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Asia Packaging Group Inc Announces Closing Of Acquisition Of Yuanxing Packaging


Thursday, 6 Jun 2013 09:00am EDT 

Asia Packaging Group Inc announced that it has closed the acquisition of Yuanxing Package (China) Co., Ltd. (Yuanxing). The Company has received the final acceptance from the TSX Venture Exchange (the Exchange) and announced that the Company' shares will resume trading at the opening of market on June 6, 2013. Under the terms of a share purchase agreement dated November 5, 2012, as amended by the First Amendment to Share Purchase Agreement dated February 15, 2013 (collectively the Purchase Agreement), the acquisition of Yuanxing was completed through the purchase of all the issued and outstanding shares in its corporate parent, Jiayuan Investment Limited, from shareholders of Jiayuan Investment Limited. In accordance with the Purchase Agreement, the purchase price of $48 million has been satisfied by payment to the Jiayuan shareholders as follows: At the closing, issued to the Jiayuan shareholders 50,000,000 Asia Packaging Shares at a deemed price of $0.40 per share. At the closing, paid to the Jiayuan shareholders cash in the amount of CAD6,000,000. At the closing, issue to the Jiayuan Shareholders $4,000,000 convertible debentures of the Company. The convertible debentures have a maturity date on the third anniversary of the closing, accrue simple interest at 8% per annum until paid or converted, and may be converted into Asia Packaging Shares at the election of the Jiayuan Shareholders at the conversion price of $0.40 per share; 

Company Quote

0.095
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6 Nov 2013