Strikewell Energy Corp. entered into a debt reduction and share property transfer agreement to acquire ZNX Energy Ltd. from Summus Solutions N.V. (TSXV:SS) for CAD 0.2 million.

Strikewell Energy Corp. (TSXV:SKK) entered into a debt reduction and share property transfer agreement to acquire ZNX Energy Ltd. from Summus Solutions N.V. (TSXV:SS) for CAD 0.2 million on November 15, 2019. Under the agreement, the purchase price shall be paid and satisfied at closing, by way of a reduction of the debt owing to Strikewell and all revenues received and costs incurred by ZNX between November 1, 2019 and the closing will be captured in the closing adjustments and will accrue to Strikewell.

The transaction is subject to all necessary regulatory approvals for the transfer, including without limitation the approval of the Exchange, Strikewell shall have received a satisfactory title opinion from its legal counsel and any consents, rights of first refusal or other restrictions on the transfer, sale or assignment of 100% of the shares of ZNX including all the assets shall have been waived or complied with.