Target Capital Inc. and Grafton Ventures Energy Holdings Corp. Enter Into a Letter of Intent for Proposed Business Combination and Equity Financing for Resulting Issuer Westgate Energy Inc.
CALGARY, Alberta, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Target Capital Inc. (“TCI”) (NEX: TCI.H) and Grafton Ventures Energy Holdings Corp. (“Grafton”) are pleased to announce that they have entered into a non-binding letter of intent (the “LOI”) to complete a business combination transaction (the “Transaction”) that will result in the reverse take-over of TCI by Grafton. Upon completion of the Transaction, TCI will carry on the oil and gas exploration and production business of Grafton under the name “Westgate Energy Inc.” (the “Resulting Issuer” or “Westgate”). The LOI was negotiated at arm’s length and is dated January 11, 2024.
- Upon completion of the Transaction, TCI will carry on the oil and gas exploration and production business of Grafton under the name “Westgate Energy Inc.” (the “Resulting Issuer” or “Westgate”).
- The LOI was negotiated at arm’s length and is dated January 11, 2024.
a brokered private placement (the “Brokered Private Placement”) for minimum aggregate gross proceeds of $5.0 million. - Grafton was incorporated under the laws of the Province of Alberta and has been operating since March 8, 2021.
- Grafton currently has operations in the Killam and Richdale areas of Eastern Alberta and is focused on oil development within the emerging Mannville Stack fairway of Eastern Alberta and Western Saskatchewan.