Global Green Matrix looks acquire Chemicals by Sterling Ltd

Global Green Matrix looks to acquire Chemicals by Sterling Ltd

9:34 AM, 4th June 2012
Global Green Matrix looks to acquire Chemicals by Sterling Ltd

VANCOUVER, CANADA: Global Green Matrix Corp (GGX) has signed a letter of intent (LOI) with Westcan Solutions Inc to acquire all issued and outstanding shares of Westcan. Westcan is the sole holder of all issued and outstanding shares of Chemicals by Sterling Ltd, both companies being at arm’s-length in relation to GGX. The completion of the proposed purchase is subject to a number of conditions.

Chemicals by Sterling Ltd, a private Saskatchewan company, with its office located in Estevan, provides a complete line of proprietary, custom blended and commodity chemicals to Western Canadian petroleum and natural gas exploration, development and production companies.

GGX would purchase all issued and outstanding shares of Westcan for an aggregate purchase share price of $2,033,000, payable as to $10,000 cash, the repayment of debt in the amount of $33,000 and the issuance of 12,437,500 common shares of GGX at a deemed price of $0.16 per share.

“With the proposed acquisition of Chemicals by Sterling, GGX would obtain a profitable, revenue producing business that has synergies with our goals for growth in the oil and gas waste and rental service industry. Estevan is the fastest growing city in Saskatchewan and a large part of its economy revolves around oil & gas. It is strategically situated in the heart of the Bakken oil field, an ideal location for technologies that we are currently marketing,” said Randy Hayward, President and CEO, GGX.

“The prospect of joining GGX reinforces Sterling’s strategy to develop strong brands, maximize potential of distribution within the oil and gas industry,” said Darryl Scase, Chairman of Chemicals By Sterling Ltd.

© WOC News



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