Business
Guardian Announces Sale of K2 America Corp.
Calgary, Alberta--(Newsfile Corp. - June 20, 2018) - Guardian Exploration Inc. (TSXV: GX) (" G...
About this update from Guardian Exploration Inc.
[{"type":"text","content":"Guardian Announces Sale of K2 America Corp.Calgary, Alberta--(Newsfile Corp. - June 20, 2018) - Guardian Exploration Inc. (TSXV: GX) (\"Guardian\" or the \"Corporation\") announces that it has sold all of its shares in the capital of K2 America Corp. (\"K2\"), the Corporation's wholly-owned American subsidiary, to Graydon Kowal for the purchase price of $1.00 (the \"Disposition\"). K2 is a wholly owned US subsidiary of Guardian that was acquired through Guardian's Qualifying Transaction with Resilient Resources Ltd. K2's only assets are its oil wells located on the Blackfeet Tribe Reservation near the town of Cut Bank, Montana, all of which have been shut in and have been written off of the books of Guardian. All of the liabilities of K2 will be assumed by Graydon Kowal in connection with his acquisition of K2's shares.In connection with the Disposition, K2 accepted an aggregate of 16,803,340 common shares in the capital of the Corporation, at a price of CA$0.05 per common share, in full and final settlement of the debt of US$669,722.50 owed to it by the Corporation (the \"Debt Settlement\"). All of the shares issued in connection with the Debt Settlement are subject to a statutory four-month hold period in accordance with applicable securities laws.Closing of the Disposition and the Debt Settlement (collectively, the \"Transactions\") were subject to the approval from the TSX Venture Exchange, which has been obtained.Graydon Kowal is the President, CEO and a director of the Corporation. As a result of the Transactions, Mr. Kowal now owns, through his wholly-owned corporations, K2, Guardian Drilling and Consulting Inc., Deckland Inc. and Guardian Helicopters Inc. (collectively, the \"Kowal Corporations\") and directly in his own name, an aggregate of 66,490,085 common shares in the capital of the Corporation, or 89.47% of the common shares of the Corporation now issued and outstanding (diluted and undiluted).In the future, depending on economic or market conditions or matters relating to the Corporation, the Kowal Corporations and/or Graydon Kowal may choose to either acquire additional securities or dispose of securities of the Corporation. Neither Graydon Kowal nor any of the Kowal Corporations has any present intention to acquire additional securities of the Corporation.The Transactions are considered \"Related Party Transact...