The Company has successfully executed a binding Pu
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Posted On: 12/19/2017 10:37:50 PM
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.
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.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12422095
I think the Dubai company hired the third party appraisal since they are fronting the money. I also think once the appraisal is done and confirmed by the Dubai company we then see an 8K from TVOG to tell its shareholders who the new Dubai company coming in is and the names of said people. IMO
$TVOG
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.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12422095
I think the Dubai company hired the third party appraisal since they are fronting the money. I also think once the appraisal is done and confirmed by the Dubai company we then see an 8K from TVOG to tell its shareholders who the new Dubai company coming in is and the names of said people. IMO
$TVOG
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