First National Energy (OTCMKTS:FNEC), announced on September 29, 2022, about inking a definitive purchase agreement for acquiring issued shares of Diesel Group System Inc. (DGS)., an established and profitable company in the transportation industry.
Trading Data
On Monday, FNEC stock ended flat at $0.55 with 460 shares, compared to its average volume of 138 shares. The stock moved within a range of $0.5500 – 0.9900 after opening trade at $0.99.
First National Energy Announces the Acquisition of Diesel Group System Inc.
The acquisition of DGS will allow First National to transition into a revenue-producing company via the purchase of a company with established history and reputation. The purchase agreement was signed on September 20, 2022. FNEC has bought 100% of the shares of DGS for a total of 3,000,000 FNEC shares. The company has the option for a period of one year from the date of closing, to buy back the 3,000,000 shares at the price of $1.00 per share.
In case, FNEC doesn’t exercise the option to buy back the 3,000,000 shares, by December 31, 2022, then any time thereafter, the Seller shall have the exclusive option to return the 3,000,000 FNEC shares and recover the shares of DGS. Preferred shares in DGS will be sold by Seller to Purchaser for an equal number of FNEC preferred shares and issued share‐for‐share to the same shareholder.
The Seller can’t individually or in conjunction with any other person or business entity or in any other manner whatsoever, have interest in, enter employment with, lend money to, advise or permit its name to be associated with any business similar to or in competition with the Purchaser within a 150-kilometer radius of the FNEC’s offices. This will be valid for 3 years after the closing date.
