Power Zinc Limited signed a non-binding letter of intent to acquire Esrey Energy Ltd. (TSXV : EEL) in a reverse merger transaction on May 1, 2017. As a part of the transaction, Esrey Energy Ltd. will issue 39.8 million shares in exchange of all of the shares of Power Zinc Limited. On closing, it is intended that Ray Power and Nitesh Shah of PRG Plc would be appointed as Directors of Esrey Energy and Richard Green, Director of Esrey Energy would resign. The letter of intent also provides that Esrey loan $0.5 million to Power Zinc, which is guaranteed by PRG. The transaction is subject to satisfactory due diligence review, entering into a definitive agreement by May 12, 2017 and approval from TSX Venture Exchange. As of May 15, 2017, Esrey Energy Ltd. and PRG PLC have completed a satisfactory due diligence review of the other and have entered into a definitive agreement providing for the acquisition by Esrey of the shares of Power Zinc from PRG on substantially the terms of the letter of intent. PRG will distribute the Esrey shares otherwise issuable to it to the shareholders of PRG on a pro rata basis. The Esrey shares will be subject to resale restrictions in accordance with the policies of the TSX Venture Exchange including, but not necessarily limited to, a four-month hold period. Power Zinc Limited completed the acquisition of Esrey Energy Ltd. (TSXV : EEL) in a reverse merger transaction on July 20, 2017. Ray Power holds 8.13 million shares of Esrey Energy (10.2% stake).