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

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


W R Grace to purchase Chinese FCC catalyst manufacturer

COLUMBIA, US: W R Grace & Co will acquire assets of Noblestar Catalysts Co Ltd, manufacturer of fluid catalytic cracking (FCC) catalysts, catalyst ...

Read more
BP intends to sell stake in Russian oil firm, TNK-BP

LONDON, UNITED KINGDOM: BP has notified its partners of its intention to sell its interest in TNK-BP. The company informed that it has received unsoli ...

Read more
Sabic starts ethanolamines and ethoxylates shipment from Middle East

RIYADH, SAUDI ARABIA: The Saudi Basic Industries Corporation (SABIC) has shipped its first consignment of ethanolamines and ethoxylates from its manuf ...

Read more
Praxair acquires five Airgas branches

RADNOR/DANBURY, US: Praxair Canada Inc acquired the assets and operations of five Airgas branch locations in western Canada, including Calgary, Red De ...

Read more
Huntsman expands specialty amines facility in Wales

EVERBERG, BELGIUM: The Performance Products division of Huntsman Corporation has completed the expansion of its specialty amines manufacturing facilit ...

Read more
Perstorp, PTT joint venture for polyurethanes

PERSTORP, SWEDEN/BANGKOK, THAILAND: Perstorp has set up a joint venture with PTT Global Chemical for the manufacturing and sales of products for the p ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X