WINNIPEG, MB – Bird River Resources Inc. (CSE:BDR) (the “Company“) is pleased to announce that its sale of 100% of the Company’s shareholdings in High Point Oil Inc. (“HPO“) under a share purchase agreement (the “Share Purchase“) with an arms-length party (the “Acquiror“, and with the Company, the “Parties“) has closed, as initially disclosed in the Company’s news release of August 4, 2020.
Under the terms of the Share Purchase, the Acquirer paid the Company $90,000 CAD to acquire:
- 100% of the Company’s shareholdings in HPO;
- HPO’s accounts payable and debts owed to the Company; and
- the Company’s interest in three wells operated by HPO.
The Parties have agreed to make an adjustment within 30 days of today’s closing, of the net revenue, earned by HPO from September 1st to October 2nd, 2020. It is anticipated to be an additional $69,948.10, which will leave Bird River Resources Inc., with approximately $260,217.78 following the Share Purchase closing.
The Company received shareholder approval for the sale of HPO at its Annual and Special Meeting held on September 25, 2020.
About Bird River Resources Inc.
Established in 1958, Bird River Resources Inc. is a Winnipeg, Manitoba based diversified resource company which holds minority interests in producing oil and gas wells in southwestern Manitoba. The company also holds a net royalty smelter (NSR) interest in a platinum palladium property in the Bird River Sill area of northeastern Manitoba near the Ontario border. Additional information on the Company is available at the Canadian Securities Exchange https://www.thecse.com/and at sedar.com.