Purchase of Interest. The Optionor hereby sells, transfers and assigns the Optionee fifty percent (50%) interest in the Property for the consideration of 400,000 common shares of Rally Energy Corp. ("Rally") and 400,000 options to purchase common share of Rally, each option exercisable to purchase on 1 common share of Rally for $1.50 until 5:00 p.m., Toronto time on November 22, 2000. Concurrent with the execution of this Option Agreement the Optionor shall deliver to the Optionee a conveyance in proper registrable form in favour of the Optionee of all right, title and interest of the Optionor in the Property, duly executed by the Optionor, to be held in trust by the Optionee for the purposes of this Option Agreement. The Optionee may register or record any such conveyance in its name for such purposes, and the Optionor may register this option agreement or notice of this Option Agreement against title to the property.
Appears in 3 contracts
Sources: Purchase and Joint Venture Agreement (Shannon International Resources Inc), Purchase and Joint Venture Agreement (Shannon International Resources Inc), Purchase and Joint Venture Agreement (Shannon International Resources Inc)