Exhibit 10.2
SHARE PURCHASE AGREEMENT
THIS SHARE PURCHASE AGREEMENT dated as of the 1st day of November, 2004,
BETWEEN:
XXXXX INDUSTRIES LTD., a British Columbia company with an office
located at 000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X
0X0, Xxxxxx
(the "Purchaser")
AND:
XXXXX XXXXX, a businessman of 1108 - 0000 Xxxx Xxxxxx Xxxxxx,
Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Shareholder")
WHEREAS:
A. The Shareholder is the registered and beneficial owner of a certain number of
common shares in the capital of ANK Apparel Source Inc. (the "Shares"), which
represent a 16% interest in ANK Apparel Source Inc.;
B. The Shareholder wishes to sell, and the Purchaser wishes to purchase, the
Shares pursuant to the terms and conditions of this agreement;
NOW THEREFORE THIS AGREEMENT WITNESSES that for and in consideration of
$1.00 and other good and valuable consideration paid by each party to the other,
the receipt and sufficiency of which are acknowledged, the parties covenant and
agree as follows:
1. The Shareholder agrees to sell and the Purchaser agrees to purchase the
Shares for and at a price of CDN$50,000 at the date of this agreement (the
"Purchase Price").
2. The Purchaser will deliver to the Shareholder a promissory note in the
principal amount of CDN$50,000 (the "Promissory Note") as consideration
for the transfer of the Shares.
3. The Shareholder represents and warrants to the Purchaser that:
a. The Shareholder owns the Shares as the legal and beneficial owner
thereof, free of all liens, claims, charges and encumbrances of
every nature and kind whatsoever. The Shares are fully paid and
non-assessable and the Shareholder has due and sufficient right and
authority to enter into this agreement and to transfer the legal and
beneficial title and ownership of the Shares to the Purchaser.
2
b. No person, firm or corporation has any agreement or option or a
right capable of becoming an agreement for the purchase of the
Shares, with the exception of this agreement.
4. The effective date of sale and purchase of the Shares will be November 1,
2004 (the "Closing").
5. At the Closing,
a. the Shareholder will deliver to the Purchaser the share
certificates, duly endorsed for transfer, representing the Shares,
and
b. the Purchaser will deliver the Promissory Note to the Shareholder,
which represents the full consideration for the Purchase Price.
6. This agreement will enure to the benefit of and will be binding upon the
parties and their respective successors and assigns.
7. Time will be of the essence of this agreement.
8. The parties will sign such further assurances and other documents and
instruments and do such further and other things as may be necessary to
implement and carry out the intent of the agreement.
IN WITNESS WHEREOF the parties have signed this Share Purchase Agreement
as of the day and year first above written.
Xxxxx Industries Ltd.
Per:
/s/ XXXXX XXXXX /s/ XXXXX XXXXX
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Authorized Signatory Xxxxx Xxxxx
