Petrodorado Energy Combines With Saskatchewan-Based ROK Resources

Updated 1 year 9 months ago

On November 15, Petrodorado announced it had entered into a share exchange agreement with the shareholders of ROK Resources. ROK shareholders would receive 20,000,000 common shares of Petrodorado representing 46% of the shares or 38% on a fully diluted basis. On closing of the transaction, the current board will remain in place, and one additional director will be appointed, such representative being Cameron Taylor, a nominee of ROK. Mr. Taylor will become the CEO of Petrodorado upon closing and also be appointed to the board. Current CEO Chris Reidwill resign as a company officer upon consummation of the transaction but will remain on the board.

The acquisition closed on November 28, and Petrodorado announced its intention to appoint Cameron Taylor as the company's new CEO and rename the company ROK Resources.