Business
Boxxer signs share purchase agreement to acquire Konnex Resources
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UN...
About this update from Exgen Resources Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, July 23, 2013 /CNW/ - Further to a news release dated July 4, 2013, Boxxer Gold Corp. (TSX\n Venture: BXX/OTC: BXXRF) (\"Boxxer\" or the \"Corporation\") announced today that it has signed an arm's length binding share\n purchase agreement (\"Share Purchase Agreement\") with Konnex Resources, Inc. (\"Konnex\") to acquire all of the issued and outstanding shares of Konnex (the \"Acquisition\").\n\n\nKonnex Resources Inc:\nKonnex is a private Canadian metals exploration company that seeks to\n identify and acquire undervalued projects located in low risk\n jurisdictions. Konnex has a highly experienced board and management\n team with collectively over 100 years of experience in exploration,\n development, mine management, and project sourcing worldwide. As of May\n 31, 2013, Konnex had net current liabilities of approximately $316,048\n and it is anticipated that at the closing of the Acquisition, Konnex\n will have up to 10,600,000 shares outstanding.\n\n\nKonnex's main asset is an option on the Empire Mine, a former\n copper-gold-silver producer located within the Alder Creek mining\n District, 5.5 kilometers southwest of the town of Mackay in central\n Idaho. The property consists of 23 patented mineral claims, 21\n unpatented mineral claims and five unpatented mill-site claims covering\n a contiguous 301 hectares (743.7 acres) (the \"Empire Project\").  For further information on Konnex and the Empire Project, please\n refer to Boxxer's July 4, 2013 press release.\n\n\nTerms of the Acquisition:\nPursuant to the Share Purchase Agreement, subject to certain conditions,\n Boxxer will make an offer, on or before July 29, 2013, to the\n shareholders of Konnex to purchase all of the issued and outstanding\n shares of Konnex on the basis of five (5) Boxxer shares for each one\n (1) Konnex share.  The offer expires on August 19, 2013.  The take-up\n of the Konnex shares by Boxxer is subject to a number of conditions\n including: (i) the execution of an escrow agreement by the principals\n of Konnex, who will hold in aggregate approximately 38% of the\n outstanding Konnex shares at the closing of the Acquisition, providing\n for the release of those Konnex shares, as to 25% on each on the six,\n 12, ...