Pan Global Corp. Enters Into Finance Agreement for First Closing of Small Hydro Plant Acquisition
Loan Proceeds to Be Used to Complete Construction of Plant to Allow Power Grid Connection
(firmenpresse) - CARSON CITY, NV -- (Marketwired) -- 11/05/13 -- Pan Global, Corp. (OTCQB: PGLO) (the "Company") is pleased to announce that it has entered into a loan agreement (the "Finance Agreement") with its long-time lead financier, Anatom Associates S.A. ("Anatom"), for up to $1,000,000 USD in non-convertible 8% debt. The Company will use a portion of this financing to fund the first set of closings of its recently announced planned acquisition of 100% of the outstanding shares and convertible debt (if not previously converted) 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").
Due to the Financing Agreement, the Company was able to consummate the Initial Financing, as defined in the Company's definitive Stock Purchase Agreement, dated October 28, 2013 (the "Stock Purchase Agreement"), between the Company's wholly-owned subsidiary, Pan Asia Infratech Corp., RYEL and the RYEL stockholders on October 28, 2013. Because of the Financing Agreement, the Company is now also able to begin funding 40 million Rupees (Rs. 40,000,000) (approximately $655,738 USD) in the first set of closings under the Stock Purchase Agreement. A portion of the funding will allow RYEL to complete the construction of the Project and enable the Project to be connected to the power grid.
The Company's Management commented, "Anatom has been a lender to the Company for close to a year and with this Finance Agreement, continues to support the Company's business plan. We continue to develop our financing plan; and, we remain optimistic that ongoing discussions with Anatom and other investors will result in acquiring the balance of RYEL."
Further details of the Finance Agreement and the Initial Financing are available in the Company's Form 8-K filed with the SEC yesterday and available on the SEC's website, . The hyperlink to the Company's 8-K follows:
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: , 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 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.
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Pan Global, Corp.
Investor Relations
Phone: 877-999-7978
Email:
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Datum: 05.11.2013 - 12:30 Uhr
Sprache: Deutsch
News-ID 312686
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CARSON CITY, NV
Kategorie:
Farming
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