Share Purchase LOI1

Share Purchase LOI1 - August 1st, 2008 Mr. George Smith 456...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
August 1 st , 2008 Mr. George Smith 456 Page Avenue London, Ontario Dear George: Re: Purchase of Monster Truck Inc. This letter is further to our recent discussions regarding the possible acquisition by us of all the shares of Monster Truck Inc. (the “Corporation”). The purpose of this letter is to set out, in broad terms, the basis upon which we would be prepared to acquire all the shares of the Corporation, subject to a satisfactory due diligence investigation by us and subject to the execution of a definitive and legally binding share purchase agreement. If the terms set out below are satisfactory to you, we will instruct our solicitor to prepare a draft share purchase agreement. 1. Closing. The purchase will be completed on November 30 th , 2008, or such other date upon which we may mutually agree (“Closing”). 2. Purchase of Shares. Big Truck Ltd. (the “Purchaser”) will purchase all of the issued and outstanding shares of the Corporation (the “Shares”). 3. Purchase Price. The purchase price for the Shares will be $1,000,000 (the “Purchase Price”) and will be paid: (a) as to $50,000 by way of deposit submitted with this Letter of Intent; (b) as to $350,000 on Closing; and (c) as to $600,000 in 60 monthly instalments of $10,000 each, without interest, commencing January 1 st , 2009. 4. Guarantee. Bob Jones, President of the Purchaser, will personally guarantee all amounts owing to you by the Purchaser. 5.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/08/2011 for the course MOS 276 taught by Professor King during the Spring '11 term at UWO.

Page1 / 3

Share Purchase LOI1 - August 1st, 2008 Mr. George Smith 456...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online