Business
Buyer Group International Announces Shareholder Update and New Target Acquisition
Buyer Group International Announces Shareholder Update and New Target Acquisition.
About this update from Buyer Group International, Inc.
[{"type":"text","content":"\n \n \n Buyer Group International Announces Shareholder Update and New Target Acquisition\n \n \nBuyer Group International Announces Shareholder Update and New Target Acquisition\n \n AUSTIN, TX--(Marketwired - Apr 26, 2016) - Buyer Group International, Inc. (OTC PINK: BYRG) today provided a shareholder update regarding its new direction to make a target acquisition for the Company into an African based Gypsum project.\n Buyer Group anticipates that it will be able to obtain the necessary permits to commence exploration at the Lindi Region and also Hotelli Tatu in the Kilwa District of Tanzania, within 7 to 14 days, barring any additional requests or delays. Upon the completion of this process, Buyer Group plans to retain the services of qualified experts to determine the project's probable reserves before applying for the necessary mining permits. The acquisition may add over 1,250,000 Tons of Gypsum in off-take agreements to the asset and revenue base of the Company.\n Upon review of the Gypsum project, Buyer Group International, Inc. assigned portion from the off-take agreements provides the nominal value of this project in the $6.25 million over a ten-year period. Multiple sources have been identified so the project contains enough gypsum to supply at least 1,250,000 tons of Gypsum as estimated by the geologist. Provided operations would allow interested parties to process Gypsum and the subsequent off-take agreements provide BYRG a spread at $5 per ton to establish a baseline book value for the new BYRG venture.\n BYRG continues to look for transactions to drive value to its shareholders. The new acquisition may establish up to a 40% equity retention for BYRG and a remaining 40% to go into a new investment Special Acquisition Company (SPAC). The pending filing and future offering for the Company will be available once completed. This will be conducted via a carve-out transaction establishing a separate entity of which BYRG shareholders receive shares as a distribution for holding BYRG shares.\n BYRG intends to allocate a 20% portion of its equity to its shareholders of record upon completion in a special dividend. BYRG believes it can work out an agreement with some of BYRG's largest shareholders who institutionally hold more than 2.2 billion shares. This will keep dilution down and allow the smaller investor to participat...