Acquisition - Watson Energy Investments LLC
On November 12, 2018, the Company acquired 100% of Watson Energy Investments LLC. in exchange for 200 million common shares of Atlantic. Shares issued will be issued under appropriate exemption from registration and will contain substantial resale restrictions. Watson is a Texas oil and gas Operator, bonded with the Texas Railroad Commission, currently operating 50 oil and gas wells in the Bigfoot Field (formerly discovered and developed by Shell Oil) and located approximately 35 miles south of San Antonio, Texas comprising approximately 7,200 acres. Watson has negotiated with the principles of the Bigfoot Field to selectively develop the remaining proved locations (over 135 locations) in the field which has proven oil in place in excess of two hundred million barrels. Further development of this field is expected to begin in the first quarter of 2019.
Divesture of Atlantic Solar Inc.
On November 5, 2018, The Company entered into a Settlement Agreement with a former director that was fined approximately $60,000 by the Canadian Revenue Agency for unpaid HST tax. As part of the settlement, the director is to receive 100% of the issued capital of Atlantic Solar Inc. the Company’s inactive Canadian subsidiary. As part of the agreement each party was granted a mutual release. There are currently 244,707,601 Atlantic Wind & Solar Inc. common shares outstanding as reported by the transfer agent, which is consistent with the corporate records of the issuer.
Trading Symbol: OTC: AWSL
Authorized Number of Shares: 500,000,000
Issued Number of Shares: 44,707,601 at Sept 30, 2018
*Issued at November 14, 2018 244,707,601
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