Quattro Exploration and Production Ltd. (TSXV:QXP) signed a binding letter of intent to acquire SRD Innovations Inc. for CAD 3.5 million on November 30, 2015. The shareholders of SRD Innovations Inc. shall receive 1 preferred share in exchange for 69.6563 Class A common shares of SRD Innovations Inc. Under the terms of the agreement, the consideration involves issuance of 0.03 million Class C, Series 3 preferred shares of Quattro Exploration and Production Ltd. The holder will have the right on the anniversary of the 2nd year of issuance to convert the preferred shares into Class A common shares at a ratio of 40 Class A shares for each preferred share converted. The transaction is subjected to approval of the TSX Venture Exchange, other customary conditions and expected to close by December 28, 2015.
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- Quattro Exploration and Production Ltd. signed a binding letter of intent to acquire SRD Innovations Inc. for CAD 3.5 million.