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Blackbird Energy Inc. (TSXV:BBI) has entered into a non binding Letter of Intent last August 2, 2012 with Ruger Energy Inc. for the acquisition of Ruger by Blackbird.
As quoted in the press release:
If the Acquisition is completed pursuant to the terms of the LOI, Blackbird will acquire Ruger by issuing common shares of its capital stock (the “Acquisition Shares”) to Ruger at a deemed price per share of $0.12, based upon the net asset value of Ruger at closing. The net asset value of Ruger as determined at closing may not represent fair market value. The Acquisition is subject to a number of conditions precedent which include completion of due diligence reviews by the parties, successful negotiation of a definitive purchase agreement, and receipt of all required regulatory and Exchange approvals.
Click here to read the Blackbird Energy (TSXV:BBI) press release