Laredo Oil, Inc. (OTCPK:LRDC) acquired Stranded Oil Resources Corporation from Alleghany Corporation (NYSE:Y) on December 31, 2020. Kenneth M. Silverman of Olshan Frome Wolosky LLP acted as legal advisor to Alleghany.

Laredo Oil, Inc. (OTCPK:LRDC) completed the acquisition of Stranded Oil Resources Corporation from Alleghany Corporation (NYSE:Y) for $0.07 million on December 31, 2020. Under the terms of the transaction, the transaction was settled through a payment of $0.06 million, working capital adjustment $0.017 million and Laredo agreed to pay to Alleghany a revenue royalty of 5.0% of the Laredo's future revenues and net profits relating to oil, gas, gas liquids and all other hydrocarbons, subject to certain adjustments, for a period of seven years after the closing.