Key Developments: Pioneer Exploration Inc (PIEX.PK)

Pioneer Exploration Inc Signs Letter Agreement To Purchase Shares Of IBA Green, Inc.
Friday, 21 Oct 2011 12:15am EDT 

Pioneer Exploration Inc announced that on October 7, 2011, Pioneer Exploration entered into a letter agreement with Angelo Scola (the Letter Agreement) with the intention and objective of both parties to negotiate the purchase and sale of all of the shares of IBA Green, Inc. (the Shares), which will include the business assets at the time of purchase, including all cash, property, contracts, equipment, goodwill, intellectual property, including all patents registered in the name of IBA Green, Inc. or the name of any affiliate, and other assets used in or related to the business of IBA Green, Inc. (collectively, the Assets). Pursuant to the terms and conditions of the Letter Agreement, Pioneer has conditionally offered to purchase the Shares, including the assumption of any loans related to the business of IBA Green, Inc., and to issue to Mr. Scola up to a maximum of 38.5 million restricted shares as consideration for the Shares. The purchase of the Shares is conditional upon the certain conditions precedent being satisfied, including, among others, Pioneer conducting its due diligence on the Shares and the Assets, and obtaining results that are to its satisfaction within 45 days of signing the Letter Agreement.  Full Article