Indo Global Exchange PTE LTD. entered into an agreement to acquire Claridge Ventures, Inc. in a reverse merger transaction.
July 18, 2013 at 12:00 am EDT
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Indo Global Exchange PTE LTD. entered into an agreement to acquire Claridge Ventures, Inc. (OTCPK:CLRV) in a reverse merger transaction on July 17, 2013. At the closing, Claridge Ventures will issue 43.5 million shares, representing 60% of the issued and outstanding shares of common stock of Claridge Ventures. On or before the closing date, Claridge Ventures shall conduct a 1-for-4 reverse split of all of its authorized, issued and outstanding shares of common stock. The shares will be subject to an escrow agreement and shall be released seven months from the effective time of the transaction. Claridge Ventures shall complete a financing of not less than $0.75 million within 180 days after the closing date. Indo Global will become the Claridge Ventures's wholly owned subsidiary, and Claridge Ventures will acquire the business and operations of Indo Global.
The deal is subject to government approvals, completion of Indo Global audit, third party approval, execution of escrow agreement and consummation of due diligence. The Board of Directors of Claridge Ventures has unanimously determined that the terms of the deal are fair and in the best interests of the shareholders and recommended that the shareholders approve the deal. The transaction has been approved by shareholders of Indo Global Exchange and the Board of Directors of Claridge Ventures. The Financial Industry Regulatory Authority approved the transaction on August 6, 2013. Mark C. Lee of Greenberg Traurig, LLP acted as the legal advisor and escrow agent and Tom Laucks of Holladay Stock Transfer, Inc. acted as the transfer agent for Claridge Ventures, Inc.
Indo Global Exchange(s) PTE, Ltd. is a development-stage company. The Company is organized to develop business opportunities. The Company focuses to offer financial market access to customers around the globe, with access to approximately 30 equity exchanges for trading in securities and approximately 30 equity exchanges for trading in Contract for Differences (CFD). These include the Euro Zone, the United Kingdom, Japan, Asia, Oceania and Canada. Trading will include approximately 180 currency pairs in spot (cash), forwards and options, gold and silver trading in spot (cash), forwards and options, financial futures, indices and commodity CFD's and Exchange Traded Funds. The Company designed and implemented a white label application on the back of the FxPro Super trader through Investor Limited Pty LTD with an introducer agreement product, which will provide an offering, allowing approximately three times leverage to all of its Supertrader accounts.