COLUMBIA, S.C.--(BUSINESS WIRE)--NuState Energy Holdings, Inc. (Pink Sheets:NSEH), announced today that it has entered into a share exchange agreement with GLINS International NV, (GLINS).
GLINS owns all the shares in GLINS Capital Curacao NV, (GCC). GCC owns all of the shares in Suriname Green Mineral Holding NV, (SGM). GLINS, GCC and SGM are all Curacao companies. SGM owns or controls various assets in Suriname, South America including several gold mining concessions.
Under the terms of the share exchange agreement, NuState is acquiring 100% of the shares of GCC in exchange for 10,000 shares of Series A Convertible Preferred Stock of NuState with an aggregate stated value of $10 million. Upon full conversion of the Series A Convertible Preferred Stock of NuState, GLINS will secure a 95 percent equity position in NuState.
Kevin Yates, Chief Executive Officer of NuState said, “Suriname is a remarkable country that is bursting with a wide range of untapped opportunities. Located on the northern coast of South America, it is bordered by the Atlantic Ocean, French Guiana, Brazil and Guyana. Originally a Dutch colony, Suriname gained its independence in 1975. Since 1991, Suriname has generally enjoyed a growing democracy and political stability. The economy is dominated by the mining industry with gold being one of the primary exports.
“Our involvement with the GLINS organization will ideally position NuState to exploit a number of business opportunities in Suriname. With strong support from the country’s government, the GLINS group of companies is focused on providing assistance in the commercialization of Suriname’s untapped resources. The first and most compelling of these resources is the gold mining industry and GLINS has secured several mining concessions that exhibit great potential. With gold experiencing historically high market prices, the timing of our entry into this sector is absolutely perfect.”
Stephan Mannen, Director of GLINS stated, “The focus and mission of NuState will be to: (1) develop, structure and finance small to medium enterprises in Suriname; (2) identify and attract in close cooperation with GLINS, local and international institutional investors for the further development, financing and expansion of indigenous enterprises in Suriname; (3) create within the international investment community and in particular in the U.S., a strong interest in Suriname’s rich natural resources and business potential, and (4) promote Suriname as an emerging market with a stable political environment for foreign investments, banking, international trade, tourism and cultural exchanges. The country has an accommodating business attitude regarding foreign investors and business developers. GLINS has a team of dedicated specialists with the ability to play a pivotal role in the expansion of Suriname’s economy.”
About the GLINS group of companies:
With offices in Curacao, Suriname and the U.S., the GLINS group of companies specializes in the development, planning, implementation and management of projects in Suriname pivoting on public-private-partnerships and local small to medium enterprises. Within the group, GLINS Financial Services N.V. is a member of the Dutch Caribbean Securities Exchange (DCSX).
NuState’s headquarters are located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201. 803-748-1309
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