SIM Co. Ltd. entered into a letter of intent to acquire Verisante Technology Inc. (TSXV:VRS) from Thomas Braun and others in a reverse merger transaction on April 17, 2018. SIM Co. entered into a definitive agreement to acquire Verisante Technology from Thomas Braun and others in a reverse merger transaction on June 30, 2018. Under the terms of the transaction, Verisante Technology will issue 500 million of its common share to acquire all the issued and outstanding common shares of SIM Co. In connection with the transaction, the board of directors approved the settlement of CAD 0.78 million of debt through the issuance of 15.2 million common shares Verisante Technology. Post deal, debt settlement and the SIM shareholders will own approximately 83.9% of the shares outstanding. SIM Co. and Verisante Technology also agree to raise CAD 0.5 million pursuant to debt financing or for issuance of common shares of Verisante Technology, via a private placement. The proceeds of this financing are to be used for costs relating to the reverse takeover, pre-construction expenses of an offshore supply base and working capital and general corporate purposes. The name of the company is expected to change from Verisante Technology, Inc., to SIM Energy Service, Inc. Upon completion of the transaction, U Aung Kyaw will become Verisante Technology's President and Chief Executive Officer; U Nay Lynn Oo as Director; Zi Cheng Xu as Cheif Financial Officer and Director; Guangyu Li as Director and Jake Thiessen as Director. The transaction is subject to customary conditions, including exchange approval, minimum capital requirements, as well as applicable director and shareholder approvals and approval from Verisante shareholders. The board of Verisante Technology unanimously recommends the deal. As of October 9, 2018, Verisante shareholders approved the transaction. The transaction is expected to close on or around September 30, 2018.