MatRRix Energy Technologies to Go Public
Elson Energy Enterprises Ltd. (TSX-V: EEE.P), a capital pool company (CPC), has entered into a letter of intent (LOI) with MatRRix Energy Technologies Inc. for the amalgamation of Elson Energy and MATRRIX and the continuation of the combined company as MATRRIX Energy Technologies Inc.
The non-arms’s length transaction will constitute as Elson Energy’s Qualifying Transaction (QT).
The shareholders of MatRRix will exchange each one of their common shares for one common share of the amalgamated company at a deemed price of $1.00 per share. MatRRix currently has 26,000,010 common shares and agent’s options to acquire 1,098,400 common shares issued and outstanding and has granted 1,126,000 options to acquire 1,126,000 common shares.
Upon completion of the QT, the new MATTRIX will have 29,700,010 common shares, 1,426,000 options to acquire 1,426,000 common shares, agent’s warrants to acquire 150,000 common shares and agent’s options to acquire 1,198,400 common shares issued and outstanding.
MatRRix is engaged in the supply of downhole drilling technologies and efficiency for the oil and gas industry in North America.
MatRRix Energy Technologies has recently closed a $24.5 million brokered private placement led by CGS Resource Fund Ltd. and Golden Opportunities Fund. Lightyear Capital Inc. acted as placement agent.