TSX approval of the deal ...
EAST ENERGY CORP. ("EEC")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: May 28, 2007
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a Share Transfer Contract dated February 26, 2007 (the 'Agreement') between East Energy Corp. (the 'Company'), China Minmetals Corporation and Minmetals Investment Development Ltd. (collectively the 'Vendor') pursuant to which the Company has an option to acquire up to a 49% interest in coal exploration, mining and coking projects in Qinghai Province, China.
The aggregate compensation payable under the terms of the Agreement by the Company to the Vendor is 44 million RMB payable in two installments: the first payment of 10 million RMB (approx. Cdn$1.5M) is due within 15 days of Chinese Federal Government approval; the second payment of 34 million RMB (approx. Cdn$5.1M) will be made upon receipt of a business license for the Joint Venture.
In addition, the Company has agreed pay a finder's fee of 250,000 common shares of the Company to Mr. Yijie He, an arms length individual from Beijing, China.
Insider / Pro Group Participation: N/A
For further details, please refer to the Company's press release dated March 15, 2007 available on SEDAR.
TSX-X
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