China Environmental Energy Investment Limited entered into the sale and purchase agreement to acquire 10% stake in Bright Sky Energy & Minerals, Inc. from Fortune Glow Limited for approximately HKD 130 million.
The transaction is subject to listing of conversion shares on the stock exchange, approval of Pure Power's shareholders and Directors, approval of China Environmental's shareholders, approval from regulatory authorities, satisfactory due diligence review and third party consents. Board of Directors of China Environmental Energy thinks that the deal is fair and in best interest of the shareholders and company. If the conditions are not fulfilled or waived on or before June 30, 2014 the agreement shall lapse. The transaction is expected to complete on the fifth business day after the date on which the last of the conditions precedent is fulfilled or waived.