Beston Global Food Company Limited (ASX: BFC) provided an update on the strategic partnership with KGC Corporation, announced on 23 June 2022, subject to mutual due diligence by both parties. Under the Memorandum of Understanding, Beston Global Food will issue 103,626,943 shares to KCG at a price of 9.65 cents per share and a total subscription amount of AU$10.0 million. The 23 June 2022 announcement highlighted that the mutual due diligence investigations would be undertaken by both Beston and KCG over a two-month period.
Beston Global Food advises that KGC’s representatives visited Adelaide on 19-21 July as part of their due diligence investigations, and Beston’s CEO visited Bangkok in the week of 4 July as part of the BFC due diligence investigations on KCG. Both the parties now targeted 31 August 2022 as the date for settlement of the transaction, subject to finalisation of the mutual due diligence investigations by that time.
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