Prweb.com 31 July 2013
Astra Resources announced today that it has entered into a Memorandum of Understanding providing terms and conditions to acquire 60% of Balaton Power Inc., a publicly traded company listed on the OTC Bulletin Board trading under the symbol “BPWRF”.
This acquisition when consummated provides Astra with a shareholder presence in North America and an opportunity to list in that market. Astra will assist in providing funds and Board experience to progress the existing Balaton assets and to acquire more North American assets. Both Balaton and Jaydeep Biswas of Astra Resources both believe this is a positive transaction for both parties.
Subject to successful completion of this agreement, Balaton will enter into an option agreement to earn an interest in a property in the Voisey’s Bay area located on the east coast of north Labrador, Canada.