Sunergy Closes Acquisition of Allied Mining and Supply

Sunergy (OTC:SNEYE) announced that they have completed their acquisition of Allied Mining and Supply, and now own 100% of the company, and all of its’ assets.

The press release is quoted as saying:

The terms of the acquisition required Allied to deliver 100% of its ownership to Sunergy in exchange for: $18,000 US Cash, 100,000,000 restricted common shares and 100,000,000 share purchase warrants enabling the purchase of a further 100,000,000 restricted common shares at $0.0025 with an additional 100,000,000 share purchase warrants enabling the purchase of a further 100,000,000 restricted common shares at $0.005. All warrants allow for purchase within 1 (one) year from closing.

P.K. Medhi, Sunergy Chairman is quoted as saying:

“Since retiring all our debt earlier this year, it is a milestone event to be able to include the Allied personnel and assets in our mining portfolio in exchange for equity in our Company that is attached to future financing through the warrant exercise.”

To access the full news release, click here.

To access Sunergy’s company website, click here.