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Sunvault Energy Inc and Kanata sign agreement


Monday, 21 Jul 2014 10:28am EDT 

Sunvault Energy Inc:Signs agreement with Kanata Metis Cultural Enterprises Ltd. (Kanata) to acquire the remaining about 44 pct of CleanGen Inc. and collective companies (CleanGen)(CleanGen Power Corp)( Cutting Edge Tire Recycling LP).Agreement is subject to approval by The Sunvault board of directors.No due diligence period is required for this transaction.Under the agreement Sunvault will acquire 100 pct of the shares that Kanata has in CleanGen Inc. and 100 pct of the Kanata shareholder loans in CleanGen which equal about $1.25 mln that will be converted from debt to shareholders equity.Payment for transaction will be by the issuance of 8,000,000 common shares. 

Company Quote

0.3498
-0.0201 -5.43%
19 Dec 2014