Business
Lite Access Provides Additional Details About Acquisition of Ironman
(TheNewswire) August 21, 2025 – TheNewswire - Vancouver, Bri...
About this update from Ironman International Ltd.
[{"type":"text","content":"Lite Access Provides Additional Details About Acquisition of Ironman\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n August 21,\n \n\n\n 2025 –\n \n\n\n\n TheNewswire -\n \n\n\n Vancouver, British\nColumbia.\n \n\n LITE ACCESS\nTECHNOLOGIES INC.\n \n\n (“\n \n\n Lite Access\n \n\n ” or the\n“\n \n\n Company\n \n\n ”) (\n \n\n TSX VENTURE:\nLTE\n \n\n ) (\n \n\n OTC:\n \n\n LTCCF\n \n\n ) is, as a result of a review by the Ontario Securities\nCommission, providing to its shareholders additional details about the\nacquisition of 1097195 B.C. Ltd. (“\n \n\n Ironman\n \n\n ”) and\nIronman Directional Drilling US Inc. (“\n \n\n US Holdco\n \n\n ”, Ironman\nand US Holdco collectively, the “\n \n\n Ironman Parties\n \n\n ”)\npursuant to a definitive share exchange agreement dated December 7,\n2024, as amended (“\n \n\n Share\nExchange Agreement\n \n\n ”) to acquire the Ironman\nParties, an experienced provider of directional drilling (the\n“\n \n\n Acquisition\n \n\n ”), which was previously announced in the news release\ndated December 30, 2024. Following the Company’s publication of its\ninformation circular (the “\n \n\n Information Circular\n \n\n ”) with respect to the\nTransaction on August 7, 2025, the Company wishes to provide\nadditional information regarding the background and business rationale\nof the Acquisition, so shareholders can make a more informed decision.\n \n\n\n\n Background to the Acquisition\n \n\n\n\n Prior to the proposed Acquisition of Ironman, the\nCompany had previously engaged Ironman to provide horizontal\ndirectional drilling services on its fibre optic installation\nprojects. This relationship culminated into the Company and Ironman\nentering into a cooperation agreement on July 20, 2022 in order to\nincrease the project flow of the Company.\n \n\n\n\n Due to the business rationale set forth below, the\nCompany offered to acquire Ironman instead of proposing a new\ncooperation agreement with Ironman. In April 2023, the Company’s\nChief Executive Officer at that time connected with Ironman to propose\nthe Acquisition. Ironman was firm on the total consideration, being\napproximately $8 million in shares (the “Consideration Shares”)\nand cash paymen...