Oil and gas royalty company, Verde Bio Holdings, Inc. (VBHI), Friday said it agreed to merge with SensaSure Technologies, Inc. The new entity will focus on acquisitions of minerals and royalties.
After the merger, Formation Minerals Inc. , a unit of SensaSure will continue as a surviving entity and will be one of the first end to end platforms to build, run, manage, grow and monetize oil and gas mineral and royalty portfolios.
As per merger agreement terms, shareholders of Verde stock will receive shares of SensaSure stock based on an exchange ratio formula.
The Boards of both the companies have approved the merger, which is expected to close in the first quarter of 2024.
Shares of Verde Bio Holdings tumbled 34.78%, to close at $0.0003 on Thursday on the Other OTC.
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