The new agreement is an extension of the oil sands licensing agreement between APEC and Entec signed last year.
As per that agreement, Entec granted APEC and any affiliates, North American License rights to its drilling solutions programs that will be used to advance oil sands recovery technology. The new agreement enables APEC to use and license the solutions globally.
As per the terms of the new agreement, the company will pay $7m and issue a total of 12 million restricted common shares to the Entec shareholders at a deemed price of $0.25 per share. Additionally, APEC will raise $5m for working capital.
