financing, the approval of the exchange of the change of business and the satisfaction of other closing conditions customary in transactions of this nature.