Faraday Energy Inc. entered into a non-binding letter of intent to acquire Bird River Resources Inc. in a reverse merger transaction.
The proposed transaction is subject to certain conditions precedent, including, among other things, the completion of satisfactory mutual due diligence, execution of a definitive legal agreement, the completion of a private placement and receipt of all requisite approvals, the conditional approval to the listing of the shares of the resulting issuer on the Canadian Securities Exchange and receipt of all required regulatory, corporate and third-party approvals, including approvals by the CSE, applicable governmental authorities, and the fulfilment of all applicable regulatory requirements and conditions necessary to complete the Proposed Transaction. As of August 10, 2021, both parties have extended the expiry date for the definitive agreement to August 31, 2021 and as a result extended the proposed transaction. As of September 29, 2021, both parties have extended the expiry date for the definitive agreement to October 31, 2021. On December 24, 2021, Bird River and FEI have agreed to extend the expiration date of their non-binding letter of intent to March 31, 2022. On April 13, 2022, the letter of intent with respect to the transaction has been extended to May 5, 2022. The transaction is anticipated to be completed in the first quarter of 2022.