$25M Preferred stock placement with Network 1 Securities, Inc. (“Network 1”).
HOUSTON, Texas – 12/11/2017- Turner Valley Oil and Gas, Inc. (the “Company”) (OTC: TVOG), pending name change, is pleased to announce that Turner has finalized its phase 1 infrastructure and shipping acquisition agreement in conjunction with the preferred stock placement with Network 1 Securities, Inc. (“Network 1”).
Stock Placement
The Company has successfully executed a binding Purchase And Sale Agreement (“Agreement”) through a portfolio company of a multi-generational family office based in Dubai, United Arab Emirates. 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.
“We are thrilled that the closing process has started and we can now move forward with building a globally integrated bitumen shipping company. With the current and impending demand for global infrastructure spending, spurred by global growth and the current US President’s $1 trillion infrastructure plan, we believe this is an ideal time for Turner to enter the bitumen sector,” stated Network 1 Securities investment banker, Adam Pashok.
Acquisition
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 insider 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 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 dollar value. The remaining balance of the initial $25,000,000 will be used to secure additional shipping vessels during the extend phase of Turner’s shipping acquisition.
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