Trailblazer Resources, Inc. entered into an agreement to acquire assets of Temple Mountain Energy, Inc. for $9.3 million.
The transaction is subject to approval from Temple Mountain Energy's shareholders, completion of due diligence, and completion of the regulatory process. As of August 13, 2012, Temple Mountain Energy agreed to extend the approval by Temple Mountain Energy shareholders to August 20, 2012 from August 10, 2012. As on September 24, 2012, majority of the shareholders of Temple Mountain Energy had approved the proposed acquisition with slight modifications to the deadline dates. As reported, date for the completion of the due diligence is November 30, 2012 and closing date of the transaction is December 17, 2012.
On December 17, 2012, Trailblazer Resources extended the term of the agreement until January 31, 2013. As on December 20, 2012, Temple Mountain now allows Trailblazer to complete its due diligence on the acquisition.