Persist Oil and Gas Inc. entered into a Plan of Arrangement to acquire Hawkley Oil and Gas Limited for an enterprise value of CAD 14.2 million on September 8, 2021. Hawkley Oil will issue 5.48387 per share and option will be issued on the basis of 1:10. Upon completion of the Merger, Persist will nominate two additional directors, one of which shall be Mr Massimo Geremia as Managing Director, Brad Golinowski, Chief Operating Officer, Danny Geremia, Chief Financial Officer and Greg Vavra, Vice President Land & Legal.

The Merger is subject to certain conditions that include, but are not limited to, Hawkley seeking Australian Stock Exchange relisting approval, Hawkley share consolidation, Board & Management changes, Persist shareholder approval and Hawkley undertaking and a minimum capital raising of AUD 8.0 million before costs. The existing Hawkley Board considers the proposed transaction to be a transformational event for the Company.