Document:

Unassociated Document

Exhibit 10.1

AMENDMENT NO. 1 TO ACQUISITION AGREEMENT

The following provisions (the “Amendment”) are hereby incorporated into, and are hereby made a part of, that certain Acquisition Agreement, dated October 4, 2011 (the “Agreement”), by and among Consorteum Holdings, Inc., a Nevada corporation (the “Buyer”), Tarsin, Inc., a Nevada corporation (the “Company”), and Tarsin (Europe) LTD, a company organized under the laws of the United Kingdom (the “Seller”), and such provisions are effective retroactively to the date of the Agreement (the “Effective Date”).  All capitalized terms in this Amendment, to the extent not otherwise defined herein, shall have the meanings assigned to such terms in the Agreement.

	
1.  

	
Section 1.2.1 of the Agreement is hereby deleted and replaced as follows:

1.2.1      Purchase Price.  The purchase price for the Shares shall be 24.5 million shares of common stock of Buyer, currently equal to 4.9% of the Buyer’s outstanding common stock, on a fully-diluted basis (the “Purchase Shares”) and a cash payment of $3,000,000 to Seller as follows: (1) $200,000 no later than January 30, 2012, (2) $800,000 no later than March 31, 2012, (3) $1,000,000 no later than July 31, 2012, and (4) $1,000,000 no later than December 31, 2012;

	
2.  

	
Section 1.2.3 of the Agreement is hereby deleted and replaced as follows:

1.2.3                 Seller License Agreement to Buyer.  Seller is the sole owner of the Capsa Mobile Platform technology (“Capsa”).  Seller agrees to enter into a licensing agreement with Company, whereby Seller shall grant to Company an exclusive, worldwide perpetual license to use, distribute, and sell Capsa in consideration of a 12.5% royalty fee on all net revenue resulting from the use of the CAPSA platform from Buyer (the “License Agreement”).  Seller acknowledges that the License Agreement is a material term of this Agreement of which the Buyer is placing reliance upon and, without which, the Buyer would not have otherwise been induced to enter into the Agreement;

	
3.  

	
Section 1.2.6 of the Agreement is hereby deleted and replaced as follows:

1.2.6           Buyer’s Working Capital Obligation.  Buyer shall provide or procure the provision of working capital to Company as follows: (1) $300,000 no later than December 30, 2011, (2) an additional $250,000 no later than March 30, 2012, and (3) an additional $1,150,000 no later than December 31, 2012.  Failure to provide or procure the working capital as described herein shall constitute a material breach; and

	
4.  

	
Section 3.3(b) of the Agreement is hereby deleted and replaced as follows:

(b)           Payment of Line of Credit with NAT West.  Prior to Closing, Buyer shall pay in full the existing outstanding balance owed by Seller on the line of credit established with NAT West.

	
5.  

	
The following paragraph is hereby added to the Agreement:

If Buyer fails to pay when due any payments required under sections 1.2.1, 1.2.3 or 1.2.6 of the Agreement, then Seller, in addition to all other remedies it may have under the Agreement or in law and equity, shall have the right to terminate the License Agreement upon 15 calendar days written notice, and the right of termination shall become effective unless Buyer cures such breach within the 15 calendar day period.  Buyer hereby agrees that, upon such termination, all rights granted to Buyer under the License Agreement shall revert to Seller.

 

  

  

  

 

	
6.

	
The following provision is hereby added to the Agreement:

The Buyer agrees that the Company shall continue to provide engineering support to Seller for all service agreements that Seller currently has in place.

	
7.  

	
All other provisions of the Agreement shall remain unchanged.

IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed and delivered as of November 4, 2011.

	
BUYER:

	 	
THE COMPANY:

	  	 	  
	
CONSORTEUM HOLDINGS, INC.,

	 	
TARSIN, INC.,

	
a Nevada corporation

	 	
a Nevada corporation

	  	 	  
	  	 	  
	
/s/ Joseph R. Cellur

	 	
/s/ John Osborne

	
By: Joseph R. Cellura

	 	
By: John Osborne

	
Its:  Chief Executive Officer

	 	
Its: Chief Executive Officer

	  	 	  
	
SELLER:

	 	  
	  	 	  
	
TARSIN (Europe) LTD,

	 	  
	
a United Kingdom company

	 	  
	  	 	  
	  	 	  
	
/s/ John Osborne

	 	  
	
By: John Osborne

	 	  
	
Its: Chief Executive OfficerAGREEMENT

AGREEMENT, dated _____ __, 2011, among ________ (“Seller”) and Red Mountain Resources, Inc. (“Purchaser”).

 

RECITALS:

 

A.           Seller is the owner of _____ shares (“Shares”) of common stock, par value $0.001 per share, of Cross Border Resources, Inc. (“Cross Border”); and

 

B.           Seller desires to sell the Shares to Purchaser and Purchaser desires to acquire the Shares from Seller on the terms and conditions set forth in this Agreement.

 

IT IS AGREED:

 

1.           Purchase and Sale of Shares.  Subject to the terms and conditions herein, Seller hereby agrees to sell the Shares to Purchaser and Purchaser hereby agrees to purchase the Shares from Seller.  Purchaser shall purchase the Shares from Seller through the issuance of ______ shares (“Stock Consideration”) of common stock, par value $0.00001 per share, of Purchaser.

 

2.           Delivery of Shares and Stock Consideration.  Simultaneously with the execution of this Agreement:

 

(a)           Seller shall deliver to Purchaser a certificate representing the Shares, registered in Seller’s name, together with an instrument of transfer executed in blank with original signature from Seller, medallion guaranteed, so that the Shares may be transferred to the name of Purchaser.  Alternatively, if the Shares are in electronic format, Seller shall deliver or cause to be delivered to Purchaser appropriate instructions for book entry transfers of ownership of the Shares from Seller to Purchaser.

 

(b)           The Company shall issue to Purchaser a stock certificate representing the Stock Consideration indicating Purchaser as the owner of the Stock Consideration.

 

3.           Representations of Seller.  Seller represents and warrants to Purchaser as follows:

 

(a)           This Agreement constitutes a legal, valid and binding obligation of Seller enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

(b)           Seller is the record and beneficial owner of, and has good and marketable title to, the Shares, free and clear of all liens, security interests, charges, claims, restrictions and other encumbrances, subject to securities laws restrictions.  Seller has not granted to any person or entity any options or other rights to buy the Shares.  No other person or entity has any interest in the Shares of any nature.  The sale and transfer of the Shares to Purchaser pursuant to this Agreement will not give any person a legal right or cause of action against the Shares or Purchaser.

 

  

  

  

 

(c)           Seller has reviewed the public filings of Purchaser relating to Cross Border, including without limitation, the Schedule 13D filed with the Securities and Exchange Commission (“SEC”) by the Purchaser on June 30, 2011, and understands that Purchaser is seeking to acquire additional shares of common stock of Cross Border in order to effect various corporate transactions.  Seller understands and acknowledges that (i) Purchaser may acquire additional shares of common stock of Cross Border in future transactions for per-share consideration that may be in excess of that which it is paying to Seller and (ii) that Seller has no right to receive from Purchaser, and Purchaser has no obligation to pay Seller, any such excess consideration for the Shares.

 

(d)           Seller has reviewed the public filings of Purchaser, including without limitation, those filed with the SEC, which include Purchaser’s Current Report on Form 8-K dated May 26, 2011 and filed with the SEC on June 28, 2011, and Seller understands the content of such filings and the risks described about an investment in the Purchaser.

 

(e)           Seller is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act of 1933, as amended (“Securities Act”).

 

(f)           Seller acknowledges that the Stock Consideration is not registered under the Securities Act, or in any state and that Seller must hold the Stock Consideration for an indefinite period unless the Stock Consideration is subsequently registered under the Securities Act or a Federal and state exemption from such registration is available.  Purchaser further understands that the certificate representing the Stock Consideration will bear a legend indicating the restrictions on transferability.

 

(g)           The Stock Consideration is to be acquired for Seller’s own account and is not intended to be sold or otherwise disposed of in violation of the securities laws of the United States.

 

4.           Representations and Warranties of Purchaser.  Purchaser hereby represents and warrants to Seller as follows:

 

(a)           This Agreement constitutes a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

(b)           Purchaser has reviewed the documents of Cross Border filed with the SEC and Purchaser understands the content of such filings and the risks described about an investment in Cross Border.

 

(c)           Purchaser is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act.

 

(d)           Purchaser has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in Cross Border and has sufficient information about Cross Border to evaluate the merits and risks of an investment in Cross Border.

 

  

2

  

 

(e)           Purchaser understands that the Shares are not registered under the Securities Act or in any state and that the Shares may not be able to be sold unless they are subsequently registered or an exemption from such registration is available.  Purchaser further understands that the certificate representing the Shares will bear a legend indicating the restrictions on transferability.

 

(f)           The Shares are to be acquired for Purchaser’s own account and are not intended to be sold or otherwise disposed of in violation of the securities laws of the United States.

 

5.           Registration of Stock Consideration.  Purchaser is currently engaged in a $25 million private placement (“Private Placement”) of shares of its common stock.  Following the final closing of the Private Placement, Purchaser intends to file a registration statement with the SEC registering the resale of the shares of Purchaser’s common stock sold in the Private Placement.  Purchaser agrees to include the resale of the Stock Consideration to be received by the Seller hereunder on such registration statement.

 

6.           Confidentiality.  Except as otherwise required by applicable law, rule or regulation, Seller shall not disclose the existence or contents of this Agreement without the prior consent of the Purchaser.

 

7.           Governing Law.  This Agreement shall be governed by and construed in accordance with the law of the State of Florida without giving effect to principles of conflicts of law.

 

8.           Counterparts.  This Agreement may be signed in counterparts which, taken together, shall constitute one Agreement.

 

9.           Further Assurances.  The parties hereto agree to promptly take such steps as may be necessary to effectuate the purposes and intent of this Agreement.

 

  

3

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

	
SELLER:

	 	
PURCHASER:

	  	 	  	  
	  	 	
RED MOUNTAIN RESOURCES, INC.

	  	 	  	  
	
  

	 	
By:

	 	
   

	
[___________]

	 	
Alan W. Barksdale, Chief Executive Officer

  

4

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