FIRESWIRL TECHNOLOGIES INC. ("FSW")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: June 1, 2017
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a Purchase and Sale Agreement (the "Agreement") dated 29 February, 2016 between Fireswirl Technologies Inc ("Fireswirl Technologies") and Fireswirl Technologies (Shenzhen) Co. Ltd ("Fireswirl Shenzen" and collectively with Fireswirl Technologies, the "Company") and Beijing Xingchang Xinda Technology Development Co. Ltd ("XCXD"), Wei Zhang ("Zhang") and Lei Liu ("Liu" and together with Zhang, the "Purchasers") to which the Company will sell, assign and transfer all of its 50% interest in XCXD to the Purchasers.
In order for the Purchasers to acquire a 50% interest in XCXD, they must pay the Company RMB 5,000,000 to satisfy certain outstanding indebtness of XCXD and return an aggregate of 6,057,673 common shares of the Company to the Company. These shares will be returned to treasury.
For further information, please see the Company's news release dated March 1, 2016, May 12, 2016 and June 1, 2017.
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