An unknown professional property fund signed a binding letter of intent to acquire Chief Fuels Inc. from Taal Distributed Information Technologies Inc. (CNSX:TAAL) for $24 million on April 5, 2022. An unknown professional property fund entered into a definitive agreement to acquire acquire Chief Fuels Inc. from Taal Distributed Information Technologies Inc. on April 18, 2022. The consideration would be payable in instalments and subject to customary adjustments. Pursuant to the LOI, the Purchaser has paid TAAL a deposit of $3 million (the "Deposit"), which Deposit has be credited towards the purchase price. An additional $7 million will be payable upon closing of the Sale, anticipated to occur later this month, and a final cash payment of $14 million is payable in the fourth quarter of 2022. In connection with the LOI, the Company has also entered into an agreement with the parties to the Original Transaction, pursuant to which TAAL has agreed to certain amendments to the share purchase agreement and the lock-up agreement entered into in connection with the Original Transaction. Notably, subject to the completion of the Sale with the Purchaser, the Company has waived the remaining conditions which tied the issuance of 2,250,000 TAAL common shares (the "Contingent Consideration Shares") to the former shareholders of Chief Fuels to the achievement of certain milestones. Instead the Contingent Consideration Shares will be issued in full to the former shareholders in incremental releases, through the end of 2023. Chief Fuels, which was acquired by TAAL in December 2021. Completion of the Sale and of the Hosting Arrangement are subject to a number of conditions, and there can be no assurance that either transaction will be completed as proposed or at all. The Purchase Price balance is required to be paid in the fourth quarter of 2022. Pursuant to the Agreement, the parties have also agreed to enter a long-term arrangement where TAAL will be the single permanent tenant at this mining facility, commencing in 2023.

An unknown professional property fund completed the acquisition of Chief Fuels Inc. from Taal Distributed Information Technologies Inc. (CNSX:TAAL) on April 18, 2022.