After completing due diligence on two acquisition targets, High Eye Aerial Imaging Inc. and the Unmanned Aerial Vehicle division of Pioneer Exploration Consultants Ltd., Alta Vista Ventures Ltd. is moving forward with formal documentation for the transactions.
Additionally, the company and High Eye agreed to amend the terms of the share exchange agreement as set out in an earlier letter of intent, it said Oct. 7.
Under the new terms, the company will purchase a 100% interest in High Eye in exchange for a one-time issuance of 4.5 million Alta Vista shares. The company will also be required to pay the principles of High Eye a performance bonus of C$120,000 upon the latter surpassing gross revenues of C$120,000 for their fiscal 2016.
With the amendment to the High Eye deal, Don Shaxon, CEO of Alta Vista, said the company can now commit to purchasing a 60% interest in Pioneer's Unmanned Aerial Vehicle division upon signing the definitive agreement, rather than the 30% as originally contemplated.
Alta Vista is in the process of creating a wholly owned subsidiary for the transfer of the unmanned aerial vehicle assets and staff of Pioneer Exploration in anticipation of signing the definitive agreement.