Under the JVA, Rex International Investments, Monarch Marine and Steimler will purchase shares from a shelf company provider in Norway. Rex will purchase 25,122 shares while Monarch Marine will buy 4,422 shares. Steimler will purchase 456 shares. The shelf company has a fully paid-up share capital of NOK30,000 ($3,831.62) comprising 30,000 shares with a nominal value of NOK1 per share.
Rex International Holding will be holding its interests in Lime Petroleum and Porto Novo Resources under a new joint venture company (JVCo). Rex currently holds a 91.65% stake in Lime Petroleum. Porto Novo Resources is Rex’s 67.9%-owned indirect JVCo.
On June 19, Rex announced that its indirect wholly-owned subsidiary, Rex International Investments, had entered into a joint venture agreement (JVA) with Monarch Marine Holding and Peter M. Steimler. Monarch Marine has a 29.1% stake in Porto Novo while Steimler owns 3% in the company.
