Quattro Exploration and Production Ltd. (TSXV:QXP) signed a binding letter of intent to acquire SRD Innovations Inc. for CAD 3.5 million on November 30, 2015. The shareholders of SRD Innovations Inc. shall receive 1 preferred share in exchange for 69.6563 Class A common shares of SRD Innovations Inc. Under the terms of the agreement, the consideration involves issuance of 0.03 million Class C, Series 3 preferred shares of Quattro Exploration and Production Ltd. The holder will have the right on the anniversary of the 2nd year of issuance to convert the preferred shares into Class A common shares at a ratio of 40 Class A shares for each preferred share converted. The transaction is subjected to approval of the TSX Venture Exchange, other customary conditions and expected to close by December 28, 2015.

Quattro Exploration and Production Ltd. (TSXV:QXP) completed the acquisition of SRD Innovations Inc. on December 31, 2015.