RocketFrac Services Ltd. entered into letter of intent to acquire Pacific Arc Resources Ltd. (TSXV:PAV.H) in a reverse merger transaction on March 16, 2022. In connection with the signing of the LOI, trading in the common shares of Pacific Arc have halted from trading. Trading is expected to remain halted until, at the earliest, the completion or termination of the Proposed Transaction. The completion of the proposed transaction is subject to customary terms and conditions including, but not limited to, the satisfactory completion of due diligence, the successful negotiation and execution of a definitive agreement for the proposed transaction, shareholder and applicable stock exchange approvals, the performance of any closing conditions, and other conditions. In June 2022, Pacific Arc Resources entered into an amendment agreement which extended the terms of the LOI and extends the completion of due diligence and the date of execution of the definitive agreement to July 31, 2022; the closing date of the transaction to October 31, 2022 and the outside date for the closing of the transaction to December 15, 2022. On September 23, 2022, Pacific Arc Resources entered into a second amendment agreement which further extended the terms of the LOI and extends the completion of due diligence and the date of execution of the definitive agreement to November 30, 2022; the closing date of the transaction to February 28, 2023 and the outside date for the closing of the transaction to April 14, 2023.

RocketFrac Services Ltd. cancelled the acquisition of Pacific Arc Resources Ltd. (TSXV:PAV.H) in a reverse merger transaction on March 15, 2023. Pacific Arc and RocketFrac have mutually agreed to terminate the proposed reverse takeover transaction.