Taal Distributed Information Technologies Inc. (CNSX:TAAL) entered into a definitive share purchase agreement to acquire Chief Fuels Inc for CAD 15.7 million on November 15, 2021. The total purchase price includes cash of CAD 0.25 million and plus the equivalent of 1.1875 million common shares at closing. Additional 2.25 million shares is to be issued to the Vendors pursuant to the achievement of certain milestones over time TAAL's Board of Directors has approved the acquisition, as has the board of directors and the shareholders of Chief Fuels. On November 18, 2021, Stefan Matthews had advised the board of directors that he will be stepping down as Chief Executive Officer effective January 1, 2022. Stefan Matthews will remain as a director and as Executive Chairman of the Board. Succeeding Stefan Matthews as Chief Executive Officer will be Richard Baker, the current Lead Independent Director. Deborah Rosati has been appointed the new Lead Independent Director.
Final closing remains subject to customary closing conditions, including receipt of regulatory approvals. The acquisition is expected to close on or about January 1, 2022.

Taal Distributed Information Technologies Inc. (CNSX:TAAL) completed the acquisition of Chief Fuels Inc on December 16, 2021. As of April 4, 2022, Taal Distributed Information issued 2.3 million contingent shares to sellers.