Alberton issued a Promissory Note in connection with a non-binding Letter of Intent
Updated: Nov 12, 2019
Alberton Acquisition Corporation (Nasdaq: ALAC, the “Company”) today announced that, on September 18, 2019, it issued a promissory note (the “Note”) to Global Nature Investment Holdings Limited (“Global Nature”) in connection with a non-binding Letter of Intent (the “LOI”) to consummate a business combination. The principal amount of the note is $1,148,800 and would mature on the consummation of the business combination with Global Nature or another qualified target company (a “Qualified Business Combination”).
Pursuant to the Note, in the event that Global Nature, its registered assignee or successor in interest, notifies the Company that it does not wish to proceed with the Qualified Business Combination (the “Withdrawal Request”), the Company shall only be obligated to repay the Note, as follows: (i) the full principal amount of the Note within 5 business days of such Withdrawal Request if such Withdrawal Request is given on or before September 24, 2019; (ii) 50% of the principal amount of the Note within 5 business days of such Withdrawal Request if the Withdrawal Request is given after September 24, 2019 but on or before October 15, 2019, or the date the subscription amount of this Note is transferred into the trust account (whichever is later); (iii) 50% of the principal amount of the Note as soon as possible, with best efforts, but no later than 5 business days after the Company's business combination if the Withdrawal Request is given from after October 15, 2019, or the date the subscription amount of this Note is transferred into the trust account (whichever is later); or (iv) the full principal amount of the Note as soon as possible with best efforts but no later than 5 business days after the Company's business combination or the date of expiry of the term of the Company (whichever is earlier), if the parties have not entered into a definitive agreement with regard to the Qualified Business Combination within 45 days from the date of the Note as a result of the disagreement on the valuation of the Qualified Business Combination. We have not received any Withdrawal Request as of the time of this press release.
Ben Wang, Chairman and CEO of Alberton Acquisition Corp., stated, “We are very excited about this important step forward in our cooperation with Global Nature and CITIC Capital. CITIC Capital is a strong partner for us moving forward. We hope to come back soon with more updates on the progress of our work in this regard.”
Notwithstanding the issuance of the Note and the non-binding LOI, the Company has not entered into any definitive agreements, for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities.
About Global Nature
Global Nature is a wholly owned subsidiary of CITIC Capital, an investment advisory firm that manages over US$26 billion of capital through its multi-asset class platform. Global Nature holds agri-related assets.