Alternate Energy Corp. Announces Letter of Intent for the Merger of Treaty Petroleum, Inc.
Alternate Energy Corp. announced that it has entered into a Letter of Intent (LOI) with Treaty Petroleum, Inc. pursuant to which Treaty will merge with a wholly-owned subsidiary of Alternate Energy. In consideration of the merger, the shareholders of Treaty would receive at the closing a number of shares of Alternate Energy’s common stock, which upon issuance would represent 90% of Alternate Energy’s outstanding common stock. Upon completion of the merger, the surviving public company’s name will be changed to Treaty Energy Corporation.
The shares to be received by shareholders of Treaty will not be registered for sale with the U.S. Securities and Exchange Commission and would, therefore, be subject to the rights and restrictions of Rule 144.
The closing is currently scheduled for December 12, 2008 and is conditional upon each party completing a due diligence review and the execution of a definitive agreement by the parties hereto.