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Lehi, Utah, January 24, 2012—BayHill Capital Corporation (OTC Bulletin Board: BYHL), announced today their plans to acquire Canola Property Ghana Limited (CPGL) in a reverse merger transaction. CPGL is a private company incorporated in the Republic of Ghana West Africa to lease land and develop agricultural operations.
The share for share exchange will be treated as a reverse merger. Closing of the reverse merger is subject to certain and customary conditions, including the adoption of the merger agreement by both companies and the completion of the private placement of at least $600,000 of BayHill common stock under a planned private placement by BayHill. If consummated, the transaction will result in a change in control of BayHill. The parties may terminate the merger agreement if the merger is not completed by February 29, 2012. In connection with the change of control it is expected that there will also be a change to the board of directors and management of BayHill.
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