Prime Acquisition Corp. (NasdaqCM:PACQ) announced a private placement of 14,285,714 shares at a price of $9.10 per share with Radiomarelli SA for gross proceeds of $130,130,000 on August 30, 2013. The company will issue securities pursuant to exemption provided under Regulation D. The shares will represent 21.51% stake in the company.

The board of the company will consist of seven directors; bhn LLC shall designate five persons to the board of the company, of which three designees shall qualify as an independent director under the Exchange. Mitchell S. Nussbaum of Loeb & Loeb LLP will act as legal advisor to the company. bhn LLC will act as advisor to the company.

Christian Moretti and Bryan Hall of Carter Ledyard & Milburn LLP and NCTM Studio Legale Associato team co-led by Eugenio Siragusa and Pietro Zanoni will act as legal advisors to the investor. The company will not pay any brokerage or finder's fees or commissions are or will be payable by the company except the fees payable to payable to EF Finance & Investments, S.r.l. Each party shall pay the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses. The transaction is subject to certain closing conditions.

The transaction will close with closing of an ongoing stock purchase transaction. The transaction can be terminated by the parties if not closed by December 31, 2013.