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M&A / Property

Lite Access Completes Acquisition of Ironman

By The Northwire Desk — AI Analysis Sep 29, 2025 · 08:30 LTE · 0.095 Lite Access Technologies Inc.
LTE · Price

Executive Summary

  • Lite Access Technologies Inc. completed its acquisition of Ironman Direction​al Drilling and related entities, issuing 85,392,538 shares and paying $6 M cash plus a $14 M working‑capital adjustment over five years.
  • Concurrently the company renamed itself Ironman International Ltd., changed its ticker to “IMI” (effective Oct 1, 2025), and appointed Mike Irmen as CEO with three new directors.
  • The transaction is a related‑party deal under MI 61‑101; shareholders approved it on Sep 5, 2025.

Key Details

  • Consideration:
  • 85,392,538 common shares issued to Ironman shareholders (subject to lock‑up: 10% released at closing, then 15% every six months).
  • $6,000,000 cash payable in five equal annual installments of $1.2 M starting 12 months after closing.

  • Working‑capital adjustment of ~ $14,000,000 payable in five equal annual installments (interest at 8% per annum, compounded monthly).

  • Share Allocation from Restructuring Transaction:

  • Michael Irmen – 38,426,642 shares
  • Denise Irmen – 283,158 shares
  • 599837 B.C. Ltd. (controlled by Michael & Denise Irmen) – 38,143,484 shares

  • Bob Scott – 8,539,254 shares

  • Security for Payments: Guarantees, general security agreements and share‑pledge agreements were executed in favour of the Ironman shareholders.

  • Related‑Party Payments (per Share Exchange Agreement):

  • Michael Irmen: 38,426,642 shares; $2,710,990 cash; ≈$1,161,000 working‑capital adjustment.
  • Denise Irmen: 283,158 shares; $2,710,990 cash; ≈$532,000 working‑capital adjustment.

  • 599837 B.C. Ltd.: 38,143,484 shares; ≈$10,907,000 working‑capital adjustment.

  • Management & Board Changes (effective closing):

  • CEO – Mike Irmen (formerly Ironman shareholder).
  • New directors – Bob Scott, Jason Earl, Calvin Irmen.
  • Departing executives – Mark Tommasi (CEO) and Alex McAulay (director).

  • Remaining board members – Mike Irmen, Bob Scott, David Toyoda, Mark Tommasi, Jason Earl, Calvin Irmen; CFO remains Linda Han.

  • Name & Symbol Change:

  • New name: Ironman International Ltd.
  • New TSX Venture ticker: “IMI” (effective Oct 1, 2025).

  • New CUSIP: 462923103; new ISIN: CA4629231032.

  • Early Warning Disclosure:

  • Pre‑closing, Mike Irmen held ~0.92% (non‑diluted) of shares; post‑closing he holds 46.12% (non‑diluted). No immediate plans to buy or sell additional securities.

  • Regulatory Compliance: Transaction approved by shareholders under MI 61‑101 on Sep 5, 2025; disclosed pursuant to NI 62‑103.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →