Paramax Resources Ltd. Closes US Based Shale Gas Acquisition
Paramax Resources Ltd. announce that it has closed the previously announced acquisition of a 50% interest in approximately 90,000 acres of land in the Rocky Mountain gas basin in Idaho and Oregon (the “Shale Gas Asset”) from an arm’s length party (the “Acquisition”). Paramax acquired the interest in the land for a cash consideration of $US 1,500,000 plus the issuance of 1,053,000 shares of Paramax.
Pursuant to the Acquisition, upon a commercial discovery on the Shale Gas Asset, Paramax will issue an additional 1,000,000 common shares to the vendor.
