Petrox Resources (TSE:PTC) has released an update.
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Petrox Resources Corp. is set to acquire SSGE Bio-energy Company Limited, a Hong Kong-based firm with a significant bio-coal production capacity in Myanmar and 56 patents in sustainable energy. This strategic move, considered a reverse takeover, will result in the issuance of Petrox shares to SSGE shareholders and the subsequent replacement of Petrox’s board of directors with nominees from SSGE. In preparation for the acquisition, Petrox will spin off its oil operations into a new entity and distribute its shares to current shareholders, subject to necessary approvals.
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