Tenth Avenue Petroleum Corp. (TSXV:TPC) agreed to acquire light oil, high netback asset in Southern Alberta from Danzig Resources Ltd. for CAD 0.76 million on September 1, 2022. Consideration is payable with CAD 0.4 million cash and the issuance of 1,500,000 common shares of the Company at an ascribed price of CAD 0.24 per share.

The Consideration Shares (representing approximately 3.76% of the issued and outstanding common shares of the Company, on a non-diluted basis, post-Acquisition) will be subject to a lockup such that 50% of the Consideration Shares will be subject to a six-month escrow period and remaining 50% of the Consideration Shares will be subject to a twelve-month escrow period. Closing of the Acquisition is subject to certain customary conditions and regulatory and other approvals, including all necessary approvals of the TSX Venture Exchange. Acquisition is accretive on a per share basis.