On October 04, 2024, Calgary, Alberta, Resolute Resources Ltd. (TSXV: RRL) announced the successful completion of a transaction to sell its former sole direct wholly-owned subsidiary, Resolute Resources Limited, to a private purchaser for $75,000 in cash. This sale included all oil and gas assets previously held by the company and its indirect subsidiary, Resolute Resources Corp.
The sale, which involved the transfer of all issued and outstanding shares of the Subsidiary, also included the assumption of abandonment, reclamation, and environmental obligations related to the assets, as well as corporate, tax, and exploration liabilities. The transaction was subject to regulatory and shareholder approvals, resulting in the transfer of the company’s listing to the NEX Board of the TSX Venture Exchange.
With the completion of the sale, Resolute Resources Ltd. will now focus on identifying and evaluating potential assets or businesses to acquire or merge with in order to enhance shareholder value. For further information on the sale or Resolute, please refer to Resolute’s profile on SEDAR+.
Resolute Resources Ltd., formerly known as “Crossover Acquisitions Inc.,” completed its initial public offering in 2021. The company is currently listed on the NEX Board of the TSX Venture Exchange with no operational assets aside from cash. The company will need to acquire new assets or businesses to continue its operations successfully.
This press release contains forward-looking information regarding the company’s ability to identify and complete asset acquisitions or new business combinations. Readers should be aware that actual results may differ from the forward-looking information provided due to various factors, including regulatory approvals and industry uncertainties.
For the original source of this information, please visit the Resolute Resources Limited website.
