Visionaire Invest has struck a deal with Continental Energy Corporation to buy its 51% shareholding stake in Visionaire Energy (VEN).
The deal, which is thought to be worth around $1.2million, comes following heavy operating losses from VEN and the need for the additional capital investment which Continental has decided against.
VEN is a holding company that owns significant interests in VTT Maritime and RADA Engineering and Consulting.
Continental originally acquired its stake in VEN in June 2013 after an arms-length, share-swap transaction. It issued 20 million of its common shares at a deemed value of $1million at $0.05 per share to Visionaire.
The current closing sale is subject to the approval of the two companies’ shareholders at Continental’s AGM in November.
The agreement also requires the resignations of Continental’s CEO and CFO from the VEN board of directors along with the CEO of Visionaire
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