Pan Global today announced the consummation of the First
Tranche of the First Closing of its previously announced staggered acquisition
of 100% of Regency Yamuna Energy Limited (“RYEL”), a privately held Indian
corporation which is commissioning a 5.7 MW small-hydro project in northern
India (the “Project”).
As a result of purchasing 331,034 RYEL Common Shares and
converting RYEL’s outstanding 15% Convertible Debenture , Pan Global’s wholly
owned subsidiary purchased an aggregate of 620,690 Common Shares of RYEL,
representing approximately 3.36% of the total number of outstanding Common
Shares, for a total purchase price of approximately $145,874 USD.
RYEL will be using the proceeds of Pan Global’s investment
to complete the small-hydro project in northern India. This Project is
estimated to be 95% complete.
To learn more information about this transaction, please
review recent 8-K filed with the SEC: http://www.sec.gov/Archives/edgar/data/1492617/000149315213002653/0001493152-13-002653-index.htm
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. 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.
For additional information on Pan Global, visit
www.panglobalcorp.com
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