TORONTO, April 12, 2024 (GLOBE NEWSWIRE) — Blue Horizon Global (NYSE:) Capital Corp. (the Agency) (CSE: BHCC), an investment firm whose primary objective is to identify promising companies with excellent projects, innovative technologies, or both, is pleased to announce the following updates:
Letter of intent from Mooncor
The Company announces that it has signed a letter of intent dated 2 April 2024 (the LOI) with a remote party (the Buyer) with respect to up to 30% of the securities issued and outstanding in the capital of Mooncor Energy Inc. and Primary Petroleum Company USA Inc. (collectively, the Subsidiary companies). The Buyer is a private company engaged in the oil trading industry.
Pursuant to the LOI, Purchase has the right to acquire up to 30% of the issued and outstanding securities in the capital of the Subsidiaries for an aggregate purchase price of $300,000 (the Purchase price). The purchase price is payable in installments with the first payment of $12,000 made upon execution of the LOI. The balance of the purchase price is payable within 60 days of the date of the LOI. In addition to the Purchase Price, the Company will receive securities in the capital of the Buyer, the exact number of securities and the price per security to be determined by the parties.
Change of auditors
The Company has changed its auditors from Wasserman Ramsay, Chartered Professional Accountants (Former auditor) to Zeifmans LLP (Successor mayor) effective March 14, 2024. The Old Mayor formally resigned from the position of auditor of the Company effective June 8, 2023. The Old Mayor resigned on his own initiative. The Board of Directors of the Company has appointed the successor auditor as the auditor of the Company with effect from 14 March 2024, until the next Annual General Meeting of the Company.
No qualifications were made in the former auditor’s audit reports for any financial year during which the former auditor served as auditor of the Company. There are no events to report (as the term is defined in national instrument 51-102 “Continuous disclosure obligations (It’s 51-102)) between the Company and the former auditor.
In accordance with NI 51-102, the Notice of Change of Auditor, along with the required letters from the predecessor auditor and the successor auditor, have been reviewed by the Company’s board of directors and filed on SEDAR+ at www.sedarplus.ca .
Private placement
The Company will not proceed with the previously announced private placement of up to $1 million, as indicated in the January 24, 2024 press release
About Blue Horizon
Blue Horizon is an investment firm whose primary objective is to identify promising companies with excellent projects, innovative technologies or both, using management’s extensive experience in deal sourcing and capital combination to maximize returns for its shareholders. Blue Horizon will invest its funds with the objective of generating returns from capital appreciation and investment income. It intends to achieve these objectives through identifying and investing in the securities of privately held and publicly traded entities across a broad range of industries and areas, including but not limited to the technology, software development and biotechnology industries.
Company contact:
Philip WongCEO
email: info@precious-investment-group.com
Neither the Canadian Stock Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Cautionary statement
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements refer to future events or future performance. The use of any of the words could, intend, expect, believe, will, predicted, estimated and similar expressions and statements regarding matters that are not historical facts are intended to identify forward-looking information and are based on current beliefs or assumptions about the outcome and timing of such future events. The forward-looking information contained in this press release includes information relating to the proposed Offering, including the amount of proceeds expected to be raised, the timing of closing, receipt of required regulatory approvals and the intended use of proceeds. Forward-looking information is based on reasonable assumptions made by Blue Horizon as of the date of the information and is subject to known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof and Blue Horizon is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated by these forward-looking statements include: the risk that the Company may not be able to raise the proceeds necessary to complete the Offering; the Company’s inability to effectively obtain Canadian Exchange approval for the Offering; the inability of the Company to satisfy all conditions to the completion of the Offering and the risk of unexpected delays in completing the Offering, if at all, due to market conditions or otherwise.
Source: Blue Horizon Global Capital Corp.