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Title: |
Stock Purchase Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 5KB of 20KB total |
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Price: |
$37 |
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ID: |
#1625332 |
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STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT is dated as of April 24, 2001, by and among
Lakewood Development Corp., a Nevada corporation, Paul Johnson, Amy Gordon, Lee
White, Diane Golightly, or assigns ("Buyers") and David B. Stocker, Esq., as
authorized counsel for R.M. McPhee, as trustee, and H.F. Magnuson, individually,
or assigns ("Sellers").
WHEREAS, Sellers own approximately 6,423,340 shares of the $0.10 par value
common stock of Princeton Mining Company, an Idaho corporation (the "Company");
and
WHEREAS, Buyers desire to purchase, and the Sellers desire to sell
6,250,000 shares of such common stock (the "Company Shares") from Sellers in
exchange for Two Hundred Seventy-Five Thousand Dollars ($275,000.00), subject to
the terms and conditions contained in this Agreement.
NOW THEREFORE, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree that the foregoing recitals are true
and correct and further agree as follows:
1. Purchase and Sale. On the Closing (as provided in Section 2 herein),
Sellers shall sell, assign, transfer, convey and deliver the Company Shares to
Buyers, free and clear of any and all liens, claims and encumbrances, and
Sellers shall evidence such transaction by delivering to Buyers certificates for
the Company Shares, duly endorsed to Buyers, with all applicable documentary
stamp and/or transfer taxes paid by Seller. The Buyers' shares shall be divided
as follows:
Lakewood Development Corp. 1,000,000
Paul Johnson 1,350,000
Amy Gordon 1,350,000
Lee White 1,250,000
Diane Golightly 1,250,000
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Total: 6,200,000
Page 1 of 8
<PAGE>
The remaining 50,000 shares shall be divided as follows:
Ken Wiseman 10,000
R. Cord Beatty 10,000
Cynthia D. Phillips 10,000
David B. Stocker 10,000
Rick Yagi 5,000
Terry Dunne 5,000
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Total: 50,000
The 173,340 shares that the Sellers will retain shall be divided as follows:
Kathleen J. Magnuson Trust 32,168
H. James Magnuson Trust 32,168
Mary E. Magnuson Trust 32,168
Thomas R. Magnuson Trust 32,168
John F. Magnuson Trust 32,168
Dale B. Lavigne 2,500
R.M. MacPhee 2,500
Mark W. Absec 2,500
Sharon Arthur 2,500
Dennis O'Brien 2,500
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Total: 173,340
Upon the terms and subject to the conditions of this Agreement, the parties
agree that the purchase price for the Company Shares shall be Two Hundred
Seventy-Five Thousand Dollars ($275,000.00) (the "Purchase Price"). The Purchase
Price shall be paid as follows; wire transfer or cashier's check.
2. Closing and Closing Agreements.
2.1 The Closing (the "Closing') of the purchase and sale of the
Company Shares shall occur within two days of the execution of this Agreement,
unless the parties mutually agree in writing to extend the date of Closing.
2.2 At the Closing the Sellers shall deliver to the Buyers the
certificates representing the Company Shares, along with a stock power duly
endorsed for transfer in order to sell, transfer, convey and assign the Company
Shares upon the payment of all cash sums specified in Section 1 above, and such
other duly executed instruments or documents as may be reasonably requested by
Buyers in order to consummate the transactions contemplated by this Agreement
(the "Closing Documents").
Page 2 of 8
<PAGE>
2.3 The Buyers shall deliver to the Sellers the Purchase Price in
accordance with Section 1 above, and such other duly executed instruments or
documents as may be reasonably requested by Seller in order to consummate the
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