Exhibit 10.1
FREEDOM PETROLEUM, INC.
000 Xxxxxxx Xxxxxx, Xxxxxx 00 Xxxxx 0000
Xxx Xxxxxxx, XX 00000
April 28, 2015
Shalex Corporation
000, 000 0xx Xxx XX
Xxxxxxx Xxxxxxx X0X 0X0
Attn: Wm. R. (Xxxx) XxXxx, President & CEO
Re: Purchase and Sale Agreement
Dear Xx. XxXxx,
This letter is regarding the Purchase and Sale Agreement (the "Agreement") dated
October 10, 2014 entered into by and between Shalex Corporation ("Shalex") and
Freedom Petroleum, Inc. ("Freedom"). Freedom has decided not to meet the payment
terms of the Agreement due to recent changes in global oil markets and a
declined interest in the industry from investors, therefore, management has
determined it would be in our shareholders' best interest not to continue
pursuing the transaction contemplated under the Agreement and therefore we would
like to terminate it. Based on the terms of the Agreement, it can be terminated
through mutual consent. Accordingly, we hereby request your consent to terminate
the Agreement pursuant to Section 6.16(c) of the Agreement.
Freedom understands that the mutual agreement to terminate is subject to Freedom
making proper disclosure to all applicable regulatory authorities and filing
such disclosure by way of a Form 8K
By returning a signed copy of this letter to us, you acknowledge and agree that
1) this termination is not a result of any fault or breach from either party and
is made upon mutual consent of both parties; and 2) following the termination of
the Agreement, Freedom shall immediately cease to be liable under Section 3.4 of
the Agreement and neither party shall have any further liability to the other
under the Agreement.
We have enjoyed working with you and wish you a prosperous future. Please
contact me if you would like to discuss this matter further. Thank you.
Very truly yours,
FREEDOM PETROLEUM, INC.
By: /s/ Xxxxx Xxx
------------------------------
Name: Xxxxx Xxx
Title: CEO
Accepted and Agreed to
as of the date first above written:
SHALEX CORPORATION
By: /s/ Wm. X. XxXxx
--------------------------------
Name: Wm. R. (Xxxx) XxXxx
Title: President and CEO
