- Tevano (TEVO) signs LOI to acquire Aqua-Eo, a green lithium technology company
- Aqua-Eo is an environmentally focused-industrial technology and engineering company
- Tevano is issuing 18,995,000 common shares at $0.06 per share to the existing shareholders of Aqua-Eo
- Currently, the company will not add new board members due to the proposed transaction
- However, the company is actively looking for a new Chief Technical Officer or Chief Operations Officer
- Tevano Systems Holdings (TEVO) is trading at C$0.14 at 11:39 pm EST
The duo-listed Tevano Systems Holdings (TEVO) has signed a non-binding letter of intent with green lithium technology company, Aqua-Eo.
All parties signed, sealed and delivered the contract on February 22, 2022.
Aqua-Eo is an environmentally focused industrial technology and engineering company.
The company works by developing commercial extraction solutions for Lithium and other strategic metals, industrial wastewater remediation and oil and gas effluent treatment.
Specifics of the transaction
Tevano is set to acquire 100 per cent of Aqua-Eo, which will operate as a wholly-owned subsidiary of Tevano.
By signing the LOI, Tevano is issuing 18,995,000 common shares at $0.06 per share to the existing shareholders of Aqua-Eo. The transaction shares will be allocated to the Aqua-Eo pro-rata basis on the issuance date.
Currently, the company will not add new board members due to the proposed transaction.
However, Tevano is actively looking for a new Chief Technical Officer or Chief Operations Officer since those roles were vacated earlier this financial year.
A finder’s fee of up to 10 per cent of the value of the transaction is expected to be paid in connection with the Proposed Transaction.
The transaction is expected to close around June 30, 2023.
Shortly, the company will issue another press release laying out the finalized terms of the transaction.
Tevano is a hardware and software business solutions company.
Its initial product Health Shield™ is an AI-driven electronic device. It provides instant body temperature scanning and notifies users if they need a face mask.
Tevano Systems Holdings (TEVO) is trading at C$0.14 at 11:39 pm EST.
