Primeline Energy Holdings, Inc. (TSXV:PEH) signed a memorandum of understanding to acquire Loyz Energy Limited (Catalist:594) in a reverse merger transaction on June 8, 2015. Under the terms, Loyz Energy Limited will issue approximately 1.8 billion shares as part of consideration. Pursuant to acquisition, Loyz Energy Limited intends to seek a transfer of the listing from Catalist to the Main Board of the SGX-ST. The merger of Primeline Energy Holdings, Inc. and Loyz Energy Limited is proposed to be effected by way of a scheme of arrangement. Post closing, Primeline's shareholders will own 66.1% of the enlarged share capital.

The transaction is subject to due diligence investigation, approval by shareholders of both Primeline Energy Holdings, Inc. and Loyz Energy Limited, conversion of Victor Hwang's loan into new shares, definitive agreement, approval by Securities Industry council and regulatory and court approvals from Cayman Islands, approval by CNOOC, Primeline Energy Holdings's lending banks and GEMS, completion of Primeline Petroleum Corporation acquisition. The loan conversion was completed on June 5, 2015. The definitive agreement is expected to be signed on August 31, 2015. The transaction is expected to complete by December 31, 2015. On August 28, 2015, the long stop date to agree on the terms and conditions of the Definitive Agreements was extended from August 31, 2015 to September 30, 2015.

Primeline Energy Holdings, Inc. (TSXV:PEH) cancelled the acquisition of Loyz Energy Limited (Catalist:594) in a reverse merger transaction on September 30, 2015.