Korean ship builder NOK-BONG Ship Building Co., Ltd. (NBS) has purchased 20,000,000 unissued shares of common stock in St. Lawrence Energy Corp.
, a Delaware corporation
, at a price per share of $1.50, for $30m.
Concurrently St. Lawrence Energy is making an investment in purchasing 400,000 shares of NOK-BONG common stock for $30m. As a result, St. Lawrence now owns approximately 33% of NOK-BONG.
With the transaction, St. Lawrence Energy enters the energy sector, including renewable energy and transportation.
St. Lawrence Energy's initial business will involve the ownership of six new ships designed and constructed by NOK-BONG to transport ethanol and other fuels between U.S. ports and worldwide markets in an effective, cost-efficient way. Because of the investment in NOK-BONG, St. Lawrence Energy will be able to obtain the ships from NOK-BONG sooner than otherwise possible, a significant advantage, given the multi-year backlog now existing in shipyards around the world.