The stock of Terra Energy & Resource Technologies, Inc (OTCPink: TEGR) rose 110.00% yesterday to $0.0525. The Terra Energy stock traded 3.58M shares while its average weekly volume is 1.34M. An agreement to merge the company has led to an increase in TEGR stock price.
Exactly what did the LOI commit to?
Terra Energy is an innovative technology company specializing in the detection, exploration, and development of natural resources. Oil & gas, metals, kimberlites, uranium, water, and other minerals are among the mineral resources explored by TEGR utilizing a suite of proprietary innovative technologies.
In a recent press release from Terra, the company stated that Terra and Purestone US INC entered into a binding letter of intent on April 7, 2021, for the merging of the two companies.
- TEGR anticipate that both the Merger Agreement and Share Exchange Agreement will be finalized in May 2021.
- A number of conditions must be met for TEGR’s agreement to be approved, including satisfactory due diligence and the approval of shareholders.
- In addition, shareholders of Purestone must approve the agreement.
TEGR’s stake in the new entity:
About 20% of merged equity will belong to current shareholders of Terra Energy (TEGR). Pure stone is required to file an Audit, Form 10 information, and become a full reporting company after the merger with TEGR.