ABT Mining Co. Inc. entered into a letter of intent to acquire unknown controlling interest in Scoobeez from Benjamin Art and Grigori Sedrakyan for $1.3 million.

ABT Mining Co. Inc. (OTCPK:ABOT) entered into a letter of intent to acquire unknown controlling interest in Scoobeez on July 30, 2015. On August 24, 2015, ABT Mining Co.

Inc. (OTCPK:ABOT) entered into a purchase agreement to acquire 76% stake in Scoobeez from Benjamin Art and Grigori Sedrakyan for $1.3 million. The aggregate consideration of $1.296 million consists of two convertible notes of $1.2 million, with the first convertible note to be issued to Benjamin Art for $0.72 million and the second convertible note to be issued to Grigori Sedrakyan for $0.48 million, and the third cash to Grigori Sedrakyan for $0.06 million to be paid in 360 days, and $0.036 million in cash to the sellers no later than 30 days from the closing date of this agreement. The transaction is expected to close on August 27, 2015.