Prime, Bhn To Sell Common Stock To Radiomarelli For $130 Mln - Quick Facts

(RTTNews) - Prime Acquisition Corp. (PACQ, PACQU, PACQW), a special purpose acquisition company, along with privately-held bhn LLC, the U.S. affiliate of financial and strategic advisory boutique bhn S.r.l. in Milan, Tuesday said it has signed a Securities Purchase Agreement for the sale of 14.3 million ordinary shares of common stock to Swiss electronics company Radiomarelli SA at a price of $9.10 per share for gross proceeds of $130 million, subject to certain closing conditions.

Separately, the company today announced the signing of a Purchase Agreement with Radiomarelli and Futurum Energy SA, a Swiss investment company.

Pursuant to the Purchase Agreement, Prime agreed to purchase a 10 percent minority interest in 50 renewable energy plants and the right to all green certificates that will be issued by the Romanian government to these photovoltaic plants for $380 million in ordinary shares at a price of 1.25 million euros per megawatt peak installed.

Upon closing of these transactions and the closings of the real estate properties that were previously disclosed, Radiomarelli will hold 92 percent of the combined company's outstanding ordinary shares. The company plans to utilize the funds from the financing transactions to grow its portfolio of yield-producing assets.