The Transaction is expected to close on December 28, 2020.
Doxa Energy Ltd (“Doxa” or the “Company”) announces that further to its press release dated November 20, 2020, and its proposed Reverse Take-Over (RTO) by ProStar Geocorp. Inc. (the “Transaction”), the Company’s shareholders have, as of December 17, 2020, approved the Transaction and the matters associated with the Transaction, including the disposition of the Company’s oil and gas assets and a debt settlement with the Company’s related party creditors.
The Transaction is expected to close on December 28, 2020, with Doxa changing its name to “ProStar Holdings Inc.” in connection therewith (the “Resulting Issuer”) with trading in the Company’s common shares re-commencing in January 2021 under the new trading symbol MAPS.
“We are pleased to have received overwhelming support for the RTO transaction from both the Doxa and the ProStar shareholders. stated Page Tucker, ProStar’s founder and CEO. “This means we are now on track to close the transaction by yearend and to be listed soon thereafter.”
ProStar is incorporated under the laws of the State of Delaware and is a Software as a Service (SaaS) company that provides patented Precision Mapping Solutions™. ProStar’s flagship solution is PointMan®, a natively cloud and mobile solution designed to capture, record and display the precise location of subsurface assets, including buried utilities and pipelines. Additional information concerning ProStar is available at www.prostarcorp.com.
The Doxa Shares continue to be halted from trading, and the trading of Doxa Shares is expected to remain halted pending completion of the Transaction.
This news release contains certain “forward-looking statements,” including, for example, statements relating to the Transaction, and the timing for completion of the Transaction and conversion of the Subscription Receipts. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions, which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of regulatory approvals, the state of the capital markets, including the impact of the COVID-19 pandemic, tax issues associated with doing business internationally, the ability of ProStar to successfully manage the risks inherent in pursuing business opportunities in the technology industry, and the ability of ProStar to obtain and maintain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. Any forward-looking statement reflects information available to Doxa as of the date of this news release and, except as may be required by applicable securities laws, Doxa disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.