Transaction Under the terms of the LOI, upon completion of the Transaction, Skarb will issue 100,000,000 common shares (the “Petratherm Shares”) to Petratherm on closing in consideration for the Projects. Within 125 days of completion of the Transaction, Petratherm will distribute the Consideration Shares in specie to its shareholders pro rata in accordance with their shareholdings in Petratherm. The Transaction is an arm’s length transaction. Pursuant to the terms of the LOI, it is anticipated that the definitive agreement (the “Definitive Agreement”) in respect of the Transaction will be signed on or before October 15, 2020, at which time the Company will issue a comprehensive news release in respect of the Transaction. Completion of the Transaction is subject to a number of conditions, including but not limited to the following key conditions: • completion by the Company of a private placement for gross proceeds of not less than $4,000,000; • execution of the Definitive Agreement; • completion of mutually satisfactory due diligence; and • receipt of all required regulatory, corporate and third party approvals, including the approval of the CSE and the shareholders of the Company and the fulfillment of all applicable regulatory requirements and conditions necessary to complete the Transaction.
PTR Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
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