Monday, August 22, 2011

Aventura Resorts enters into merger with BVI-based Interich International Ltd

Aventura Resorts, Inc. announced the change of name to Borneo Resource Investments Ltd., as part of reverse stock split and merger. After the name change, Borneo Resource Investments will implement a 1:100 reverse stock split of its common stock and will issue one share of common stock for every 100 common shares owned before the reverse stock split, and will have 3,167,269 shares outstanding before the merger.

Also, following the reverse stock split, a wholly-owned subsidiary of Borneo Resource Investments will enter into a merger with the British Virgin Islands-registered Interich International Limited, which has been granted exclusive exploration and development rights for up to 6,000 hectares of a coal reserve in Indonesia. As a result of this transaction, the BVI company will receive 60,178,073 shares of Borneo Resource Investments common stock and will be the owner 95% of the outstanding common stock.

After the merger, the BVI company will become a subsidiary of Borneo Resource Investments. Before the merger, officers and directors of Borneo Resource Investments will resign, and the president of Interich International Limited will be appointed as the CEO of Borneo Resource Investments.