GlobeNewswire3 months ago
Blacksteel Energy Inc. (BEY.V) (“Blacksteel” or the “Corporation”) and Drakkar Energy Ltd. (“Drakkar”) are pleased to announce that they have entered into a non-binding letter of intent dated July 3, 2018 (the “Letter Agreement”) for a proposed transaction (the “Transaction”) between the two companies. The Transaction is subject to due diligence, the signing of a definitive agreement with customary diligence, representations, warranties and closing conditions and if necessary, shareholder approval of the parties. Among other things, the parties have agreed on a commercially reasonable efforts financing to support an agreed upon capital and business plan, seek to extend the maturity date of the Blacksteel unsecured convertible debentures and agree upon certain resale restrictions on the shares of the post-transaction company. Additional information on the Transaction will disclosed in future press releases.