ENTREC Corporation (TSX:ENT) entered into a letter of intent to acquire Capstan Hauling Inc. on August 8, 2018. Following completion of the acquisition, Entrec plans to merge Entrec’s Grande Prairie oilfield transportation division with Capstan and operate the combined business under the Capstan brand. The shareholders of Capstan will also retain a large ownership interest in the combined business post-acquisition and the existing Capstan management will lead and manage the combined business going forward. The transaction is subject to a number of conditions, including the execution of a definitive share purchase agreement. The transaction is expected to close in September, 2018. ENTREC Corporation (TSX:ENT) completed the acquisition of Capstan Hauling Inc. for CAD 13.72 million on October 1, 2018. The aggregate consideration paid at closing consisted of: (i) the issuance of common shares in a subsidiary of ENTREC at a value of CAD 4 million; (ii) a promissory note of CAD 3 million bearing interest at an annual rate of 5.00% and due September 30, 2023; and (iii) cash of CAD 10 million less outstanding debt and finance lease obligations at closing and less certain holdback amounts. The final purchase price remains subject to adjustment based on Capstan's working capital as at September 30, 2018 as well as other post-closing adjustments.