TrackX, LLC entered into a letter of intent to acquire Cougar Minerals Corp. (TSXV:COU) in a reverse merger transaction on November 12, 2015. Cougar expects to issue to the TrackX security holders a total of 14.5 million common shares on a post-consolidation basis. In addition, the security holders of TrackX will be issued up to an additional 9 million Cougar shares based on certain performance thresholds, to be defined in a subsequent definitive agreement. Prior to closing, Cougar intends to consolidate its common shares on the basis of two old shares for one new share. All outstanding options and warrants of Cougar shall be appropriately adjusted to reflect the consolidation. Following the consolidation, it is expected that Cougar will have approximately 8.6 million common shares issued and outstanding. On closing of the transaction, it is anticipated that Cougar will change its name to "TrackX Inc." and will carry on the business of TrackX. Further, Cougar proposes to list as a tier 2 issuer on the Exchange. There is a termination fee of CAD 0.2 million if the transaction is terminated.

Upon completion, it is anticipated that Cougar's current Management will resign and that TrackX will appoint the requisite number of officers, in order to satisfy the requirements of the Exchange. Additionally, upon completion, the Board of Directors of the resulting issuer will be comprised of five members, two of whom will be nominated by TrackX, two of whom will be nominated by Cougar and one of whom will be mutually agreed upon. Cougar will be undertake a concurrent financing of not less than CAD 2.25 million to fund working capital of TrackX and to meet minimum listing requirements of the TSXV and to also fund the cost of the transaction. The transaction is subject to the execution of a definitive agreement, completion of satisfactory due diligence, completion of the restructuring, completion of the consolidation, completion of the offering, approval of the transaction by the Board of Directors and security holders of Cougar and TrackX, as applicable, closing of the royalty acquisition from Fluensee, the assignment of the Equita Patent to TrackX, employment agreements being entered into among key management, receiving all third party approvals, and regulatory approval, including approval of the Exchange.

TrackX, LLC entered into a definitive agreement on February 11, 2016. Under the terms of the agreement, Cougar Minerals will make a cash payment of CAD 0.25 million and issue 13.5 million shares. In addition, the current shareholders of TrackX will be eligible to earn up to an additional 7.65 million Cougar shares based on certain business growth based performance milestones as follows: (a) 2.55 million performance shares upon TrackX Inc. generating total revenues of not less than CAD 6.5 million on or before twelve months following the closing date ("first performance date"), (b) 1.28 million performance shares upon TrackX Inc. generating total revenues of not less than CAD 14 million, on or before twelve months following the first performance date ("second performance date"), (c) 1.28 million performance shares upon TrackX Inc. achieving positive EBITDA of not less than CAD 2.1 million on or before twelve months following the first performance date, (d) 1.28 million performance shares upon TrackX Inc. generating total revenues of not less than CAD 18 million on or before twelve months following the second performance date, (e) 1.28 million performance shares upon TrackX Inc. achieving positive EBITDA of not less than CAD 2.7 million on or before twelve months following the second performance date. Tim Harvie will be President, Chief Executive Officer and Director, Robb James will be Chief Marketing Officer and Director, Eddie Shek will be Chief Technical Officer, Blair Garrou, Darren Devine and Darryl Cardey will be Directors and Mark Lotz will be Chief Financial Officer of Cougar. The deal is expected to close in April, 2016.

As of March 9, 2016, Cougar Minerals entered into an agreement with Haywood Securities Inc. in respect of a brokered private placement of up to 14 million shares at a price of CAD 0.25 per share, for aggregate gross proceeds of up to CAD 3.5 million. This is an increase of CAD 1 million from the non-brokered financing of CAD 2.5 million previously disclosed. The transaction must be completed before or concurrently with the closing of the offering. As of May 5, 2016, the transaction received conditional approval for the TSX Venture Exchange. Haywood Securities Inc. acted as broker in financing.