Perisson Petroleum Corporation cancelled the acquisition of 85% controlling interest in a petrochemical refinery and associated tank storage in China.

Perisson Petroleum Corporation (TSXV:POG) entered into a non-binding Memorandum of Understanding to acquire 85% controlling interest in a petrochemical refinery and associated tank storage in China for CNY 100 million on May 24, 2018. The final purchase price and completion of the transaction is subject to due diligence, restructuring of Hebei Xinquan Petrochemical Co., Ltd. or its assets if deemed required by Perisson Petroleum Corporation following a review of all relevant legal, regulatory and tax matters, TSX Venture Exchange and regulatory approvals. The transaction is expected to be completed in early July, 2018. As of August 31, 2018, Perisson Petroleum Corporation expects to complete its review of the transaction during the month of October at which time final binding terms of the transaction can be crystallized and a definitive agreement negotiated and executed. Perisson Petroleum Corporation (TSXV:POG) cancelled the acquisition of 85% controlling interest in a petrochemical refinery and associated tank storage in China on May 24, 2019.