Dynamis Energy, LLC entered into an agreement to acquire Freestone Resources, Inc. (OTCPK:FSNR) in a reverse merger transaction on November 2, 2017. Under the terms of the agreement, all the units of Dynamis will be exchanged for shares of Freestone’s common stock. At the closing of the transaction, the members and warrant holders of Dynamis will collectively own or have the right to purchase (through exercising a warrant to purchase Dynamis units, which Freestone will have the right to exchange shares of its common stock in exchange for such Dynamis units) shares of Freestone’s common stock, representing approximately 75% of Freestone’s issued and outstanding shares. The Freestone’s current shareholders will own 25% of the combined entity. The combined entity will have offices in Idaho and Texas, and a joint management team to be announced. The transaction can be terminated by either Dynamis or Freestone if the closing has not occurred at or before December 31, 2017. If the agreement is terminated, the terminating party shall pay to the non-terminating party amount equal to $0.05 million. As of September 30, 2018, Dynamis Energy and Freestone Resources are continuing to work towards the closing of the merger. Dynamis Energy has encountered delays in completing the required audited financial statements to comply with SEC requirements. Freestone remains committed to completing the merger once these issues are resolved. The transaction is subject to Freestone and Dynamis completing the due diligence, Freestone commencing a rights offering to its stockholders which shall remain open for a period of 90 days, the approval by Freestone’s stockholders and the filing with the Nevada Secretary of State of an amendment to Freestone's Articles of Incorporation to increase the number of Freestone’s authorized shares of common stock in an amount sufficient to consummate the transaction, the rights offering, the Freestone’s new equity incentive plan and the other transactions contemplated by the plan, the effectiveness of Freestone’s to-be-filed: (i) Registration Statement on Form S-3 relating to the registration under the Securities Act, of the shares of Freestone common stock to be issued in its rights offering; and (ii) Registration Statement on Form S-4 relating to the authorization and the registration under the Securities Act of the shares of Freestone’s common stock to be issued in the transaction, Dynamis members, together with Freestone’s stockholders participating in the rights offering, shall collectively hold at least 80% of the total issued and outstanding shares of Freestone’s stock and Freestone’s stockholders shall have approved Freestone’s new equity incentive plan. The Board of Directors of Freestone and Dynamis have unanimously approved the transaction. Melanie G. Rubocki of Perkins Coie LLP acted as legal advisor for Dynamis and Leonard W. Burningham of Burningham Law P.C. acted as legal advisor for Freestone. Dynamis Energy, LLC cancelled the acquisition of Freestone Resources, Inc. (OTCPK:FSNR) in a reverse merger transaction on November 21, 2019 .