Primary Petroleum, a junior oil and gas company engaged in exploration and development activities in NW Montana, has entered into a letter of intent to buy Keek – a social video sharing service.
From the press release:
The LOI contemplates Primary acquiring all of the outstanding shares of Keek in exchange for shares of Primary on a one-for-one basis. The transaction would be accounted for as reverse take-over of Primary by Keek under the policies of the TSX Venture Exchange (the “Exchange“). Primary’s core business would become the business of Keek and Primary would change its name to “Keek Inc.”.