Blandings Capital Limited (http://finance.yahoo.com/q?s=BDC-P.V), TSX-listed capital pool company incorporated in December 2006 and listed on the Exchange in October 2007, provided an update on proposed acquisition of all the outstanding shares of the British Virgin Islands company AMG Bioenergy Resources Holdings Ltd. AMG is working in China and other Asian markets in the area of bio fuel feedstock and biodiesel. It is anticipated that this will be Blandings’ qualifying transaction.
Also, Blandings has determined not to proceed with the proposed private placement of common shares which was intended to close concurrently with completion of the acquisition transaction. It has signed an amended and restated share exchange agreement with the BVI company. Pursuant to this agreement, signed on December 31, 2009, the date for closing of the acquisition has been extended to March 31, 2010.
Under the terms of the acquisition, Blandings will acquire from the shareholders of AMG the 15,000,000 of its common shares currently issued and outstanding, each share at a deemed value of $0.33, and will issue, subject to the approval of the exchange transaction, 25,000,000 Blandings common shares in exchange for each issued AMG common share.
Following the completion of the acquisition transaction, the Capital Pool Company will have 45,296,555 common shares outstanding. Blandings also currently has outstanding director and employee share options to acquire 812,500 common shares at a price of $0.10 per share.
The former shareholders of the BVI company and the current shareholders of Blandings will own approximately 72.96% and 27.04% respectively of the issued Blandings common shares.
Blandings Capital Limited, TSX-listed capital pool company incorporated in December 2006 and listed on the Exchange in October 2007, provided an update on proposed acquisition of all the outstanding shares of the British Virgin Islands company AMG Bioenergy Resources Holdings Ltd. AMG is working in China and other Asian markets in the area of bio fuel feedstock and biodiesel. It is anticipated that this will be Blandings’ qualifying transaction.
Also, Blandings has determined not to proceed with the proposed private placement of common shares which was intended to close concurrently with completion of the acquisition transaction. It has signed an amended and restated share exchange agreement with the BVI company. Pursuant to this agreement, signed on December 31, 2009, the date for closing of the acquisition has been extended to March 31, 2010.
Under the terms of the acquisition, Blandings will acquire from the shareholders of AMG the 15,000,000 of its common shares currently issued and outstanding, each share at a deemed value of $0.33, and will issue, subject to the approval of the exchange transaction, 25,000,000 Blandings common shares in exchange for each issued AMG common share.
Following the completion of the acquisition transaction, the Capital Pool Company will have 45,296,555 common shares outstanding. Blandings also currently has outstanding director and employee share options to acquire 812,500 common shares at a price of $0.10 per share.
The former shareholders of the BVI company and the current shareholders of Blandings will own approximately 72.96% and 27.04% respectively of the issued Blandings common shares.