Travel Plus International LLC signed a non-binding letter of intent to acquire Petrox Resources Corp. (TSXV:PTC) in a reverse merger transaction on April 9, 2019. Petrox Resources Corp. will complete a 10:1 consolidation of its common shares and it will exchange all of the issued and outstanding shares of Travel Plus from the existing shareholders, in exchange for its 35.3 million post-consolidation shares. Upon closing, Petrox Resources Corp. will change its name to Travel Plus International Ltd. It is also contemplated that the then current Directors of Petrox Resources Corp. will resign to be replaced by nominees to Travel Plus. Additionally, concurrently with the completion of the transaction, it is expected that all of the assets and liabilities of Petrox Resources Corp. held just prior to the closing of the transaction, will be transferred to a newly created wholly-owned subsidiary of Petrox Resources Corp. and that all of the shares of the subsidiary will be distributed to the shareholders of Petrox Resources Corp. on record at the time of the distribution. The transaction is subject to a number of conditions including a due diligence examination, the approval from the Petrox Resources Corp. shareholders of the proposed consolidation and name change, approval from the Travel Plus shareholders, approvals from the TSXV, securities regulators, approval by third parties, all of the assets and all of the liabilities of Petrox shall have been transferred to a newly created wholly-owned subsidiary of Petrox (Newco) in exchange for shares of Newco and all the shares of Newco shall have been distributed by Petrox to all of the shareholders of record of Petrox, the spin out shall be carried out by way of a plan of arrangement to be approved by the shareholders of Petrox and by the Court of Queen’s Bench of Alberta and execution by principal shareholders of Petrox who hold, collectively, approximately 60% of the issued and outstanding shares in the capital of Petrox, of a two-year voluntary escrow agreement pursuant to which 10% of the escrowed shares will be released upon the closing of the RTO, 15% of the escrowed shares will be released on the 6, 12 and 18 month anniversaries of the closing of the RTO and the balance (45%) being released 24 months after the closing of the RTO. The parties expect to enter into a definitive agreement on or prior to July 31, 2019, failing which the letter of intent will be terminated. As of July 29, 2019, the deadline to enter into a definitive agreement with respect to the transaction has been extended to November 30, 2019, or such other date as may be agreed upon by the parties, failing which the letter of intent will be terminated. Travel Plus International LLC cancelled the acquisition of Petrox Resources Corp. (TSXV:PTC) in a reverse merger transaction on January 10, 2020. The termination of transaction was primarily due to Travel Plus's desire to carry out a corporate restructuring.