Reabold Resources plc announced an extension by mutual consent to 29 April 2022 of the longstop date of the equity exchange agreement with Daybreak Oil and Gas Inc.
CALIFORNIA
Daybreak is a United States’ OTC traded oil and gas operator with assets in California.
The transaction will result in Reabold becoming a major shareholder of Daybreak through issuing new Daybreak shares to Reabold, in exchange for Daybreak acquiring Reabold California LLC, Reabold’s subsidiary.
Reabold California holds interests in three onshore licence areas of Monroe Swell, West Brentwood and Grizzly Island.
EXCHANGE
On completion of the transaction, Reabold California will become a wholly-owned subsidiary of Daybreak.
In exchange, Daybreak will issue up to 160,964,489 of its shares to Gaelic Resources Ltd, a company wholly-owned by Reabold.
Reabold will then hold up to 46.5% of Daybreak’s share capital as enlarged by completion of the transaction.