So, what now?2008-09-02 11:40 ET - News Release
PARAMAX RESOURCES LTD. CLOSES US BASED SHALE GAS ACQUISITION
Paramax Resources Ltd. has closed the previously announced acquisition of a 50-per-cent interest in approximately 90,000 acres of land in the Rocky Mountain gas basin in Idaho and Oregon from an arm's-length party. Paramax acquired the interest in the land for a cash consideration of $1.5-million (U.S.) plus the issuance of 1,053,000 shares of Paramax.
Pursuant to the acquisition, upon a commercial discovery on the shale gas asset, Paramax will issue an additional one million common shares to the vendor.
Please refer to the corporation's news release in Stockwatch on July 2, 2008, for additional information regarding the acquisition.
The completion of the acquisition is subject to final TSX Venture Exchange approval.
We seek Safe Harbor.