Tuna fattening pens in Mexico. (Photo: Luis Eustaquio)
(MEXICO, 7/23/2010)
Lions Gate Lighting Corp. announced that it has entered into an agreement to acquire 33 per cent of Baja Aquafarms along with an option agreement to acquire the remaining 67 per cent.
The acquisition of the 33 per cent interest is effective upon the issuance of Baja Aquafarms shares to Lions Gate, which shall be no later than 30 August 2010. This company has until 15 September 2010 to exercise its option to acquire the remaining 67 per cent.
Lions Gate will invest cash into Baja in the amount of USD 8 million and an amount of USD 10 million will be paid to the sellers out of the proceeds from the sale of a portion of Baja's inventory by 30 September 2010. If the option is exercised, Lion Gate will also issue 10 million shares of its common stock.
Baja Aquafarms is a private Mexican company that owns and operates facilities and equipment in the territorial waters of Baja California, Mexico where it fishes for and farms Pacific Northern bluefi...
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