Nebu Resources Inc. entered into a letter of intent to acquire Phoenix Bioinvestments Corp. on February 7, 2020. The consideration will be paid by the issuance of common stock of Nebu Resources. As a condition of the proposed transaction, Nebu intends to make an application for listing of the Common Shares of Nebu on the Canadian Stock Exchange. The transaction is also conditioned upon completion of certain financing and other matters

Nebu Resources Inc. cancelled the acquisition of Phoenix Bioinvestments Corp. on February 7, 2020.