Reabold Resources Announces Completion of Equity Exchange Agreement

Source: www.gulfoilandgas.com 5/26/2022, Location: North America

Reabold, the AIM quoted investing company, which focuses on investments in upstream oil and gas projects, is pleased to announce that, further to the meeting of shareholders in Daybreak Oil and Gas Inc ("Daybreak"), which approved the Transaction, all conditions precedent have now been satisfied for the completion of the Equity Exchange Agreement, which was initially announced by the Company on 21 October 2021.

Reabold California LLC, Reabold's subsidiary which holds, inter alia, Reabold's licence interests in California, has now become a wholly owned subsidiary of Daybreak, which, in exchange, has issued 160,964,489 Daybreak shares (the "Consideration Shares") to Gaelic Resources Limited, a wholly owned subsidiary of Reabold. Reabold now owns 42 per cent. of Daybreak's share capital, as enlarged by the completion of the Transaction.


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