Certain Oil and Gas Assets of a Private Alberta Based Company signed a letter of intent to acquire Groundstar Resources Limited (TSXV:GSA) in a reverse merger transaction on July 12, 2017. Under the terms of the transaction, 153.5 million shares of Groundstar Resources shares shall be issued to the private company for the assets. Groundstar Resources announced that it contemplates a non-brokered private placement of up to 25 million of its common shares for gross proceeds of up to CAD 0.5 million. Groundstar Resources further contemplates that all Directors of Groundstar Resources except for Stephen Hughes shall resign, and be replaced by nominees of the private company. In addition, the President and Chief Executive Officer of the private company would become the President and Chief Executive Officer of Groundstar Resources and Chairman of the Board of Directors. Nominees of the private company would also become the Chief Operating Officer and Chief Financial Officer and Stephen Hughes would become Corporate Secretary at Groundstar Resources. All of the current members of the Groundstar Resources management team would resign upon the completion of the transaction. Completion of the transaction is subject to exchange approval, shareholders approvals of both Groundstar Resources and the private company, disinterested shareholder approval if applicable, among other conditions. The transaction is expected to be completed on or about September 29, 2017. Certain Oil and Gas Assets of a Private Alberta Based Company cancelled the acquisition of Groundstar Resources Limited (TSXV:GSA) in a reverse merger transaction on August 1, 2017. As a result of the termination of the letter of intent, the stock halt that was imposed by the regulatory authorities is anticipated to be lifted. Trading of the common shares in the capital of Groundstar Resources is expected to resume at the opening of the markets on August 2, 2017.