Wedgemount Resources Corp. entered into a letter of intent to acquire Oil and gas assets located in the prolific Permian Basin of West Texas from Willowbend Investments Inc. for $1.5 million.

Wedgemount Resources Corp. (CNSX:WDGY) entered into a letter of intent to acquire Oil and gas assets located in the prolific Permian Basin of West Texas from Willowbend Investments Inc. for $1.5 million on October 27, 2022. Wedgemount Resources Corp.

signs definitive agreement to acquire Oil and gas assets located in the prolific Permian Basin of West Texas on December 19. 2022. The Company expects to finance the acquisition through cash on hand and a private placement of equity securities.

The purchase is subject to the completion of due diligence by Wedgemount, the execution of a definitive agreement and receipt of all necessary regulatory approvals. As of December 19, 2022, the company also announces that it has arranged a non-brokered private placement of up to 2,500,000 units at $0.14 per Unit for gross proceeds of up to $0.37 million. As of January 12, 2023, Wedgemount Resources completed the first of three payments of $250,000 in connection with the definitive agreement.

Wedgemount expects to close the proposed transaction before the end of 2022. As of February 21, 2023, the Company has made payments totalling $750,000 and has one final payment of $750,000 due on or before March 31, 2023. Upon completion of the third payment, the Company will assume operatorship of and take title to the Project.