RedHawk Increases Stake in EcoGen
INDEPENDENCE ENERGY (IDNG)
NASDAQ:AMEX Investor Relations:
investorshub.advfn.com/independence-energy-corp-idng-24945
Company Research
Source: GlobeNewswire
LAFAYETTE, La., Sept. 27, 2017 (GLOBE NEWSWIRE) -- RedHawk Holdings Corp. (OTCQB:IDNG) (“RedHawk” or the “Company”) announced today that it has reached an agreement in principle (“Agreement”) with Scarlett Pharma Ltd. (“Scarlett”) and an affiliate, whereby RedHawk Pharma UK LTD (“Pharma”), a wholly-owned subsidiary of RedHawk, will further increase its equity position in EcoGen Europe LTD (“EcoGen”). Under the terms of the Agreement, Scarlett and its affiliate have agreed to surrender to the Company 10 mil shares of the RedHawk’s outstanding common stock (the “RedHawk Shares”), transfer to Pharma approximately $300,000 of EcoGen’s preferred stock plus other consideration in exchange for Pharma assuming approximately $370,000 of obligations due to EcoGen. The RedHawk Shares were originally issued to Scarlett in connection with the Company’s March 2016 investment into EcoGen. Upon completion of the Agreement, Pharma will own approximately $635,000 of EcoGen’s preferred stock and 75%
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