TAALF - TAAL Distributed Information Technologies inks LOI to sell Chief Fuels for $24M

TAAL Distributed Information Technologies (OTCQX:TAALF) said Tuesday it signed a binding LOI to sell Chief Fuels to a third party for $24M, payable in instalments. The purchaser paid TAALF a deposit of $3M, which will be credited towards the purchase price. An additional $7M will be payable on closing of the sale, anticipated to occur later this month, and a final cash payment of $14M is payable in Q4. The purchaser agreed to enter into a long term hosting arrangement, pursuant to which TAALF will lease Chief Fuels' New Brunswick facility. TAALF also entered into an deal with the parties to the Dec. 2021 acquisition Chief Fuels. TAALF waived the remaining conditions which tied the issue of 2.25M shares to former shareholders of Chief Fuels to the achievement of certain milestones. Instead, these shares will be issued in full to the former shareholders in incremental releases, through the end of 2023.

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TAAL Distributed Information Technologies inks LOI to sell Chief Fuels for $24M