Quattro Exploration and Production Ltd., focused on the competitive execution of the exploration and development of oil and natural gas reserves in Western Canada, purchased 100 per cent interest in the El Cedro License in Guatemala, from GFI Petroleum (Guatemala) Limited, a Guatemalan subsidiary of an oil and gas exploration and production company residing in the British Virgin Islands.
The price of CDN$5,470,000 is to be paid through the issuance of 50,000 non-voting Class C Preferred Shares at a price of US$100 per share, and the assumption of US$470,000 in liabilities.
The acquisition transaction is planned to occur on or before May 1, 2016.
