Pan Global Corp. Announces First Closing's Third Tranche Now Complete for Small-Hydro Plant Staggered Acquisition
28 Enero 2014 - 7:00AM
Marketwired
Pan Global Corp. Announces First Closing's Third Tranche Now
Complete for Small-Hydro Plant Staggered Acquisition
All Funding to Finish Construction of Small-Hydro Plant Now
Complete
CARSON CITY, NV--(Marketwired - Jan 28, 2014) - Pan Global,
Corp. (OTCQB: PGLO) (the "Company") is pleased to announce that it
has recently consummated the Third Tranche of the First Closing of
its previously announced staggered acquisition of 100% of the
outstanding shares and convertible debt (if not previously
converted) of Regency Yamuna Energy Limited ("RYEL"), a privately
held India corporation which is commissioning a 5.7 MW small-hydro
project in northern India (the "Project").
At the Third Tranche closing on January 27, 2014, the Company,
through its wholly-owned subsidiary, Pan Asia Infratech, Corp.,
purchased 206,897 RYEL Common Shares from RYEL in consideration for
Rs. 3,000,000 (approximately $47,543 USD based on the exchange rate
on the closing date).
As a result of the previously reported closings of the First
Tranche on December 2, 2013, the Second Tranche on December 24,
2013 and now the Third Tranche closing, the Company has purchased,
and currently owns, an aggregate of 1,448,277 Common Shares of
RYEL, representing approximately 7.51% of RYEL's outstanding Common
Shares, in consideration for an aggregate purchase price of Rs.
21,000,010 (approximately $338,992 based on the applicable exchange
rate on the respective closing dates).
Pursuant to the Acquisition Agreement, RYEL is required to use
the proceeds from the Third Tranche closing for the completion of
the Project. This Third Tranche is the final tranche of the first
of three closings, which satisfies the requirement under the
Acquisition Agreement to fund the completion of the Project. The
Project is estimated to be 95% complete and final construction of
the Project has recently commenced.
The Company intends to complete the other closings required by
the Acquisition Agreement to fully consummate the acquisition of
RYEL.
As previously disclosed, the Company, through its wholly-owned
subsidiary, Pan Asia Infratech, Corp., entered into a definitive
Stock Purchase Agreement ("Acquisition Agreement") on October 28,
2013 to acquire 100% of the outstanding shares and convertible debt
(if not previously converted) of RYEL which is commissioning the
Project. Further details of the Acquisition Agreement and the
Project are available in the Company's Form 8-K filed with the SEC
on October 29, 2013 and available on the SEC's website,
www.sec.gov.
The Acquisition Agreement contains pre-closing conditions,
customary representations and warranties, post-closing covenants
and mutual indemnification obligations for, among other things,
inaccuracy or breach of any representation or warranty and any
breach or non-fulfillment of any covenant.
About Pan Global,
Corp.
Pan Global, Corp., through its wholly-owned subsidiary, Pan Asia
Infratech, Corp., is focused on environmentally sustainable energy,
infrastructure and technologies. Our aim is to invest in green
energy technology and infrastructure to build an inclusive green
economy around the world.
For additional information, please visit: www.panglobalcorp.com,
the contents of which are not incorporated into this press
release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The foregoing contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend for these forward-looking statements to be covered
by the safe harbor provisions of the federal securities laws
relating to forward-looking statements. These forward-looking
statements include statements relating to, or representing
management's beliefs about, our future transactions, strategies,
operations, events and financial results. Such forward-looking
statements often contain words such as "will," "anticipate,"
"believe," "plan," "estimate," "expect," "intend," "is targeting,"
"may," "should" and other similar words or expressions.
Forward-looking statements are made based upon management's current
expectations and beliefs and are not guarantees of future
performance. Our actual business, financial condition or results of
operations may differ materially from those suggested by
forward-looking statements as a result of risks and uncertainties
which include, among others, those risks and uncertainties
described in any of our other filings with the SEC. Certain other
factors which may impact our business, financial condition or
results of operations or which may cause actual results to differ
from such forward-looking statements are discussed or included in
our periodic reports filed with the SEC and are available on our
website at www.panglobalcorp.com under "Investor Info". You are
urged to carefully consider all such factors. We do not undertake
or plan to update or revise forward-looking statements to reflect
actual results, changes in plans, assumptions, estimates or
projections, or other circumstances occurring after the date of
this news release, even if such results, changes or circumstances
make it clear that any forward-looking information will not be
realized. If we make any future public statements or disclosures
which modify or impact any of the forward-looking statements
contained in or accompanying this news release, such statements or
disclosures will be deemed to modify or supersede such statements
in this news release.
Disclaimer: This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Contact
Information: Pan Global, Corp. Investor Relations Phone:
877-999-7978 Email: PGLO@panglobalcorp.com
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