New York-based Solar Thin Films Inc. (STF) has announced that a closing occurred on April 30 pursuant to an agreement dated April 26 with Tennessee-based Quality Resource Technologies Inc. (QRT).
Under the agreement, STF will acquire 100% of the issued and outstanding shares of QRT in exchange for 50% of the issued and outstanding shares of STF's stock.
As of the closing date, STF acquired approximately 95% of the QRT shares. STF says it contemplates receiving the approval of the balance of the QRT stockholders within 30 days after the closing date.
STF says it intends to arrange to raise a total of $5 million pursuant to the sale of newly issued STF common stock – with a minimum of $2 million to be raised within 60 days after the closing date and the balance to be raised within 150 days after the closing date.