XRApplied SAS entered into a definitive share exchange agreement Zadar Ventures Ltd. (TSXV:ZAD) in a reverse merger transaction for $12 million on July 30, 2020. Under the terms of the agreement ZAD will acquire all of the outstanding shares of XRA in exchange for 40,000,000 common shares of Zadar Ventures. ZAD will also commit to raise a minimum of $500,000 by way of equity offering. As of December 14, 2020, Zadar Ventures will raise a minimum $700,000 and a maximum $3,500,000 at a price of $0.35 per unit by way of a non-brokered accredited investor private placement. Under the terms, Zadar will change its name to XRApplied Technologies Inc. and will also file all the necessary documents for approval of a change of business. On Closing, each of the existing officers and directors of ZAD except Mark Tommasi and Geoff Watson will resign all such positions. Replacement Directors shall be nominated by XRApplied. Mark Tommasi will be appointed as Director and Chairman, Oleksiy Andriychenko will be appointed as Director and Chief Executive Officer, Kostiantyn Makeiev as Director and Jean Vignon acted as Director. On Closing, ZAD shall deliver resignations of each of Paul Gray, John Roozendaal and Yana Bobrovskaya with effect from Closing.

As of December 14, 2020, Zadar filed a preliminary listing statement with the CSE under the name XRApplied Technologies Inc. Zadar Ventures will seek shareholder and regulatory approval to complete the share exchange agreement, approval of Board of Directors of ZAD and XRApplied, completion of financing and name change. As of December 14, 2020, Zadar Ventures received shareholder approval for the acquisition. Computershare Investor Services Inc acted as transfer agent to Zadar Ventures.