CALGARY, Alberta, June 16, 2020 (GLOBE NEWSWIRE) -- Paleo Resources, Inc. (“Paleo” or the “Corporation”) (TSX-V: PRE, OTCQB: PRIEF) announced today that, further to its news release dated December 23, 2019, it has completed the acquisition (the “Acquisition”) of EF Resources, Inc. (“EFR”), the owner of the EnergyFunders financial technology platform, subject to final approval of the TSX Venture Exchange. The Acquisition was completed pursuant to the terms of a merger agreement, whereby EFR merged with a US subsidiary of Paleo. Pursuant to the Acquisition, Paleo authorized the issuance of an aggregate of 86,547,774 common shares of Paleo to the former shareholders of EFR, representing 25% of the total issued and outstanding common shares of Paleo on a fully diluted basis, of which 77,892,997 shares have been issued and 8,654,777 shares are subject to a holdback in respect of certain representations and warranties provided in favor of Paleo pursuant to the merger agreement.
Paleo Completes Acquisition of Oil and Gas Fintech Platform, EF Resources, Inc. and Announces Changes to the Board and Management
Jun 16, 2020
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