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Petrodorado Energy Announces Signing of Definitive Agreement with ROK Resources Inc.
Not for Distribution to U.S. News Wire Services or Dissemination in the United States CA...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"Petrodorado Energy Announces Signing of Definitive Agreement with ROK Resources Inc.Not for Distribution to U.S. News Wire Services or Dissemination in the United StatesCALGARY, AB / ACCESSWIRE / November 15, 2019 / Petrodorado Energy Ltd. (\"Petrodorado\" or the \"Company\") (TSXV:PDQ) is pleased to announce that, further to its previous press release dated October 8, 2019, it has entered into a share exchange agreement dated effective October 31, 2019 (the \"Share Exchange Agreement\") with the holders of all of the issued and outstanding shares of ROK Resources Inc. (\"ROK\"), a private Saskatchewan oil and gas company, pursuant to which Petrodorado will acquire all of the issued and outstanding shares of ROK and ROK will become a wholly-owned subsidiary of Petrodorado and the business of Petrodorado will become the current business of ROK (the \"Transaction\"). Pursuant to the Share Exchange Agreement, ROK's shareholders will be issued an aggregate of 20,000,000 common shares of Petrodorado (\"Petrodorado Shares\").After giving effect to the Transaction, it is expected that former ROK shareholders will hold approximately 46% of the current issued and outstanding Petrodorado Shares on a non-diluted basis or approximately 38% on a fully diluted basis (assuming conversion of Petrodorado warrants issued in its most recent financing with a strike price of $0.15 and conversion of all outstanding Petrodorado options).On closing of the Transaction, the current board of directors of the Company will remain in place and one additional director will be appointed, such representative being Cameron Taylor, a nominee of ROK. Mr. Taylor will become the Chief Executive Officer of Petrodorado upon consummation of the Transaction and also be appointed to the Board of Directors of Petrodorado. Mr. Chris Reid, currently the Chief Executive Officer of the Company, will resign as an officer of the Company upon consummation of the Transaction but will remain on the Board of Directors.Mr. Taylor is a geoscientist with over 30 Years of experience in oil and gas exploration and development. Since graduating with a BSc. in Geophysics in 1988, he has explored for and developed projects across Western Canada. This work includes 17 years in the Williston Basin developing conventional and unconventional resources, 8 years doing high impact exploration in ...