January 10, 2020
Canadian independent E&P Paleo Resources has a merger agreement with a Houston company expected to close later this year.
Calgary-based Paleo (which maintains executive offices in Houston) said one of its indirect subsidiaries licensed in Texas is acquiring EF Resources Inc, the owner of the EnergyFunders financial technology platform.
The boards of both companies have approved the plan.
EFR shareholders will hold, on a fully diluted basis, 75% and 25% of the total issued common shares of Paleo, respectively.
Closing of the deal awaits regulatory approval
The transaction may be terminated by either party if the transaction doesn’t close by February 29, 2020.
Casey Minshew, CEO of EnergyFunders said, “It is an honor to join forces with a company that sees the vision of the platform to provide the fourth dimension of capital into the oil and gas sector.
“Financial technologies have disrupted all sectors, from real estate to startup investing to lending.
“It is now time to bring this same disruption to the energy sector.”