PetroPhoenix Capital Corp. signed the letter of intent to acquire Antler Hill Oil & Gas Ltd in a reverse merger transaction on September 13, 2016. As of November 29, 2016, PetroPhoenix Capital Corp. entered into amalgamation agreement to acquire Antler Hill Oil & Gas Ltd in a reverse merger transaction. Under the terms of the transaction, Antler Hill and PetroPhoenix intend to complete a three cornered amalgamation whereby Antler Hill will incorporate a new wholly owned subsidiary which will amalgamate with PetroPhoenix to form a new company, resulting issuer. Antler Hill will complete a 1:10 consolidation of all of its issued and outstanding common shares, both the companies will complete the exchange of securities i.e. each outstanding PetroPhoenix common share, of 5 million, shall be exchanged for 3.14 common shares of the resulting issuer resulting in an aggregate issuance of 15.8 million resulting issuer common shares and each one outstanding Antler Hill common shares will be exchanged for one resulting issuer common share, resulting in an aggregate issuance of 1.1 million resulting issuer common shares. Antler Hill Oil & Gas Ltd will also complete a private placement of a minimum of 3.14 million common shares at a price of CAD 0.32 per common share for gross proceeds of a minimum of CAD 1 million to close concurrently with the transaction after giving effect to the consolidation. Upon the completion of the consolidation, transaction and the Antler Hill private placement, the resulting issuer will have issued and outstanding approximately 20.3 million resulting issuer common shares and stock options entitling the holders thereof to purchase up to 2.02 million resulting issuer shares. The transaction is subject to the approval of TSX Venture and all other necessary regulatory approval, the completion of the Antler Hill private placement, the Founders Financing, the PetroPhoenix private placement, shareholder approval of Antler Hill and PetroPhoenix, satisfactory completion of due diligence reviews by the parties, execution of a definitive agreement, board of directors approval of Antler Hill and PetroPhoenix, to the policies of the TSX Venture relating to qualifying transactions, Antler Hill will hold a special meeting of its shareholders to obtain authorization for the Consolidation and to change its name to “PetroPhoenix Resources Ltd.” As per the announcement made on December 6, 2016, Antler Hill Oil shareholders approved the transaction.