Purpose ESG Holdings Inc. entered into a letter of intent to acquire Lida Resources Inc. in a reverse merger transaction for CAD 6.1 million.
The parties also anticipate that in conjunction with and upon closing of the proposed transaction, the board of directors of the Resulting Issuer shall initially consist of three directors, all of whom will be nominated by ESG Holdings in consultation with Lida. It is currently anticipated that ESG Holdings will nominate the following Directors and Officers: Anthony Zelen as Director, Steven Landry as Director, Meetul Patel as CFO and Young Bann as CEO. All other current directors and officers of Lida shall resign at or prior to the closing of the proposed transaction. Completion of the proposed transaction is subject to a number of conditions, including, but not limited to, CSE approval, and shareholder approval if required pursuant to CSE, securities regulatory or corporate law requirements. In addition, completion of the proposed transaction is subject to certain standard closing conditions, including the completion of due diligence investigations to the satisfaction of each of Lida and ESG Holdings, execution of the definitive agreement.