Urban Select Capital Corporation (TSXV:CH) entered into a letter of intent to acquire Eagle Creek property of North America Frac Sand, Inc. for CAD 3.3 million.

Urban Select Capital Corporation (TSXV:CH) entered into a letter of intent to acquire Eagle Creek property of North America Frac Sand, Inc. (OTCPK:NAFS) for CAD 3.3 million on April 30, 2018. Urban Select will acquire the property in consideration of issuing 20 million common shares of Urban Select to North America Frac Sand. Under the terms of the letter of intent, Urban Select will have an exclusive period of up to 60 days of signing the letter of intent to conduct its due diligence on Eagle Creek property.

Upon satisfactory due diligence, a definitive agreement will be executed. The transaction is subject to a number of conditions precedent first being met, including (i) TSX Venture Exchange approval, (ii) North America Frac Sand obtaining the approval of its shareholders, if required, and (iii) Urban Select completing a private placement to raise at least CAD 0.5 million. Upon closing, North America Frac Sand Board of Directors shall distribute the Urban Select shares received to enhance its shareholder value accordingly.