CONSOLIDATED SPIRE VENTURES LTD.
6th Floor, 890 West Pender Street, Vancouver, B.C., V6C 1J9
Telephone: (604) 662-7455; Fax: (604) 683-1055
N E W S R E L E A S E
October 14th , 2009
TSX-V SYMBOL: CZS
CONS. SPIRE VENTURES ENTERS INTO A LETTER AGREEMENT WITH A PRIVATE BRITISH COLUMBIA EXPLORATION COMPANY
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.
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