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The Qualifying Transaction is considered to be an Arm’s Length Qualifying Transaction, as such term is defined under the policies of the TSX Venture Exchange Inc. Upon closing of the Qualifying Transaction (the “Closing”), Estrella is expected to be a wholly owned subsidiary of the Corporation and the Corporation will change its name to Estrella Energy Services Ltd. Pursuant to the terms of the Estrella Agreement, the Corporation intends to complete a business combination with Estrella (the “Qualifying Transaction”) via the issuance of Everest securities for all of the issued and outstanding securities of Estrella. (“Cap-Ex”), Estrella and Cap-Ex have terminated their letter agreement dated Februas the parties were not able to enter into a definitive agreement before March 15, 2010. We will now work diligently with Estrella to complete this transaction prior to June 20, 2010.Īs previously announced by Cap-Ex Ventures Ltd. We are excited about the Estrella transaction and think this is an exceptional opportunity for our shareholders. Everest is pleased to report at the last minute this opportunity presented itself to Everest for us to complete our qualifying transaction.
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(TSX VENTURE:EVE.P) announced that it has entered into a binding letter agreement (the “Estrella Agreement”) dated March 22, 2010, between itself and Estrella Overseas Limited (“Estrella”), a private British Virgin Islands company.