On March 24, 2005, Halo Resources Ltd. acquired 100 per cent of the right, title and interest in and to the Duport Gold Property, located near Kenora, Ontario, from the Sheridan Platinum Group Ltd. (SPG). Halo paid $250,000 in cash, issued one million common shares, and issued five-year preferred shares with a face value of $8 million to SPG. The preferred shares have a dividend of $50,000 payable in years one and two and a dividend equal to 4 per cent of the issue price thereafter, are non-voting and non-convertible, and may be redeemed or retracted by Halo. Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits.
Halo was represented by Jason Bullen (corporate) and Tom Kapsales (real estate) of Cassels Brock & Blackwell LLP, and by Mike Varabioff of Axium Law Group in Vancouver.
SPG was represented by Brian Pukier and Amanda Linett (corporate) and Andrew Elliott (real estate) of Stikeman Elliott LLP.