Mr. Ron Netolitzky, Chief Executive Officer of Santoy, is also a director and a shareholder of Holdco. To increase the number of Holdco shares available to Santoy, Mr. Netolitzky and Santoy have agreed under the Business Combination Agreement that Santoy will acquire his 2,000,0000 Holdco shares in exchange for Santoy shares at the same ratio of six shares of Santoy for each one share of Holdco. The transaction has been negotiated by an independent committee of the Board of Santoy and has received full Board approval with Mr. Netolitzky abstaining.
It is contemplated that Santoy will, subject to regulatory approval, change its name to "Virginia Energy Resources Inc." or such other name as approved by the Santoy Board to reflect the significance of the transaction to Santoy.http://studio-5.financialcontent.com/chron?GUID=8117148&Page=MediaViewer&ChannelID=3270
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