A space-age, geoscience services company is looking to bring innovation to the exploration process. News of an intent to merge caused the stock to have a major move.
Terra Energy and Resource Technologies (OTCPK:TEGR) signed a letter of intent to merge with Purestone US, with an expected completion this month. Following the merger, the current shareholders of Terra Energy and Resource Technologies Inc will control approximately 20% of the merged equity.
Investors sent shares soaring on the news, and the stock closed the day at $0.4705, up over 600%.
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