Lateral Capital Corp. (TSXV:LCP) entered into a purchase and sale agreement to acquire certain light oil reserves in Southeast Saskatchewan for CAD 69 million on December 14, 2012. The agreement provides for total consideration of CAD 69 million with a non-refundable deposit of CAD 2 million. The transaction will be funded through a combination of equity and debt financings and is subject to customary closing conditions, including TSX Venture Exchange approval. The transaction is scheduled to close in early 2013. As of February 1, 2013, Lateral Capital Corp. executed a novation agreement pursuant to which the closing date was extended from January 30, 2013 to March 25, 2013.

As of March 11, 2013, Lateral Capital entered into negotiations with the vendor regarding an extension to the transaction.

Lateral Capital Corp. (TSXV:LCP) cancelled the acquisition of certain light oil reserves in Southeast Saskatchewan on December 14, 2013.