Today before the
opening bell, Pan Global announced the achievement of a new, significant
company milestone. It has completed the third tranche of the first closing of
its staggered acquisition of all outstanding shares and convertible debt of
Regency Yamuna Energy Limited. Regency Yamuna Energy Limited is a privately
held Indian company that is commissioning a 5.7 MW small-hydro project in
northern India.
Notably, all funding
to finish the construction of this small hydro-plant is now complete, as this
tranche was the final tranche of the first of three closings. This development
satisfies the requirement under Pan Global and Regency Yamuna Energy Limited’s
acquisition agreement to fund the completion of the project.
As previously
disclosed, Pan Global is working toward a staggered acquisition of 100% of all
outstanding shares and convertible debt of the Indian company. The third
tranche was closed on Monday, January 27, 2014, and Pan Global, via its wholly
owned subsidiary Pan Asia Infratech, Corp. purchased 206,897 common shares from
Regency Yamuna Energy Limited for Rs. 3,000,000 (approximately $47,543 USD
based on the closing date’s exchange rate). As a result of the first and second
tranches’ completion on December 2, 2013 and December 24, 2013, respectively,
Pan Global has purchased and currently owns 1,448,277 common shares of Regency
Yamuna Energy Limited. That approximates to 7.51% of the Indian company’s
outstanding common shares at an aggregate purchase price of Rs. 21,000,010
(approximately $338,992 based on the applicable exchange rates on the
respective closing dates).
In line with the
companies’ acquisition agreement, Regency Yamuna Energy Limited will be using
the funds from the third tranche’s completion for completion of the small power
plant’s construction. The power plant’s construction is currently 95% complete
and scheduled to be finalized soon, as the final stages of construction have
been initiated.
Pan Global plans to
complete the other closings required by the acquisition agreement for full
consummation of its acquisition of Regency Yamuna Energy Limited. As previously
disclosed, Pan Global, via Pan Asia Infratech, Corp., entered into a stock
purchase agreement with Regency Yamuna Energy Limited on October 28, 2013. In
that agreement, Pan Global agreed to acquire 100% of the outstanding shares and
convertible debt (if not previously converted) of the Indian company. More
details can be found in Pan Global’s Form 8-K filed on October 29, 2013.
Pan Global, Corp.,
through its wholly-owned subsidiary, Pan Asia Infratech, Corp., is focused on
environmentally sustainable energy, infrastructure, and technologies. It aims
to invest in green energy technology and infrastructure to build an inclusive,
green economy around the world.
For more
information, visit: www.panglobalcorp.com
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