Quattro Exploration and Production Ltd. signed a binding letter of intent to purchase all the shares of seismic imaging collection-focused wireless technology company SRD Innovations Inc., Quattro said Nov. 30.
SRD collects real-time seismic imaging for exploration, reservoir engineering and microseismic for hydraulic fracture monitoring, mapping and analysis, including all contracts, licensing revenues, patents, technologies and ongoing research.
Quattro will purchase SRD’s shares through issuance of 35,008 Class C Series 3 preferred shares priced at CA$100 each. SRD shareholders will receive one preferred share in exchange for 69.6563 of SRD’s Class A common shares priced at CA$1.42 each.
The purchase is scheduled to close Dec. 28 subject to approvals including TSX Venture Exchange approval.
Leonard Van Betuw, president and CEO of Quattro, said the company became interested in SRD more than two years ago when SRD made its first commercialized application--the hyMesh wireless solution for collecting real-time seismic imaging.
Quattro Exploration and Production Ltd. is based in Calgary, Alberta.
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