Emissions EV Technologies Inc. entered into a non-binding letter of intent to acquire Penbar Capital Ltd. (TSXV:PEM.P) for CAD 4 million in a reverse merger transaction.
The completion of the Transaction is subject to a number of conditions precedent, including but not limited to satisfactory due diligence review; negotiation and execution of the Definitive Agreement and accompanying transaction documents; approval by the boards of directors of each of Penbar and Emissions EV; if necessary, approval of the shareholders of each of Penbar and Emissions EV for all matters required in connection with the Transaction, including the Penbar Capital Consolidation and name change; obtaining necessary third party approvals; closing of the Financing for minimum aggregate gross proceeds to be determined by the parties; and the TSXV's approval for listing the shares of the Resulting Issuer. As of October 31, 2023, The Amended LOI extends the time required for the parties to enter into a definitive agreement to November 15, 2023 and to complete the Transaction to on or before March 31, 2024. As of November 15, 2023, the Second LOI Amendment extends the time required for the parties to enter into a definitive agreement to November 30, 2023.