Fortem Resources Inc. (OTCPK:FTMR) entered into an asset purchase agreement to acquire three oil leases of heavy oil in North Central Alberta for CAD 3 million on September 14, 2018. Under the terms of agreement, Fortem Resources will pay CAD 3 million, of which CAD 0.2 million was paid as initial deposit upon the execution of agreement. The transaction will constitute an Exempt Acquisition in accordance with the policies of the TSX Venture Exchange. The transaction is expected to close on November 15, 2018 with an option to extend 60 days upon payment of an additional deposit of CAD 0.1 million. Fortem Resources Inc. extends the closing of asset purchase agreement. As of December 19, 2018, transaction is expected to close on or before March 15, 2019. As of May 30, 2019, the extension of closing was granted in consideration for the payment of CAD 0.1 million to the vendor, which will be credited towards the purchase price and the expected closing of the asset purchase agreement has been extended by the parties to a date on or before June 15, 2019. As of September 16, 2019, an extension letter agreement was signed between the seller and Fortem Resources. The seller is prepared to further extend the deferred closing time under the agreement to November 19, 2019, or such alternative time as the parties may agree to in writing, provided that Fortem pays the seller CAD 0.1 million on or before October 18, 2019 (October 2019 deposit). Failing to pay this amount will be treated as a default by Fortem. Fortem will have the option to extend the closing time to December 17, 2019 if Fortem pays to the seller the October, 2019 deposit and the deferred closing time is extended in accordance with this extension letter, Fortem provides a written notice to the seller by November 12, 2019, requesting a further extension of the deferred closing time under the agreement and Fortem pays to seller CAD 0.1 million on or before November 19, 2019. As on October 15, 2019 the company has paid total deposit of CAD 0.5 million.