Agricon Global Aquires Canola Property Ghana Limited
Agricon Global Corporation (“Agricon,” formerly BayHill Capital Corporation) BYHL 0.00% announced today the completion of its acquisition of Canola Property Ghana Limited (“CPGL”) effective March 31, 2012. This project enables Agricon to pursue its objective of engaging in large-scale crop farming in Ghana. The transaction will be accounted for as a reverse merger with CPGL as the surviving company and remaining as a wholly owned subsidiary of the Company. The new shareholders from the CPGL transaction will own about 66% of the Company in the form of 12,000,000 shares of newly issued common stock issued under the Stock Exchange Agreement. The Company recently changed its name from BayHill to Agricon to reflect this new focus and the Company will soon apply for a new trading symbol.
Agricon announced further that it has received cash of $500,000 and subscriptions for $110,000 toward its continuing private placement of up to 2 million shares for a total of $1,000,000.
The Company reported that it expects to file a form 8-K, commonly called a “super 8-K,” to report all details of the acquisition and the new company later this week. The Company believes that the acquisition ends the period of “shell company” status under SEC regulations because the Company is now an operating company.
The former and short-term CEO and board member, Peter Brincker Moller, has left the Company effective on completion of the CPGL acquisition. Agricon is informed that he will continue his affiliation with one of Agricon’s largest shareholders. Bob Bench will continue to serve as president and CFO and the Company is considering other candidates for the CEO position and for service on the Company’s Board.
Bob Bench said, “We are very appreciative of the shareholders of CPGL for their years of work in making this opportunity available to Agricon. We are also pleased that Global Green Capacity Ltd. CEO Torben Soerensen, who has worked endlessly to make this project happen, will continue to fill the position as one of the directors of CPGL.”
Agricon is a smaller reporting public company, and prior to its merger with CPGL was considered a “shell company” for SEC reporting purposes. Agricon has been actively seeking to merge with or acquire one or more private companies to create a foundation to grow and expand.
CPGL, a registered Ghana company, is based in Ghana West Africa and has negotiated a 50 year agricultural lease of 8,000 hectares (approximately 20,000 acres) of farm land, upon which they intend to cultivate rotational crops of sunflower, maize, canola and soya to produce low cholesterol cooking oil with byproducts like protein pellets for animal and fish feed and bio pellets for district heating and electricity generation. CPGL plans to acquire additional properties to increase its agricultural position in the future.
PacificWave Partners is acting as financial advisor to Agricon.