Prairie Storm Energy Corp. entered into letter of intent to acquire Quendale Capital Corp. (TSXV:QOC.P) for CAD 40.3 million in a reverse merger transaction.
Upon completion of the acquisition, Hugh G. Ross, Co-founder, President and Chief Executive Officer of Prairie Storm will join as President, Chief Executive Officer and Director, Roderick Keith MacLeod will join as Director, Bruce G. Waterman will join as Director, Julian Din will join as Vice President, Business Development and Director, Ketan Panchmatia will join as Vice President, Finance & Chief Financial Officer, Greg Groten will join as Vice President, Exploration, Michael Schmidt will join as Vice President, Engineering and Rob Morrison will join as Vice President, Operations in the resulting issuer. The current head office of Prairie Storm, located at 2000- 215 9 Ave SW, Calgary AB, T2P 1K3, shall continue to be the head office of the resulting issuer. The transaction is subject to execution of a definitive acquisition agreement, dissenters rights limited, approval by the shareholders and Board of Directors of Prairie Storm, receipt of applicable regulatory, approval by the shareholders and Board of Directors of Quendale, resignation of Quendale directors, other material third party approvals and TSXV approvals and Prairie Storm shall have nominated the directors and officers. As of November 29, 2020, the conditional acceptance by the TSXV regarding the transaction is expected shortly. As of December 2, 2020, the transaction has received conditional approval from the TSX Venture Exchange and the conditional acceptance is valid for a 90 day period from November 30, 2020. As of December 2, 2020, the transaction is expected to close on or about December 16, 2020. Melinda Park of Borden Ladner Gervais LLP acted as legal advisor to Quendale. Scott W. N. Clarke of Blake, Cassels & Graydon LLP acted as legal advisor to Prairie Storm.