EEStor Corporation (TSXV:ESU) entered into a letter of intent to acquire Green NH3 Inc. for CAD 2.7 million on August 6, 2020. As part of consideration for all of the outstanding share capital of Green NH3, the shareholders of Green NH3 are entitled to receive common shares of EEStor which will represent 25% of the outstanding share capital of EEStor following completion of the acquisition. Based on its current outstanding share capital, EEStor anticipates issuing 48.3 million common shares to the shareholders of Green NH3. Following completion of the acquisition, Green NH3 will continue as a wholly owned subsidiary of EEStor. Additional intellectual property will be available to GREEN NH3 shareholders once key performance and commercial milestones are met. The acquisition of Green NH3 is not expected to result in a “change of control” of EEStor. Following completion of the acquisition, EEStor intends to reconstitute its Board of Directors to consist of five members, of which two will initially be nominated by Green NH3. EEStor anticipates that the reconstituted board will be presented to shareholders for approval at its annual general and special meeting which is anticipated to be held in the fourth quarter of 2020. As on November 16, 2020, EEStor announces that it will convene an annual general and special meeting of the shareholders of EEStor on January 19, 2021. The transaction is subject to customary due diligence, negotiation of definitive documentation, regulatory approvals, receipt of board approvals on the part of the EEStor and GreenNH3, and approval of the TSX Venture Exchange. On December 31, 2020, the Company announced that the licensing and acquisition of GREEN NH3's patented technology continues to progress, and technical due diligence for this stage has now been completed.