Earlier today, Pan Global announced that it now holds a greater equity stake in Regency Yamuna Energy Limited (“RYEL”), a privately-held India corporation commissioning a 5.7 MW small-hydro project in northern India (“Project Badyar”), as part of the previously announced Stock Purchase Agreement, dated October 23, 2013, with RYEL and the RYEL Selling Stockholders.
In the press release issued, the company reported a total investment of $463,992 in RYEL for an aggregate of 1,965,640 RYEL common shares, representing approximately 9.93% of the outstanding equity.
The proceeds of this closing will be applied to Step Two of the First Closing under the Stock Purchase Agreement. Under the Agreement, Pan Global, through its wholly-owned subsidiary, Pan Asia Infratech Corp., has agreed to acquire 100% of the outstanding equity and convertible debt (if not previously converted) of RYEL on a staggered basis, subject to the terms and conditions as stated in the agreement.
For more information on this stock purchase agreement, view reports filed with the SEC at www.sec.gov
To learn more about Pan Global, visit www.panglobalcorp.com
Let us hear your thoughts below: Pan Global Corp. Message Board