Australian Canadian Oil Royalties, Ltd. (OTCPK:AUCA.F)(ACOR) signed an agreement to acquire International TME Resources, Inc. (OTCPK:ITME) for $1.9 million in stock on May 30, 2013. Under the terms of the transaction, ITME shareholders will receive 0.5431 of a common share of the combined entity, which shall be called Chelsea Oil and Gas, Ltd. in exchange for one ITME common share. After the transaction closes, Chelsea will have 64 million common shares outstanding out of which 13.9 million shares will be issued to ITME shareholders. Chelsea will be based in Calgary and will add Stewart Gibson and Toby Pierce as Board of Directors, William Petriewill retain the position of Chairman. Howard Siegel and Andre Sakhai will leave the Board of Directors of ACOR.

The transaction is subject to approval of the Supreme Court of British Columbia, approval of 66 2/3% of the votes cast by each of the ITME and ACOR at their shareholders meetings and the satisfaction of a number of customary conditions. The transaction has been approved by the Board of Directors of both ACOR and ITME. Shareholders representing approximately 63% of the issued and outstanding shares of ACOR and 33% of the issued and outstanding shares of ITME have entered into binding support agreements to vote in favor of the proposed transaction. The transaction is anticipated to close on or about August 2, 2013.

Australian Canadian Oil Royalties, Ltd. (OTCPK:AUCA.F)(ACOR) completed the acquisition of International TME Resources, Inc. (OTCPK:ITME) on October 1, 2013. Stewart Gibson, Toby Pierce and Yves Merer will be added as Board of Directors. Jesse Meidl will retain his position as a director of Chelsea.