Blue Zen Memorial Parks Inc., a company that specializes in the investment, development and management of real estate developments in China, signed a Letter of Intent with International Natural Resources Ltd., a mining company incorporated in the British Virgin Islands. Under the terms of the LOI, which was signed by the companies with respect to the business of copper and gold mineral exploration and development, Blue Zen Memorial Parks will purchase from the BVI-registered International Natural Resources the controlling shares of Edge Brilliant Holdings Ltd., a company also incorporated in the British Virgin Islands, in exchange for 22,500,000 of its common shares.
Edge Brilliant Holdings is in the process of acquiring up to 80% in AIM Co., which, in turn, holds all the rights, licenses and permits related to the business of mineral exploration and development in Mongolia and in the other countries.
The closing of the Proposed Transaction is intended to occur on or before February 29, 2012. Closing of the Transaction will be subject to, among others, the signature of a definitive agreement between Blue Zen and the BVI company, and the obtaining of all requisite regulatory and shareholder approvals, all consents and approvals to the change of control of EBH and AIM Co.
As a result of the closing of the Proposed Transaction, it is expected that Blue Zen will have 58,901,420 shares issued and outstanding, of which Blue Zen's public shareholders will hold 13,901,420 shares (23.6% of the total shares).
