Multi-Corp International, Inc. signed a letter of intent to acquire Double X property from Quad Energy Corp. for $1.6 million.

Multi-Corp International, Inc. (OTCPK:MULI) signed a letter of intent to acquire Double X property from Quad Energy Corp. (OTCPK:CDID) for $1.6 million in stock on May 6, 2013. Under the terms of letter of intent, Multi-Corp International will issue 3 million restricted shares as consideration.

This transaction was sanctioned and approved by the bankruptcy court with conditions on March 28, 2013.