TVOG 25 Million dollar preferred stock placement...
The Company has finalized its phase 1 infrastructure and shipping acquisition agreement in conjunction with the Preferred Stock placement with Network 1 Securities, Inc. (“Network 1”). The Company has executed a conditional Purchase and Sale Agreement (“Agreement”) through a portfolio company of a multi-generational family office based in Dubai, United Arab Emirates. This agreement remains subject to closing conditions which Turner and counterparties are working to meet by early March 2018. This family office has investments and operating businesses that include dry shipping, crude shipping, natural resource development, construction, civil engineering, and banking. Their investment into Turner will focus on bitumen (also known as asphalt), and the supply chain and transportation of bitumen.
Turner has structured the Preferred Stock placement to exchange Series A shares with cash and assets from the anchor investor and third party sellers. The transaction includes the issuance of 25,000,000 Series A Preferred Shares, convertible at a ratio of 2 to 1, with a minimum price per share of $1.00 in exchange for vessels and capital. This structure protects both insiders and retail investors from dilution to Turner’s common stock structure.
This transaction allows for capital to be deployed as a bolt on to each vessel as they come under Turner’s control. Already, two (2) ships have been committed to the placement under the Series A Preferred Share structure. The initial commitment under the Agreement is approximately $15 Million of cash and assets. The vessels are undergoing third party appraisal which will determine their fair value. The remaining balance of the initial raise will be used to secure additional shipping vessels during the extend phase of Turner’s shipping acquisition.
AI
