March 22, 2012 18:13 ET
CALGARY, ALBERTA--(Marketwire - March 22, 2012) - AMG Bioenergy Resources Holdings Ltd. (the "Company") (TSX VENTURE:ABG), an Alberta publicly traded company, announces that it has met all necessary regulatory closing conditions for the previously announced acquisition of a 133 hectare jatropha plantation and a 201 hectare eucalyptus plantation, and the associated land use rights, in the People's Republic of China, pursuant to a Land Use Rights Transfer Agreement between the Company and China Zhejiang Biodiesel Co, Ltd., dated February 28, 2012, and has closed the transaction effective March 22, 2012 and is filing final materials with the TSX Venture Exchange.
In connection with the transaction, the Company has issued 13,750,000 common shares to China Zhejiang Biodiesel Co, Ltd.'s nominee, China Zhejiang Biodiesel Co, Pte. Ltd. (the "Nominee"). As a result, the Nominee now holds approximately 21.5% of the issued and outstanding common shares of the Company on an undiluted basis and is considered to be both an insider and a control person of the Company (as those terms are defined under applicable securities laws).
ON BEHALF OF THE BOARD
Lee Shoong Lim, Managing Director
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."