Welcome to our dedicated page for Terra Engy & Res news (Ticker: TEGR), a resource for investors and traders seeking the latest updates and insights on Terra Engy & Res stock.
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On April 7, 2021, Terra Energy and Resource Technologies announced a binding letter of intent for a merger with Purestone US Inc. However, the agreement was amended to be non-binding on July 9, 2021, and was ultimately terminated on September 11, 2021. The termination was attributed to Purestone's failure to meet the closing conditions specified in the amended letter. Terra intends to pursue other merger or acquisition opportunities in the future.
On April 7, 2021, Terra Energy and Resource Technologies and Purestone US INC entered a Binding LOI to merge, with the final agreement expected by May 2021. The merger is contingent on satisfactory due diligence and shareholder approval. Post-merger, Terra's shareholders will retain about 20% equity. Purestone, based in Florida, aims to create a platform for commercial activities, focusing on wholesale building materials in Guam. The merger will also allow Purestone to file necessary documents to become a fully reporting company.
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