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Terreno Resources Corp To Acquire Dominican Renewables, Inc.


Tuesday, 27 Aug 2013 01:03pm EDT 

Terreno Resources Corp announced that it has entered into a memorandum of understanding (the MOU), with Dominican Renewables, Inc. (DRI) with respect to a proposed acquisition by the Company (the Acquisition) of DRI and financings for both the Company and DRI (the Offerings - collectively, including the Acquisition, the Transaction). The MOU contemplates that, the Company will acquire all of the shares in DRI such that DRI will become a wholly-owned subsidiary of the Company. As consideration, the Company will issue to shareholders of DRI, an aggregate of 51,372,364 common shares in the capital of Terreno (2 Terreno shares for every one DRI share held), at a deemed price of $0.05 per common share, for total consideration of approximately $2.56 Million, without limitation. 

Company Quote

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4 Apr 2014