Starlogik IP LLC signed a binding term sheet to acquire Longreach Oil Ltd. (ASX:LGO) in a reverse merger transaction on February 26, 2016. Upon closing, the break-up of Longreach shareholding will be like existing shareholders of Longreach will hold 8.32% (48.57 million shares), Starlogik shareholders will hold 83.99% (489.79 million shares), capital increase of 6.85% (40 million shares) and transaction shares of 0.84% (4.95 million shares). Longreach will change its name to Starlogik Limited and will also change the nature of business from a mining exploration company to a technology company. Longreach will consolidate its shares on issue on 25:1 basis. In connection with the acquisition, the founders of Starlogik, Ari Kahn and Terry Shatenstein, will continue to run the business. The deal is conditional on Longreach raising AUD 8 million in capital, regulatory approvals, Longreach shareholder approval, financial and legal due diligence, Starlogik obtaining advice confirming the taxation treatment of the transaction and Starlogik will have the right to select a new Board with the existing Longreach shareholders retaining the right to appoint one Board member. The transaction will have a material effect on the Longreach’s total assets and total equity interests. Expected closing and schedule: The execution of formal share exchange agreement is scheduled on April 25, 2016 while the target date for re-quotation of shares is July 1, 2016. Starlogik IP LLC cancelled the acquisition of acquire Longreach Oil Ltd. (ASX:LGO) in a reverse merger transaction on February 26, 2017.