Novagen Solar Inc. (OTCBB:NOVZ) entered into a material definitive agreement to acquire Renegade Streetwear PTY Ltd from Rebecca Anderson, Robert Stapleton and Aija Habermann in stock on June 1, 2012. Under the terms of the agreement, Novagen will issue 0.4 million shares of its common stock to the sellers in exchange for 0.55 million ordinary shares of Renegade. Renegade Streetwear generated revenue of AUD 2.3 million, total assets of AUD 8.73 million and net liabilities of AUD 8.3 million. The current Directors and Secretary of Renegade will be replaced by nominees of Novagen. The transaction is expected to close in 71 days from the date of announcement.