Rift Valley Resources Corp. executed an agreement to acquire Avatar Ocean Technology, Inc.
Following completion of the amalgamation, the Board of Directors of combined company will include all current directors of Rift Valley, namely: Craig Robson, William Grossholz CA and Xian Min (Sam) Peng as well as Donald Gordon, a current director of Avatar, and Donald Bragg and Yanshuang She who are neither directors of Rift Valley or Avatar prior to the amalgamation. Following the completion of the amalgamation, the combined company will be led by Craig Robson, President and Chief Executive Officer, William Grossholz, Chief Financial Officer and Secretary and Warren Rob P. Geo, Vice President Exploration.
Shareholders of Avatar approved the amalgamation at the annual general and special meeting held on February 19, 2013. The amalgamation will become effective on the date of filing of the amalgamation application with the Corporate Registry of British Columbia.