ProStar, a leading software-as-a-service (SaaS) company that provides patented precision mapping solutions, had executed a definitive merger agreement with Doxa Energy Ltd. In May 2019, following an approval of which by the TSX Venture Exchange, there will be a reverse takeover of Doxa by ProStar.
As the next step, ProStar has received the conditional approval of the TSX Venture Exchange for the transaction and has filed an information circular dated Nov. 16, 2020, in connection with the transaction for an upcoming meeting of the company’s shareholders to be held virtually on December 17, 2020.
The meeting will include discussions related to the transaction, including a proposed consolidation of the company’s common shares on a one-new-for-17-old basis, the disposition of the company’s oil and gas assets and a debt settlement with the company’s related party creditors.
The transaction is expected to close before December 31, 2020, with Doxa changing its name to ProStar Holdings Inc.