Canadian pioneer of novel hydrogen generation and separation technologies, Progressus Clean Technologies revealed on Monday (August 1) an LOI which would see up to 100% of its issued and outstanding shares acquired.
Progressus announced it had executed a Letter of Intent (LOI) whereby the California, US-based firm, BioQuest acquire up to 100% of Progressus’ issued and outstanding shares.
H2 View understands the LOI sets out for Progressus shareholders to receive shares of BioQuest in exchange for the acquisition of the Toronto-headquartered company’s shares, which in turn would see Progressus become the primary business of BioQuest.
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