Terra Energy & Resource Announces Termination of the LOI with Purestone

Source: www.gulfoilandgas.com 9/14/2021, Location: North America

Terra Energy and Resource Technologies Inc. announced that it had entered into a binding letter of Intent for a prospective merger with Purestone US Inc. On July 9, 2021, the Letter of Intent was amended by agreement of both parties to be non-binding.

Effective September 11, 2021, Terra and Purestone mutually terminated the Letter of Intent. Terra’s decision to terminate resulted from inability of Purestone to satisfy the closing conditions set forth in the amended Letter of Intent.

Terra will continue to look for other merger or acquisition opportunities.


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