Algae International anticipating $5 million investment post-merger

In Texas, Algae International Group announced the execution of several corporate actions in conjunction with the previously announced Merger Agreement with Savanna East Africa Inc. Under the terms of the Merger Agreement AIGI stock will be exchanged for NVAE stock and NVAE name will be changed to Algae International Group, Inc. The Corporate name change and a corresponding ticker symbol change request are anticipated to be reflected within the OTC Markets quotation system within thirty days.

AIGI is currently in active negotiations with numerous institutional investors to structure the financing of AIGI’s initial commercial production capacity. The anticipated investment of $5 million is expected to include debt and equity components. To facilitate both the issuance of new shares in exchange for the AIGI shares and to accommodate the anticipated new investment to fund production capacity, the Company will also be executing a Reverse Stock Split.