ContractGrid Petroleum Corp. • April 21st, 2011 • Gold and silver ores
Effective January 20, 2011, we entered into a Shared Exchange Agreement with Joaquin Basin Resources Inc.(the “Joaquin Inc.”), a Nevada corporation incorporated on September 9, 2010, and designated therein as the “Seller”, and its stockholders designated therein as the “Selling Shareholders” (the “Agreement”). Pursuant to the provisions of the Agreement, we agreed to issue to the Selling Shareholders (i) 62,000,000 shares of our common stock and (ii) 2,076,324 shares of our convertible preferred stock, in exchange for the transfer and delivery to us by the Selling Shareholders of the 62,000,000 shares of common issued by the Seller, which are all of the issued and outstanding securities of the Seller. As result of the transaction contemplated by the Agreement, the Seller will become our wholly owned subsidiary.
