Mar 8 - 9, 2017 - Frankfurt, Germany
China Wind Power International Corp. announces that it has entered into an arrangement agreement (the "Arrangement Agreement") with Ruihao Trust ("Ruihao"), a major shareholder of the Company, pursuant to which it is proposed that the Company will sell all or substantially all of its assets to Ruihao for $12,310,000 (the "Purchase Price") by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario) (the "OBCA").
The Purchase Price will be satisfied in full by Ruihao by assuming certain liabilities in the amount of $3,728,104.18, and by payment of $2,858,799.08 in cash and $5,723,096.74 as an interest bearing promissory note (the "Promissory Note"). After payment of any remaining liabilities, the remaining balance of the Purchase Price (the "Reduction of Capital Amount") will then be distributed to shareholders of the Company (the "Shareholders") by way of a return of capital allocated to the common shares of the Company (the "Common Shares") through the distribution of the Promissory Note to Ruihao and the distribution of cash to all other Shareholders.
Source : China Wind Power International Corp.