Anio Oil & Gas Sh.a. (‘Anio’) signed memorandum of understanding to acquire Letho Resources Corp. (TSXV:LET) (‘Letho’) in a reverse merger transaction on May 8, 2018. The transaction is structured as a business combination such that the current shareholders of Anio will own approximately 65% of the outstanding common shares of the combined company. On May 16, 2018, Letho announced a private placement of up to CAD 2.5 million at a price per share of CAD 0.25, with the net proceeds from the private placement being used to fund obligations under the agreement, as well as for costs to be incurred in connection with the business combination and general working capital. In connection with the transaction, Letho announced that it intended to loan up to CAD 0.5 million to Anio. As of September 29, 2020, Letho has advanced CAD 0.29 million to Anio, which was advanced in January 2019. On October 22, 2018, Letho Resources has completed the first tranche of a non-brokered private placement of 0.884 million units issued at a price of CAD 0.25 per unit, for gross proceeds of CAD 0.221 million. As per announcement on March 19, 2019, Letho has completed the second tranche of a non-brokered private placement of 3.232 million units issued at a price of CAD 0.25 per unit, for gross proceeds of CAD 0.81 million. Letho intends to close one or more additional tranches of this private placement for total gross proceeds (in all tranches) of up to CAD 1.5 million prior to the completion of the transaction. Pending receipt of TSX Venture Exchange approval, Letho intends to complete the third and final tranche of previously announced financing. Pursuant to the third tranche Letho Resources expects to issue 1.25 million units, issued at a price of CAD 0.25 per unit, for gross proceeds of CAD 0.31 million. Upon the completion of the business combination, the Board of Directors of the resulting issuer is expected to be comprised of six Directors, with Anio having rights to nominate at least four out of the six Director nominees. The proposed officers, Directors and Principals of the resulting issuer will be Jason Leikam (as President, Chief Executive Officer and Director), and Dimitris Soudas (as Director and Chairman of the Board). The transaction is subject to sponsorship requirements of the TSX Venture Exchange, applicable regulatory and shareholder approvals, execution of definitive agreement and completion of an additional private placement financing. The transaction is anticipated to close on or about September 30, 2018. As of September 29, 2020, Letho and Anio are now seeking to move forward with the transaction, which the parties hope to close by the end of 2020. Anio Oil & Gas Sh.a. (‘Anio’) cancelled the acquisition of Letho Resources Corp. (TSXV:LET) (‘Letho’) in a reverse merger transaction on December 30, 2021. Letho has requested that the TSX Venture Exchange resume trading in the Company’s common shares as soon as practicable.