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Canuc Resources to acquire Saskatchewan-focused oil firm in all-scrip deal

Canuc Resources Corp. said May 17 that it signed a letter of intent to acquire oil firm Full Circle Energy Ltd. in an all-scrip deal.

Full Circle owns six sections of undeveloped, oil prospective holdings in Saskatchewan and also has a farm-in agreement covering an additional 6.3 sections of adjacent land.

According to the statement, the valuation of the share exchange will be determined by an independent consultant.

The company said the deal would allow it to improve existing cash flow from oil and gas operations.

Canuc is a junior resources company exploring the San Javier silver-gold project in Mexico.