TrueNorth Quantum Inc. entered into a non-binding letter of intent to acquire United Royale Holdings Corp. (OTCPK:URYL) in a reverse merger transaction on July 30, 2021. TrueNorth Quantum Inc. entered into a definitive share exchange agreement to acquire United Royale Holdings Corp. (OTCPK:URYL) in a reverse merger transaction on September 23, 2021. Under the agreement, United Royale will offer to acquire all of the issued and outstanding common shares of TrueNorth on the basis of 14 common shares of United Royale for each common share of TrueNorth. Following the acquisition, TrueNorth will become a subsidiary of United Royale Holdings. United Royale Holdings Corp. will change its name to TrueNorth Quantum, Inc. The parties are in the process of negotiating the definitive documents for and structuring the transaction. The transaction will be subject to the approval of shareholders of TrueNorth and other conditions typical of transactions of this nature. Fasken Martineau DuMoulin LLP acted as legal advisor to TrueNorth.