CORRECTION - ECSI Ltd Cancels Proposed Coal Acquisition Announced On January 27, 2012; Enters Into Agreement To Acquire 100% Of The Shares In Mi Media Holdings And Essential Digital Group
CORRECTION PASSED TO REFLECT WITH DETAILED INFORMATION IN SIGNIFICANT DEVELOPMENT HEADLINE AND THE BODY. ECSI Ltd announced that after careful consideration and taking into account many different factors, the Board has decided not to proceed with the proposed transaction announced on January 27, 2012, where in the Company entered into an agreement to purchase from Mutual Wide Corporation (Mutual Wide) an option to acquire from Synclean Energy PLC (Synclean) all of the issued shares in its wholly-owned Hungarian subsidiary Synclean Resources Kft (Synclean Subsidiary) which owns seven Hungarian coal permits (Hungarian Permits). The Company also announced that the Company has enter into an agreement with Mi Media Holdings and Essential Digital Group (proposed transaction) to acquire 100% of the shares in Mi Media Holdings and Essential Digital Group in exchange for the issue of 1,930,000,000 shares in ECSI Limited at a value of AUD 0.005 (a value of AUD 9,650,000) subject to shareholder approval. Under the terms of the agreement Mi Media and Essential Digital Group subject to the completion of the transaction have underwritten $1,000,000 under a prospectus and best endeavors over $1,000,000 to $2,500,000.
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