Cons. Spire Ventures Enters Into A Letter Agreement With A Private British Columbia Exploration Company
Vancouver, B.C. - 10/14/2009 - Consolidated Spire Ventures Ltd. ("Spire") (TSX.V: CZS) is pleased to announce that it entered into a letter agreement dated October 13, 2009 with a private British Columbia numbered company ("BC Co"). Under the terms of the letter agreement, the Company has agreed to enter into a definitive agreement to purchase all of the issued and outstanding common shares in the capital of BC Co from the shareholders of BC Co (the "Shareholders") in consideration for the Company issuing 9,500,000 common shares to the Shareholders and promissory notes to the Shareholders in the aggregate amount of $75,000.00. The promissory notes bear no interest, are due on demand, and carry a term of 18 months. The proposed acquisition will be negotiated and carried out by the parties dealing at arm's length to one another.
Conditions of Closing
The parties have agreed to enter into a definitive agreement on or before November 15, 2009, and have agreed to close the proposed transaction on or before December 15th 2009, or such other date as the parties may agree to in writing. Completion of the proposed acquisition will be subject to certain conditions including: (a) completion of each party's satisfactory due diligence review of the other, including the financial condition, business and properties of each; (b) receipt of all necessary regulatory approvals, including those of the TSX Venture Exchange (the "Exchange"); (c) completion of applicable financial statements of BC Co as required by applicable securities laws; and (d) the closing of the definitive agreement.
Business of BC Co
BC Co is a private company and is engaged in the business of base and precious mineral exploration in BC and the Yukon, and the exploration for lithium in Alberta.
Subject to Exchange approval, the Company intends to issue common shares and cash as a finder's fee (in accordance with the policies of the Exchange) to the finder upon the closing of the definitive agreement in consideration for services provided by the finder with respect to the transaction. The finder is not a Non-Arm's Length Party and such common shares will be issued pursuant to an exemption under applicable securities laws and will subject to a hold period as required by applicable securities laws.
Contact Information
Investors are invited to visit the Consolidated Spire Ventures Ltd. Website at www.spireventures.com or the Investor Hub at www.agoracom.com/ir/Consolidatedspire where they can post questions and receive answers. Alternatively, investors are able to e-mail all questions and correspondence to CZS@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time. If you are not currently on the CZS updates list, please send in your email address to info@spireventures.com or call 604-662-7455 with the best method to keep you informed. We will send out regular updates and news releases to everyone who asks to be on the list.
FOR INFORMATION OR INVESTOR RELATIONS CONTACT THE COMPANY
AT (604) 662-7455 OR VISIT THE WEBSITE AT www.spireventures.com
ON BEHALF OF THE BOARD
Brian Buchanan
President and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
