On June 9, 2016, Halio Energy Inc (TSXV:HOIL) closed the transaction. Halio Capital Inc. acquired 20,000,000 units for the stake of 83.5% of issued and outstanding common shares resulting in a change of control of the company which was approved by the shareholders of the company at its annual general and special meeting held on April 29, 2016. The securities issued are subject to hold period expiring on October 9, 2016. TSX Venture Exchange has accepted the filing documentation with respect to the transaction. The transaction involved participation from nine investors.