The purchase agreement has a total value of $870,000, and Quad has issued Blugrass five million common shares valued at $.10 per share for the first part of the purchase agreement.
Quad will also take over and pay Blugrass’s debt to Doral Energy by issuing to Doral 2.5 million common shares valued at $.10 per share for this portion of the purchase agreement.
Along with this, the company has assumed Blugrass’s debt of $120,000 for the services of the construction/environmental company that performed work on the Cave Pool property.
This acquisition sparks the initial phase of Quad’s development plans for the future, the company said.
