BVI company Northwestern Enterprises Ltd entered into binding agreements with two separate sellers, for the acquisition of ownership of an aggregate of 95,480,414 ordinary shares of Rio Novo Gold Inc., in private transactions at a price of US$0.092 per share. The shares will be purchased on or before August 22, 2016, subject to customary closing conditions. The purchased shares represent approximately 63.03% of the issued and outstanding ordinary shares of the company.
Concurrently with the completion of this transaction, BVI company's owner plans to cause 3,557,000 ordinary shares to be transferred from Sercor Ltd to Northwestern (both companies controlled by the same person). This amount represents approximately 2.35% of the issued and outstanding ordinary shares.
After the acquisition and the transfer, Northwestern Enterprises will hold 99,037,414 ordinary shares representing approximately 65.4% of the issued and outstanding ordinary shares of Rio Novo.
