extension to assignment agreement
EXHIBIT10 (x)
extension to assignment agreement
THIS AGREEMENT (the “Agreement”) is dated effective March 31, 2010 by and between Montana Mining Corp., a Nevada corporation, (“Montana”) and Dobhai Ventures Inc., a British Columbia corporation (“Dobhai”). Produced Water Solutions Inc. (“PWS”), Canadian Prestige Ltd. (“Canadian Prestige”) and Maple Leaf Development Corp. (together with Canadian Prestige, the “PWS Shareholders”) are also executing this Agreement for the purpose of providing a consent pursuant to the Share Purchase Agreement (defined below).
WHEREAS:
(D) |
Montana and Dobhai entered into an assignment agreement dated August 26, 2009, as amended November 29, 2009 (the “Assignment”), whereby Montana assigned to Dobhai all of Montana’s rights, title and interest in a share purchase agreement between Montana, PWS and the PWS Shareholders dated as of November 20, 2008, as amended February 2, 2009, July 10, 2009, July 22, 2009, December 10, 2009 and March 31, 2010 (the “Share Purchase Agreement”), and PWS and the PWS Shareholders consented to the Assignment; |
(E) |
Pursuant to its terms, the Assignment remained effective until March 31, 2010 or as agreed by the parties; |
(F) |
The parties to the Assignment contemplated that Dobhai would complete its acquisition of PWS (the “Acquisition”) prior to March 31, 2010, but Dobhai has not completed the Acquisition, and so the parties have agreed to extend the term of the Assignment as set out herein. |
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 is hereby acknowledged, the parties covenant and agree as follows:
7. |
The Assignment is hereby amended to extend the term of the Assignment for a period of three months so that the Assignment will expire on June 30, 2010. |
8. |
The Assignment is hereby amended to extend the term for the payment of a royalty to Montana as agreed in the Assignment to a period ending thirty six (36) months from the date of this Agreement. |
9. |
All other provisions of the Assignment remain in effect, unamended. |
10. |
This Agreement has been made in the province of British Columbia and will be construed and interpreted according to the laws of British Columbia and the laws of Canada in force therein. |
11. |
Time will be of the essence in this Agreement. |
12. |
This Agreement may be executed in any number of counterparts with the same effect as if every party to this Agreement had signed the same document, and all counterparts will be construed together and will constitute one and the same instrument. |
13. |
IN WITNESS WHEREOF the parties hereto have executed this Extension Agreement on the day and year first above written.
Per: /s/ Xxxxxxxx Xxxxxxxx |
DOBHAI VENTURES INC. Per: /s/ Xxxxx Xxxxx |
Consenting to this Agreement for the purposes of the Share Purchase Agreement:
PRODUCED WATER SOLUTIONS INC.
Per: /s/ Xx Xxxxxxx
CANADIAN PRESTIGE LTD. Per: /s/ Xx Xxxxxxx |
MAPLE LEAF DEVELOPMENT CORP.
Per: /s/
Xxx Xxxxxxx
Per: /s/
Xxxxx Xxxxxx