Business
Pacific Arc Resources Enters into Letter of Intent for a Reverse Takeover Transaction with RocketFrac Cleantech
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2022) - Pacific Arc Resources Ltd (TS...
About this update from Pacific Arc Resources Ltd.
[{"type":"text","content":"Pacific Arc Resources Enters into Letter of Intent for a Reverse Takeover Transaction with RocketFrac CleantechVancouver, British Columbia--(Newsfile Corp. - March 23, 2022) - Pacific Arc Resources Ltd (TSXV: PAV) (\"Pacific Arc\" and/or the \"Company\"), is pleased to announce that it has entered into letter of intent dated March 16, 2022 (the \"LOI\") with RocketFrac Services Ltd. (\"RocketFrac Cleantech\"), an innovative energy service company developing technologies to boost reservoir production with a lower environmental footprint. The LOI outlines the general terms and conditions of a proposed business combination, which would result in RocketFrac Cleantech becoming a wholly-owned subsidiary of the Company (the \"Proposed Transaction\").Completion of the Proposed Transaction is subject to customary terms and conditions as set forth in the LOI including, but not limited to: the satisfactory completion of due diligence; the successful negotiation and execution of a definitive agreement for the Proposed Transaction (the \"Definitive Agreement\"); shareholder and applicable stock exchange approvals, the performance of any closing conditions; and other conditions typical for similar transactions. In connection with the signing of the LOI, trading in the common shares of Pacific Arc have halted from trading. Trading is expected to remain halted until the completion or termination of the Proposed Transaction.The proposed terms of the Proposed Transaction are subject to change as due diligence and negotiations progress between the parties. A comprehensive press release with further particulars relating to the Proposed Transaction will be issued in connection with the parties entering into the Definitive Agreement. There is no assurance that the Proposed Transaction will be completed as proposed or at all. Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any informatio...