Reabold Resources Provides Update on Equity Exchange

Source: www.gulfoilandgas.com 2/25/2022, Location: North America

Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, announces that, further to its announcement of 21 October 2021, the longstop date of the equity exchange agreement with Daybreak Oil and Gas Inc. ("Daybreak"), a US OTC traded oil and gas operator with assets in California (the "Transaction"), has been extended by mutual consent to 29 April 2022.

The Transaction will result in Reabold becoming a major shareholder of Daybreak via the issuance of new Daybreak shares to Reabold, in exchange for Daybreak acquiring Reabold California LLC ("Reabold California"), Reabold's subsidiary which holds, inter alia, Reabold's licence interests in California.

Upon completion of the Transaction, Reabold California will become a wholly-owned subsidiary of Daybreak, which, in exchange, will issue up to 160,964,489 Daybreak shares to Gaelic Resources Limited, a Company wholly-owned by Reabold. Consequently, Reabold will hold up to 46.5 per cent. of Daybreak's share capital as enlarged by the completion of the Transaction.


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