Renewable Geo Resources Ltd. entered into a non-binding letter of intent to acquire FluroTech Ltd. in a reverse merger transaction.
The board of directors of the Resulting Issuer on closing will be comprised of seven directors, of which five will be nominees of RGRL and two will be nominees of FluroTech. The officers of the Resulting Issuer will be nominees of RGRL. Completion of the Transaction is subject to the satisfaction of a number of customary conditions, including: (i) the negotiation and execution of the Definitive Agreement; (ii) completion of satisfactory due diligence by RGRL and FluroTech of the other Party; (iii) receipt of all required approvals and consents relating to the Transaction, including without limitation any approvals of the shareholders of RGRL; (iv) completion of the RGRL private placement; and (v) the TSXVâs approval for listing the shares of the Resulting Issuer. FluroTech shareholder approval is not required for the transaction.