CALGARY, Alberta, Dec. 31, 2015 (GLOBE NEWSWIRE) — Quattro Exploration and Production Ltd. (TSXV:QXP) (“Quattro” or the “Company”) is pleased to announce that it has closed its previously announced purchase of all the shares of SRD Innovations Inc. (“SRD”), an Alberta-based wireless technology company focused on the collection of real-time seismic imaging for exploration, reservoir engineering and micro-seismic monitoring and the analysis of hydraulic fracking, including all contracts, licensing revenues, patents, technologies, and ongoing research.
In connection with the acquisition, Quattro issued to SRD shareholders 35,008, Class C, Series 4 preferred shares of Quattro (“Preferred Shares”) valued @ $100 per share representing 0.015960 Preferred Shares for each Class A common shares of SRD.
The Preferred Shares are priced @ $100 per share, paying an annual preferred dividend of $3.50 per share. The holder will have the right on the anniversary of the 2nd year of issuance to convert the Preferred Shares into Class A common shares at a ratio of 40 Class A shares for each Preferred Share converted, valuing the Class A common shares at a deemed price $2.50 per share.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. (“QXP”) continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, with an expanding presence in Alberta and BC. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.