Omega Commercial Finance Corp. completed the acquisition of 75% stake in Summit Real Estate Group LLC from Ronnie Hale and John Manno.
Omega Commercial Finance Corp. (OTCPK:OCFN) completed the acquisition of 75% stake in Summit Real Estate Group LLC from Ronnie Hale and John Manno on October 17, 2014.
As of October 24, 2014, Omega Commercial Finance Corp. executed the first amendment, pursuant to which Omega Commercial Finance Corp will transfer back 60% stake of Summit Real Estate Group LLC to Ronnie Hale and John Manno in consideration of 6.75 million shares of Omega Commercial Finance Corp of the initial 15 million shares as referenced in the original agreement. As per the amendment, Omega Commercial Finance Corp shall initiate a share exchange transaction pursuant to which Omega Commercial Finance Corp will now acquire 15% stake in Summit Real Estate Group LLC for $0.12 million. Omega Commercial Finance will issue 6.75 million shares of Omega Commercial Finance Corp restricted common stock as consideration.
Omega Commercial Finance Corp. (OTCPK:OCFN) completed the acquisition of 15% stake in Summit Real Estate Group LLC from Ronnie Hale and John Manno on October 30, 2014.
On March 12, 2015, Omega Commercial Finance and Summit Real Estate Group entered into a second amendment providing for the consummation of the acquisition as originally proposed, by reissuing an additional 6.75 million shares of Omega's restricted common stock to Summit Real Estate Group Shareholders in exchange for 0.6 shares of Summit Real Estate Group's common stock held by them, thereby increasing Omega Commercial Finance's equity interest in Summit Real Estate Group to 75%.
Omega Commercial Finance Corp. (OTCPK:OCFN) completed the acquisition of 75% stake in Summit Real Estate Group LLC from Ronnie Hale and John Manno on March 23, 2015.