Maxim Resources Inc. (TSXV:MXM) signed a non-binding heads of agreement to acquire 50% stake in Quest Oil & Gas Ventures Inc. from Quest Investments LLC on March 20, 2015. As consideration, Maxim Resources will issue shares and pay in cash. As a result of transaction, Maxim will acquire up to a 25% indirect equity ownership interest in an oil and gas exploration and production concession covering an onshore area of 747km2within the Emirate of Umm Al-Quwain, in the United Arab Emirates. Maxim Resources Inc. (TSXV:MXM) entered into a definitive agreement to acquire 37.5% stake in Quest Oil & Gas Ventures Inc. from Quest Investments LLC for CAD 7 million in cash and stock on June 2, 2015. Maxim will pay CAD 4.7 million in stock and CAD 2.3 million in cash. Under the terms of the agreement, Maxim can acquire up to a 50% equity interest in Quest in 3 stages. Stage 1 and 2 are expected to close on July 31, 2015. Maxim will have the option to acquire additional 12.5% stake in Quest for CAD 2.3 million. If stage 2 does not close prior to July 31, 2015, 10% of Maxim shares will be paid as a break-up fee.

The deal is subject to completion of satisfactory due diligence by Maxim on or before April 6, 2015, definitive agreements, receipt of all required regulatory approvals, including the approval of the TSXV, and the approval of the shareholders of Maxim. Pursuant to the terms of transaction, Ian Baron, stakeholder in Quest, will be appointed to the Board of Directors of Maxim. The deal is expected to close on or around June 12, 2015. On June 8, 2015, the shareholders of Maxim approved the transaction. As of July 31, 2015, Maxim Resources signed an extension agreement with Quest Investments to extend the 1st closing under the share purchase agreement to a date not later than August 17, 2015. The currency has been converted using www.oanda.com as of March 23, 2015.