Sustainable Environmental Technologies Corp. (SETS.PK) or SET Corp. announced that the company and Cancen Oil Canada Inc. (COI.V: Quote) signed a letter of intent agreement or LOI dated April 5, 2012 for Cancen to acquire all of the outstanding shares of SET Corp, for US $34.4 million, to be paid by Cancen in cash, or a mixture of cash and the issuance of common shares of Cancen.
As part of the proposed acquisition, Cancen would acquire SET Corps' wholly owned ProWater subsidiary; ProWater's Centerline SWD saltwater disposal systems and facilities in Utah and North Dakota; technologies including SET's MultiGen combined cooling, heating, power and water production and Centerline SWD water processing technologies; intellectual property and all other assets.
The completion of the proposed acquisition is subject to several conditions set out in the LOI, including approval by the directors of Cancen and SET Corp, entering into the definitive agreement, satisfactory completion of due diligence, shareholder approval, regulatory approval, including the prior approval of the TSX Venture Exchange Inc., and the completion by the Corporation of a financing of not less than C$50 million.
by RTT Staff Writer
For comments and feedback: email@example.com