Peeppl Media Inc. cancelled the acquisition of Seaway Energy Services Inc. in reverse merger transaction.
Clovis Najm, President, Chief Executive Officer and controlling shareholder of Peeppl was appointed as a Director of Seaway. The board of directors of the surviving public company will consist of Kyle Stevenson (President, Chief Executive Officer and Corporate Secretary of Seaway), Richard Stevenson and Brian Morrison, the current Directors of Seaway. It is proposed that Lisa Dea, currently an employee of Peeppl, will be appointed as Chief Financial Officer of surviving public company.
The transaction is subject to entering into of a definitive share exchange agreement between Seaway and the Peeppl shareholders, completion of a financing, completion of satisfactory due diligence by each of Seaway and Peeppl, receipt of all required approvals and third-party consents of the Boards of Directors and shareholders of Seaway and Peeppl, customers, lenders, lessors and regulatory authorities, final acceptance by the exchange of the transaction, the financing by Seaway, Seaway's name change and all other items in connection with the change of business and other conditions precedent that are customary for a transaction of this nature.
On October 31, 2014, terms of the agreement were revised and Seaway Energy Services Inc. announced that on closing of the Transaction, it will purchase all of the issued and outstanding securities of Peeppl in exchange for 9.99 million post-consolidation common shares of Seaway at a deemed price of CAD 0.45 per share for an aggregate consideration of CAD 4.49 million. As of March 2, 2015, The transaction is expected to close on March 30, 2015 along with change of business of Seaway Energy. DelMorgan & Co. acted as financial advisor for Seaway and Peeppl.
Peeppl Media Inc. cancelled the acquisition of Seaway Energy Services Inc. (TSXV:SEW) in reverse merger transaction on January 4, 2016.