GREY:SLKEF - Post by User
Comment by
whaleron Sep 18, 2009 12:25pm
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Post# 16318735
RE: RE: RE: RE: Cleaver Agreement ...Drills are tu
RE: RE: RE: RE: Cleaver Agreement ...Drills are tu BUSINESS ACQUISITION
On November 25, 2008, the Company completed the acquisition of 100% of the issued and outstanding shares (the “Shares”) of 1691063 Ontario Ltd. ("1691063"), a privately held company, as well as debt due and owing by 1691063 in the amount of $150,000. As consideration for the Shares, the Company paid $250,000 cash and issued 5,000,000 common shares (valued at $2,750,000) to the former shareholders of 1691063.
The Company also paid legal fees of $7,500 in connection with the acquisition. 1691063 is the owner of the Desrosiers Property which consists of six claim units located in Desrosiers Township, Ontario.
Details of the acquisition are as follows:
Purchase price
Cash paid $ 250,000
Common share issued 2,750,000
Transaction costs 7,500
$ 3,007,500