- Blue Sky Energy Inc. (BSI) has signed a definitive agreement concerning the proposed business combination with EV Technology Group Inc
- Blue Sky’s subsidiary, Subco, and EVT will amalgamate and continue as one corporation and the shareholders of EVT will receive shares of Blue Sky
- Blue Sky will change its name to EV Technology Group Inc.
- EVT also intends to complete a non-brokered private placement of subscription receipts for a price of $1.00 per share for gross proceeds of $5 million
- Blue Sky Energy Inc. (BSI) is currently trading at $0.26 per share
Blue Sky Energy (BSI) has signed a definitive agreement concerning the proposed business combination with EV Technology Group Inc.
The proposed transaction will be completed by way of a three-cornered amalgamation among Blue Sky, its subsidiary Subco, and EVT.
Subco and EVT will amalgamate and continue as one corporation and the shareholders of EVT will receive shares of Blue Sky.
Blue Sky will change its name to EV Technology Group Inc.
Blue Sky shareholders will receive one post-consolidation share for every four pre-consolidation shares.
EV Technology shareholders will receive 4.7 shares of Blue Sky for each share of EVT.
The board of directors and management of Blue Sky will be replaced with nominees by EVT.
EVT intends to complete a non-brokered private placement of subscription receipts in relation to the proposed transaction.
Subscription receipts will be priced at $1.00 for aggregate gross proceeds of up to $5 million. Each subscription receipt will automatically convert into shares of EV Technology.
The net proceeds of the concurrent financing are expected to be used by Blue Sky for corporate and general working capital purposes.
Blue Sky Energy Inc. (BSI) is currently trading at $0.26 per share.
