$AOC.CN $ANTGF Advantagewon Oil Corp. (CSE: AOC)
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Posted On: 09/08/2020 8:49:13 AM
$AOC.CN $ANTGF
Advantagewon Oil Corp. (CSE: AOC) (OTC PINK: ANTGF), (the "Corporation", "Advantagewon", "AOC" announced today that further to its press release dated May 22, 2020, it has signed the Definitive Agreement ("DA" to acquire all the issued and outstanding common shares of Groundstar Resources Limited (TSXV: GSA.H) ("GRL".
The transaction is to be structured as an amalgamation of AOC's wholly-owned subsidiary Opulence Resources Inc. and GRL, which has approximately $32,000,000 in accumulated tax losses and the acquisition of these losses will allow AOC to defer a significant amount of income tax when it enters a taxable position. The purchase price for GRL will be approximately $465,000 including the assumption of debt and will be paid for via the issuance of common shares of AOC, on the basis of one common share of AOC for each ten common shares of GRL held.
The completion of the transaction is subject to a number of conditions including GRL shareholder approval, Canadian Securities Exchange ("CSE" approval, and TSX Venture Exchange ("TSXV" approval. The Corporation will provide further updates on the proposed transaction, via press release, as material information becomes available. It is anticipated that the transaction will close on or before December 31, 2020.
Advantagewon Oil Corp. (CSE: AOC) (OTC PINK: ANTGF), (the "Corporation", "Advantagewon", "AOC" announced today that further to its press release dated May 22, 2020, it has signed the Definitive Agreement ("DA" to acquire all the issued and outstanding common shares of Groundstar Resources Limited (TSXV: GSA.H) ("GRL".
The transaction is to be structured as an amalgamation of AOC's wholly-owned subsidiary Opulence Resources Inc. and GRL, which has approximately $32,000,000 in accumulated tax losses and the acquisition of these losses will allow AOC to defer a significant amount of income tax when it enters a taxable position. The purchase price for GRL will be approximately $465,000 including the assumption of debt and will be paid for via the issuance of common shares of AOC, on the basis of one common share of AOC for each ten common shares of GRL held.
The completion of the transaction is subject to a number of conditions including GRL shareholder approval, Canadian Securities Exchange ("CSE" approval, and TSX Venture Exchange ("TSXV" approval. The Corporation will provide further updates on the proposed transaction, via press release, as material information becomes available. It is anticipated that the transaction will close on or before December 31, 2020.
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