Nexera Energy Inc. (TSXV:NGY) entered into an agreement to acquire the remaining 25% stake in Production Resources Inc. from Hillcrest Investments Ltd. for $0.4 million on March 10, 2021. As part of consideration, Nexera will pay (i) $0.1 million paid in 24 equal installments (monthly); plus (ii) the remaining $0.3 million to be settled by way of the issuance of 3,789,300 Nexera common shares. In addition, PRI's debt amounts owing to Hillcrest (totaling $0.4 million) are cancelled/terminated as part of this transaction. After closing this transaction, Nexera will own 100% of PRI. Hillcrest currently owns 1,500,000 Common Shares (2.6% of Nexera). After closing this transaction, Hillcrest will own 5,325,300 Common Shares (9.08% of Nexera). All of the Common Shares issued pursuant to the transaction are subject to a 4-month hold period. Completion of the transaction is subject to the final approval of the TSX Venture Exchange. As of May 3, 2021, TSX Venture Exchange has accepted for filing documentation a stock purchase agreement between the Company and Hillcrest Investments Ltd. (the Vendor) dated March 10, 2021.

Nexera Energy Inc. (TSXV:NGY) completed the acquisition of the remaining 25% stake in Production Resources Inc. from Hillcrest Investments Ltd. on May 12, 2021.