THIS SHARE ACQUISITION & INVESTMENT
AGREEMENT made the 30th day of September, 2009.
SARA CREEK GOLD CORP.
, a company incorporated under the
laws of the State of Nevada and having an address for notice and
deliver located at 5348 Vegas Drive, #236, Las Vegas, NV
89108.
ORION RESOURCES, N.V.
, a company incorporated under the
laws of Suriname and having an address for delivery at
Albergastraat #33, Paramaribo, Suriname SA.
|
|
The Company is a resource company, with a 100%
interest in and to a resource property, consisting of two
exploration concessions consisting of 56,920 hectares (the “
Property ”), located in east central Suriname, in the
districts of Brokopondo and Sipalilwini;
|
|
|
The Investor is a Nevada Company, and wishes to
purchase one share in the capital of the Company (the “
Share ”) for USD$2,000,000, which will comprise 50% of
the Company’s issued and outstanding capital; and
|
|
|
The Company wishes to sell to the
Investor and the Investor wishes to purchase the Share from the
Company, on the terms and conditions set out in this
Agreement.
|
NOW THEREFORE in consideration of
the mutual covenants and agreements herein contained, and for other
good and valuable consideration (the receipt and sufficiency of
which are acknowledged by each party), the parties agree with one
another as follows:
|
|
Where used in this Agreement, each
of the following words and terms have the meanings ascribed to them
below:
|
|
|
“ Agreement ”
means this share acquisition and investment agreement and all
instruments supplemental to or in amendment or confirmation of this
agreement, and all references to this Agreement will include all
Schedules attached hereto;
|
|
|
“ Assets ” means
the undertaking, property and assets of the Company as a going
concern of every kind and description, wheresoever
situated;
|
|
|
“ Business ”
means the business carried on by the Company, namely exploration of
mineral properties;
|
|
|
“ Business Day ”
means any day, other than a Saturday, Sunday or any other day on
which the principal chartered banks located in the City of Las
Vegas, Nevada are not open for business during normal banking
hours;
|
|
|
“ Closing ” means
the completion of the purchase and sale of the Share under this
Agreement;
|
|
|
“ Closing Date ”
means November 15, 2009 or such other date as agreed to by the
parties to this Agreement;
|
|
|
“ Closing Time ”
means 10:00 a.m. (Nevada time) on the Closing Date or such other
time on such date as the parties may agree as the time at which the
Closing will take place;
|
|
|
“ Company ” means
Orion Resources, N.V., a company incorporated under the laws of
Suriname;
|
|
|
“ Encumbrance ”
means any lien, pledge, hypothecation, charge, mortgage, security
interest, encumbrance, claim, infringement, interference, option,
right of first refusal, pre-emptive right, community property
interest or restriction of any nature (including any restriction on
the voting of any security, any restriction on the receipt of any
income derived from any asset, any restriction on the use of any
asset and any restriction on the possession, exercise or transfer
of any asset or other attribute of ownership of any asset, except
any such restrictions imposed by or required under Applicable
Securities Laws or other applicable laws and/or
regulations;
|
|
|
“ Investor ”
means Sara Creek Gold Corp., a company incorporated under the laws
of the State of Nevada;
|
|
|
“ party ” or
“ parties ” and similar expressions means a
signatory to this Agreement, unless the context otherwise
requires;
|
|
|
“ person ”
includes an individual, corporation, partnership, joint venture,
society, association, trust, unincorporated organization, the Crown
or any agency or instrumentality thereof or any other juridical
entity, or any trustee, executor, administrator, or other legal
representative;
|
|
|
In this Agreement, except as
otherwise expressly provided:
|
|
|
the headings are for convenience
only and do not form a part of this Agreement and are not intended
to interpret, define, or limit the scope, extent, or intent of this
Agreement or any of its provisions;
|
|
|
the singular of any term includes
the plural, and vice versa, the use of any term is equally
applicable to any gender and, where applicable, a body corporate,
the word “ or ” is not exclusive and the word
“ including ” is not limited (whether or not
non-limited language, such as “ without limitation
” or “ but not limited to ” or words of
similar import is used with reference to that term);
|
|
|
any reference to a statute includes
and is a reference to that statute and to the regulations made
under that statute, with all amendments made to that statute and in
force from time to time, and to any statute or regulations that may
be passed that has the effect of supplementing or superseding that
statute or those regulations;
|
|
|
except as otherwise provided, any
dollar amount referred to in this Agreement is in United States of
America funds; and
|
|
|
any other term defined within the
text of this Agreement has the meaning so ascribed.
|
|
|
The following are the Schedules to
this Agreement:
|
|
|
Schedule
|
|
|
|
A
|
Major Assets of the
Company
|
|
|
B
|
|
|
|
PURCHASE
AND SALE OF THE SHARE
|
|
|
Subject to the terms and conditions
set out in this Agreement, the Company agrees to sell and the
Investor agrees to purchase the Share free and clear of all
Encumbrances, by way of an issuance from the treasury of the
Company.
|
|
|
CONSENT
& RIGHT OF FIRST REFUSAL OF INVESTOR:
|
|
|
In the event the Company proposes to
offer for sale any securities of the Company to any person, then
the Company shall require the consent of the Investor to such sale
by providing the Investor with notice in writing (the “
Notice of Sale ”) of the Company’s intent to
sell such securities. The Notice of Sale shall set out
the details as to the type of securities, as well as the total
number and price of the securities being offered for
sale. The Investor shall have 5 calendar days after the
receipt of the Notice of Sale to exercise its ROFR (as hereinafter
defined). If the Investor has not exercised the ROFR
within 5 days of receiving the Notice of Sale, then the Company may
proceed with such sale.
|
|
|
In the event the Company proposes to
offer for sale any securities of the Company to any person, and the
Company has provided the Notice of Sale to the Investor, then the
Investor may at its option exercise the right to purchase its
pro rata portion of such securities prior to the Company
selling such securities to any other person (the “
ROFR ”). For purposes of this right of
first refusal, the Investor’s pro rata right shall be
equal to the ratio of (a) the number of shares of the Company held
by the Investor immediately prior to the issuance of such
securities to (b) the total number of shares of Company outstanding
immediately prior to the issuance of such securities.
|
|
|
Where the Investor wishes to
exercise its ROFR, it shall do so by providing the Company with a
letter of subscription, setting out the number of securities being
purchased, accompanied by the aggregate price payable for such
purchase.
|
|
|
In exercising its ROFR, the Investor
may at its option, purchase less than the full number of securities
being offered for sale by the Company. Any securities
not subscribed for by the Investor, the sale of which has not been
objected to by the Investor, may be otherwise sold by the
Company.
|
|
|
REPRESENTATIONS AND
WARRANTIES OF THE COMPANY
|
|
|
To induce the Investor to enter into
and consummate this Agreement, the Company represents and warrants
and covenants to the Investor as follows:
|
|
|
the Company is a corporation duly
incorporated and validly existing under the laws of Suriname and is
in good standing regarding the filing of all documents and the
payment of all fees with the applicable corporate registries of its
jurisdiction, and the Company has the power, authority, and
capacity to enter into this Agreement and to carry out its
terms;
|
|
|
this Agreement has been duly
executed and delivered by the Company and is a binding agreement of
the Company, enforceable against it in accordance with its terms
and conditions, except that (i) the enforcement thereof may be
limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally, (ii)
equitable remedies, including, without limitation, specific
performance and injunction, may be granted only in the discretion
of a court of competent jurisdiction, and (iii) rights of
indemnity, contribution and the waiver of contribution provided for
herein may be limited under applicable law;
|
|
|
the execution and delivery of this
Agreement and the performance by the Company of all of its
obligations hereunder has been duly authorized by all necessary
corporate action required to be taken by it or on its behalf, and
no consents, approvals, waivers or authorizations are required to
be obtained by it to authorize or complete the transactions
contemplated herein;
|
|
|
the Share, on issuance to the
Investor, will be validly issued and outstanding as a fully paid
and non-assessable share of the Company, and will be free and clear
of all Encumbrances;
|
|
|
the Company’s authorized
capital consists of 1,000 shares without par value, of which only
one share is currently issued and outstanding, which share is
registered in the name of Kapelka Exploration Inc., an Alberta
corporation;
|
|
|
the Company is not a party to any
agreements, debt instruments, or commitments and neither the
Company nor its Assets are subject to any charter, by-law or other
corporate restriction, nor any order or other restriction that
would:
|
|
|
prevent the Company from entering
into this Agreement or from completing the transactions
contemplated by this Agreement; or
|
|
|
materially adversely affect the
Business, the Assets, prospects, or condition, financial or
otherwise, of the Company or accelerate the due date for payment of
any of the Company’s liabilities;
|
|
|
the Company will not issue any
shares, grant any options or warrants or otherwise create any
rights that are convertible into shares that will or could result
in more than one (1) share being issued prior to Closing without
the prior written consent of the Investor;
|
|
|
the Company does not have any
subsidiaries or agreements of any nature to acquire any
subsidiary;
|
|
|
no person has any written or oral
agreement or option or right capable of becoming an
agreement:
|
|
|
to require the Company to issue any
securities or to convert or exchange any securities into or for
shares of the Company;
|
|
|
for the purchase, subscription,
allotment, or issuance of any of the unissued shares or other
securities of the Company; or
|
|
|
to require the Company to purchase,
redeem, or otherwise acquire any of the Company&rsqu
|
|