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Saccharum Energy Corp. Announces Proposed Acquisition of Petroleum and Natural Gas Assets in Alberta
Saccharum Energy Corp. Announces Proposed Acquisition of Petroleum and Natural Gas Assets in Alberta
About this update from Maxim Power Corp.
[{"type":"text","content":"\nSaccharum Energy Corp. Announces Proposed Acquisition of\nPetroleum and Natural Gas Assets in Alberta\n\n\n Mar. 9, 2010 (Filing Services Canada) -- Saccharum Energy Corp. (SHM.P - TSX Venture), (\"Saccharum\" or the \"Corporation\"), a capital pool company listed on the TSX Venture Exchange (the \"Exchange\"), is pleased to announce that it has entered into a purchase and sale agreement dated March 4, 2010 effective January 1, 2010 (the \"Agreement\") in respect of the acquisition of certain oil and natural gas assets (the \"Assets\") from the Vendors (as such term is hereinafter defined).  Subject to the terms and conditions of the Agreement, Saccharum intends to acquire the Assets from the Vendors for an aggregate purchase price of $1,137,000 by way of issuance of 14,212,500 common shares in the capital of the Corporation (\"Common Shares\") at a deemed price of $0.08 per Common Share.  The Corporation intends that the acquisition of the Assets shall constitute its Qualifying Transaction (the \"Qualifying Transaction\") as such term is defined in the policies of the Exchange.The Vendors of the Assets include 756453 Alberta Ltd. (a private Alberta company owned and controlled by Johannes Kingma, currently President, Chief Executive Officer and a director of the Corporation), 296936 Alberta Ltd. (a private Alberta company owned and controlled by David Ragan, a director of the Corporation) and David Pinkman, currently Chief Financial Officer, Secretary and a director of the Corporation, and Davis Holdings Ltd. (a private Alberta company owned and controlled by Christopher Davis, an independent owner) (collectively, the \"Vendors\").  Messrs. Kingma, Pinkman, Ragan and Davis are all residents of Alberta.The Qualifying Transaction is considered to be a Non-Arm's Length Qualifying Transaction, as such term is defined under the policies of the Exchange.  The Corporation has also determined that the Qualifying Transaction is a \"related party transaction\" pursuant to Multilateral Instrument 61-101 Protection of Minority Holders in Special Transactions (\"MI 61-101\") and will be subject to the requirements of same.  Accordingly, the Qualifying Transaction will be subject to the approval by a majority of the votes cast by the minority shareholders of the Corporation.The following ta...