And what about this transaction that those Crocs never talk about?...
1.00M for Texas Gulf Oil & Gas Inc.
Merger/Acquisition
Global NuTech, Inc. (OTCBB: BOCL) signed a letter of intent to acquire Texas Gulf Oil & Gas Inc. from Universal Bioenergy Inc. (OTCPK: UBRG) for $0.68 million in stock on January 19, 2012. Global NuTech, Inc. signed a share exchange agreement on January 27, 2012. Under the terms of the deal, Global NuTech, Inc. will issue 4 million shares of Global NuTech, Inc., of which 2.2 million shares are being issued to seven equity-holders and 1.8 million shares are to be issued to one other equity-holder at a later date (the “second closing date”), which shall occur not later than 180 days following the closing date. Following the acquisition, Texas Gulf Oil & Gas Inc. will operate as a wholly-owned subsidiary of Global NuTech, Inc. The deal is subject to regulatory approval and employment agreement. The Board of Directors of Texas Gulf Oil & Gas Inc. and the equity-holders have unanimously approved the agreement. The Board of Directors of Global NuTech also approved the agreement. Corporate Strategies, LLC acted as financial advisor to Texas Gulf Energy.
Collapse Detail
UBRG's price was unchanged after the transaction was announced on 01/19/12.
Investor / Buyer
Texas Gulf Energy, Incorporated
Creditor / Lender
Universal Bioenergy Inc.
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