Quattro Exploration and Production Ltd. (TSXV:QXP) agreed to acquire El Cedro License in Guatemala from GFI Petroleum (Guatemala) Limited for CAD 5.5 million on March 1, 2016. Consideration will be satisfied with the issuance of 50,000 non-voting, Class C, series 3 Preferred Shares at a deemed price of CAD 100 per share and assumption of liabilities for CAD 0.8 million. The Preferred Shares are priced at CAD 100 per share and pay an annual preferred dividend of CAD 3.50 per share. As of June 30, 2016, Quattro Exploration and Production Ltd. agreed to acquire El Cedro License in Guatemala from GFI Petroleum (Guatemala) Limited for CAD 6.2 million. Quattro Exploration and Production will issue 60,000 non-voting, Class C, series 3 Preferred Shares at a deemed price of CAD 100 per share and assume approximately CAD 0.18 million in liabilities related to current work in progress. 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 Quattro Class A common shares received on conversion at a deemed price of CAD 2.50 per share. The deal is expected to complete on August 31, 2016. As of September 26, 2016, TSX Venture Exchange has accepted for filing documentation pursuant to this transaction. Quattro Exploration and Production Ltd. (TSXV:QXP) completed the acquisition of El Cedro License in Guatemala from GFI Petroleum (Guatemala) Limited on September 15, 2016.