NOBLE IRON INC. ("NIR")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: May 8, 2017
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an asset purchase agreement (the "Agreement") dated May 1, 2017 between Noble Rents Inc. ("Noble Rents"), a wholly owned subsidiary of Noble Iron Inc. (the "Company"), and Sunbelt Rentals, Inc. ("Sunbelt"), whereby Sunbelt has agreed to purchase the Los Angeles, California based equipment rental operations (the "Business") from Noble Rents.
In order for Sunbelt to acquire the Business, Sunbelt paid the Company Cdn$46.5 million in cash, of which Cdn$1.37 million is being held in an escrow account for 180 days following closing for any adjustments to the purchase price.
The transaction is arm's length.
For further information, please see the Company's news releases dated, April 28, 2017 and May 5, 2017.
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