Oil Reserve Inc. cancelled the acquisition of Saccharum Energy Corp. in a reverse merger transaction.
Post acquisition, Saccharum Energy Corp. will change its name to Oil Reserve Company. Saccharum and/or ORI intend to enter into an agreement with a registered investment banking firm for the completion of an equity financing in an amount of at least CAD 5 million. The transaction is subject to receipt of all third party consents and necessary regulatory and TSXV approval, shareholders and Board of Directors approvals, completion of equity financing for at least CAD 5 million, due diligence review and other customary conditions. The transaction is expected to be completed prior to December 31, 2013.
Oil Reserve Inc. cancelled the acquisition of Saccharum Energy Corp. (TSXV:SHM) in a reverse merger transaction on August 1, 2014. The transaction is cancelled due to Saccharum's inability to obtain the required financing and secure a senior management team, as well as the continuing impact of other negative market conditions, particularly as such relate to junior oil sands exploration businesses.