Petrox Announces Proposed Transaction with Travel Plus International LLC

About this update from Petrox Resources Corp.

[{"type":"text","content":"Petrox Announces Proposed Transaction with Travel Plus International LLCCalgary, Alberta--(Newsfile Corp. - April 9, 2019) - Petrox Resources Ltd. (TSXV: PTC) (\"Petrox\") is pleased to announce that it has signed a non-binding letter of intent (the \"LOI\") with Travel Plus International LLC, a limited liability company organized under the laws of California (\"Travel Plus\"). The LOI outlines the general terms and conditions pursuant to which Petrox and Travel Plus would be willing to complete a transaction that will result in a reverse take-over of Petrox by the securityholders of Travel Plus (the \"Transaction\"). The Transaction, if approved, will constitute a Reverse Takeover transaction and a Change of Business under the policies of the TSX Venture Exchange (the \"TSXV\"). The Transaction is an arm's length transaction.The LOI provides that pursuant to the Transaction, Petrox will complete a 10:1 consolidation of its common shares and that Petrox will acquire all of the issued and outstanding shares of Travel Plus from the existing shareholders of Travel Plus in exchange for 35,325,484 post-consolidation shares of Petrox. The LOI provides that if the consolidation is completed other than on a 10:1 basis, the number of Petrox shares that will be issued in exchange for the Travel Plus shares will be adjusted accordingly.The transaction will be structured by way of a plan of arrangement, amalgamation, takeover bid, reorganization or other similar form of transaction, as determined following a review of all relevant legal, regulatory and tax matters. The LOI contemplates Petrox and Travel Plus entering into a definitive agreement with respect to the Transaction prior to or on July 31, 2019 or such other date as may be agreed upon by the parties, failing which the LOI will be terminated.In connection with the Transaction, it is contemplated that Petrox will change its name to \"Travel Plus International Ltd.\" or such other name as may be requested by Travel Plus and accepted by Alberta Registries and the TSXV. It is also contemplated that the then current directors of Petrox will resign to be replaced by nominees to Travel Plus.Additionally, concurrently with the completion of the Transaction, it is intended that all of the assets and liabilities of Petrox held just prior to the closing of the Transaction will be transferred ...

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