QNB Metals Inc. (CSE: TIM.X) (USOTC: QNBMF) has announced the execution of a share exchange agreement to acquire all issued and outstanding common shares of ReSolve Energie Inc. / ReSolve Energy Inc., a privately held company focused on advanced biofuel and renewable energy technologies. The acquisition is valued at $0.25 per common share, with ReSolve having 22,154,370 shares outstanding, representing an exchange ratio of 0.8124 QNB shares for each ReSolve share.
The acquisition is subject to various conditions, including completion of a non-brokered private placement financing of a minimum of $2,500,000 and up to $3,000,000. Upon completion, QNB intends to change its name to ReSolve Energie Inc. / ReSolve Energy Inc. and expects a new trading symbol to be assigned by the CSE.
ReSolve has developed a proprietary, patent-pending acid hydrolysis platform capable of converting residual biomass into renewable energy products, including second-generation ethanol, industrial-grade lignin pellets, and electricity. The company also holds a patent-pending intellectual property portfolio related to hydrogen detection and extraction methods.
Ian C. Peres, President and CEO of QNB, stated that the acquisition will support the primary wood processing industry by improving margins on production residue. Post-closing, QNB plans to install continuous demonstration equipment at ReSolve’s Lac-Mégantic plant as a final step before completing the feasibility of their first commercial plant.
