Document:

presv_ex10-2.htm

Exhibit 10.2

FORM OF SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT (“Agreement”) made as of this __ day of ___________, 2011, by and among PRESS VENTURES, INC., a Nevada corporation (the “Company”), and the undersigned subscriber of securities of the Company (the “Subscriber”).

WHEREAS, the Company intends to obtain subscriptions for the purchase and sale, in an offering registered under the Securities Act of 1933, as amended (the “Act”), on the Registration Statement on Form S-1 (the “Registration Statement”) filed with the Securities and Exchange Commission (the “Offering”), consisting of 2,800,000 shares of the Company’s common stock, par value $0.001 (the “Shares”), on the terms and conditions as set forth in the prospectus (the “Prospectus”) which is a part of the Company’s Registration Statement, and the Subscriber desires to acquire that number of Shares set forth on the signature page hereof.  This Agreement incorporates terms as defined in the Company's Registration Statement.

NOW, THEREFORE, for and in consideration of the promises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

1.           Subscription Procedure

1.1           Subject to the terms and conditions set forth herein and in the Registration Statement, the Subscriber hereby subscribes for and agrees to purchase from the Company such number of Shares as is set forth upon the signature page hereof at a price of $0.01 per Share (the “Purchase Price”).  The Company agrees to sell such Shares to the Subscriber for the Purchase Price.

1.2           The subscription period will begin as of the date the Registration Statement is declared effective by the Securities and Exchange Commission (“SEC”) and will continue until 180 days thereafter, unless terminated earlier by the Company in its sole and absolute discretion (the “Offering Period”).  The Shares will be offered as set forth in the Registration Statement.  The consummation of the Offering is subject to the satisfaction of the closing conditions set forth in Section 5 of this Agreement.

 1.3                               Subscription funds will be held in an escrow account.  If the Company has not received subscriptions for 2,800,000 shares of its common stock upon expiration of the Offering Period, subscription funds will be promptly returned to investors without interest or deduction. 

 

1.4           The certificates for the Common Stock bearing the name of the Subscriber will be delivered by the Company no later than thirty (30) days following the Closing of the Offering.  The Subscriber hereby authorizes and directs the Company to deliver the Shares to be issued to the Subscriber pursuant to this Agreement and delivered to the residential or business address indicated on the signature page hereof.

1.5           This executed Subscription Agreement shall be forwarded to:

Caroline Johnston

Press Ventures, Inc.

1733 First Avenue NW

Calgary, Alberta, Canada T2N 0B2

1.6           The Purchase Price for the Shares purchased hereunder shall be paid by check or wire transfer to PRESS VENTURES, INC.

1.7           The Company may, in its sole discretion, reject any subscription, in whole or in part, or terminate or withdraw the Offering in its entirety at any time prior to Closing.

  

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2.           Representations and Covenants of Subscriber.

2.1           The Subscriber recognizes that the purchase of Shares involves a high degree of risk in that (i) the Company will likely need additional capital but has no assurance of additional necessary capital; (ii) an investment in the Company is highly speculative and only investors who can afford the loss of their entire investment should consider investing in the Company and the Shares; (iii) an investor may not be able to liquidate his or her investment; (iv) there is currently no market for the Shares; (v) an investor could sustain the loss of his or her entire investment; and (vi) the Company is and will be subject to numerous other risks and uncertainties, including without limitation, significant and material risks relating to the Company’s business, and the industries and markets in which the Company will compete, as well as risks associated with the Offering, and the other transactions contemplated herein, in the Registration Statement, all as more fully set forth herein and in the Registration Statement.

2.2           The Subscriber represents that he or she is able to bear the economic risk of an investment in the Shares.

2.3           The Subscriber acknowledges that he or she has reviewed all of the documents furnished or made available by the Company to evaluate the merits and risks of such an investment and that he or she recognizes the highly speculative nature of this investment.

2.4           The Subscriber acknowledges receipt and careful review of the Prospectus, this Agreement, and any other exhibits or attachments hereto and thereto (collectively, the “Offering Documents”) and hereby represents that he, she or it has been furnished or given access by the Company during the course of this Offering with or to all information regarding the Company and its respective financial condition and results of operations which the Subscriber had requested or desired to know; that all documents which could be reasonably provided have been made available for the Subscriber’s inspection and review; that the Subscriber has been afforded the opportunity to ask questions of and receive answers from duly authorized representatives of the Company concerning the terms and conditions of the Offering, and any additional information which he, she or it had requested.

2.5           The Subscriber acknowledges that this Offering of Shares may involve tax consequences, and that the contents of the Offering Documents do not contain tax advice or information.  The Subscriber acknowledges that he, she or it must retain his, her or its own professional advisors to evaluate the tax and other consequences of an investment in the Shares.

2.6           The Subscriber acknowledges that neither the SEC nor any state securities commission has approved or disapproved of the Shares or passed upon the accuracy or adequacy of the Prospectus.

2.7           The Subscriber understands that the Company will review this Agreement, and the Company reserves the unrestricted right to reject or limit any subscription and to close the Offering at any time.

2.8           The Subscriber hereby represents that the address of the Subscriber furnished on the signature page of this Agreement is the undersigned's principal residence if he or she is an individual or its principal business address if it is a corporation or other entity.

2.9           The Subscriber hereby represents that, except as set forth in the Offering Documents, no representations or warranties have been made to the Subscriber by the Company or its agents, employees or affiliates and in entering into this transaction, the Subscriber is not relying on any information, other than that contained in the Offering Documents and the results of independent investigation by the Subscriber.

2.10           If the undersigned Subscriber is a partnership, corporation, trust or other entity, such partnership, corporation, trust or other entity further represents and warrants that: (i) it is authorized and otherwise duly qualified to purchase and hold the Shares; and (ii) that this Agreement has been duly and validly authorized, executed and delivered and constitutes the legal, binding and enforceable obligation of the undersigned.

  

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2.11           If the Subscriber is not a United States person, such Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Shares.  Such Subscriber's subscription and payment for, and his or her or her continued beneficial ownership of the Shares, will not violate any applicable securities or other laws of the Subscriber's jurisdiction.

3.           Representations by the Company.

Except as set forth in the Registration Statement or any other items provided to Subscriber, the Company represents and warrants to the Subscriber that:

3.1           Organization and Authority.  The Company, and its respective subsidiaries, if any (i) is a corporation validly existing and in good standing under the laws of the jurisdiction of its incorporation, (ii) has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as presently conducted, and (iii) has all requisite corporate power and authority to execute, deliver and perform their obligations under this Agreement and the Offering Documents being executed and delivered by it in connection herewith, and to consummate the transactions contemplated hereby and thereby.

3.2           Qualifications.  The Company is in good standing in all jurisdictions where such qualification is necessary and where failure to so qualify could have a material adverse effect on the business, properties, operations, condition (financial or other), results of operations or prospects of the Company, taken as a whole or has the affect of preventing the Company from performing any of its duties or obligations under this Agreement (a “Material Adverse Effect”).

3.3           Corporate Authorization.  The Offering Documents have been duly and validly authorized by the Company.

3.4           Non-Contravention.  The execution and delivery of the Offering Documents by the Company, the issuance of the Shares as contemplated by the Offering Documents, with or without the giving of notice or the lapse of time, or both, will not result in any violation of any provision of the articles of incorporation or by-laws or similar instruments of the Company or its respective subsidiaries.

3.5           Information Provided.  The Company hereby represents and warrants to the Subscriber that the information set forth in the Prospectus and any other document provided by the Company to the Subscriber in connection with the transactions contemplated by this Agreement, does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.

3.6           Consents.  The Company has all necessary consents, approvals, authorizations, orders, registrations, qualifications, licenses, filings and permits of, with and from all applicable judicial, regulatory and other legal or governmental agencies and bodies and all third parties, foreign and domestic (collectively, the “Consents”), to own, lease and operate their respective properties and conduct their respective businesses as are now being conducted and as disclosed in the Prospectus, except where the failure to have any such Consent would not have a Material Adverse Effect.

3.7           Legal Compliance.  To the best knowledge of the Company, after due investigation, no claim has been filed against the Company alleging a violation of any applicable laws or regulations of foreign, federal, state and local governments and all agencies thereof.

3.8           No SEC or NASD Inquiries.  The Company and none of its past or present officers or directors are, or has ever been, the subject of any formal or informal inquiry or investigation by the SEC or NASD.

3.9           Securities Law Compliance.  Subject to the accuracy and completeness of the representations and warranties of the Subscriber contained in this Agreement, the Company has complied and will comply with all applicable federal and state securities laws in connection with the offer, issuance and sale of the Shares hereunder.

  

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4.           Covenants of the Company.  The Company covenants with the Subscriber as follows, which covenants are for the benefit of the Subscriber and its, his or her permitted assignees.

4.1           Securities Compliance.  The Company shall take all necessary action as may be required or permitted by applicable law, rule and regulation, for the legal and valid issuance of the Shares to the Subscriber, or their respective subsequent holders.

4.2           Compliance with Laws.  The Company shall comply, and cause each Subsidiary to comply, with all applicable laws, rules, regulations and orders, noncompliance with which would be reasonably likely to have a Material Adverse Effect.

4.3           Keeping of Records and Books of Account.  The Company shall keep and cause each Subsidiary to keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company and its Subsidiaries.

4.4           Use of Proceeds.  The Company will use the net proceeds from the sale of the Shares for the purposes set forth in the Prospectus under the section titled “Use of Proceeds”.

5.           Closing Conditions

5.1           Conditions Precedent to the Obligation of the Company to Close and to Sell the Shares.  The obligation hereunder of the Company to close and issue and sell the Shares to the Subscriber at the Closing Date is subject to the satisfaction or waiver, at or before the Closing of the conditions set forth below.  These conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion.

(a)           Accuracy of the Subscriber’s Representations and Warranties.  The representations and warranties of the Subscriber shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time, except for representations and warranties that are expressly made as of a particular date, which shall be true and correct in all material respects as of such date.

(b)           Performance by the Subscriber.  The Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Subscriber at or prior to the Closing Date.

(c)           Delivery of Purchase Price.  The Subscriber shall have delivered to the Company the purchase price for the Shares to be purchased by the Subscriber.

(d)           Delivery of this Agreement.  This Agreement has been duly executed and delivered by the Subscriber.

5.2           Conditions Precedent to the Obligation of the Subscriber to Close and to Purchase the Shares.  The obligation hereunder of the Subscriber to purchase the Shares and consummate the transactions contemplated by this Agreement is subject to the satisfaction or waiver, at or before the Closing Date, of each of the conditions set forth below.  These conditions are for the Subscriber’s sole benefit and may be waived by the Subscriber at any time in its sole discretion.

(a)           Accuracy of the Company's Representations and Warranties.  Each of the representations and warranties of the Company in this Agreement shall be true and correct in all respects as of the Closing Date, except for representations and warranties that speak as of a particular date, which shall be true and correct in all material respects as of such date.

(b)           Performance by the Company.  The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date.

  

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(c)           Shares.  Within a reasonable period of time after the Closing the Company shall deliver to the Subscriber certificates representing the Shares (in such denominations as the Subscriber may request).

(d)           Material Adverse Effect.  No Material Adverse Effect shall have occurred at or before the Closing Date.

6.           Miscellaneous.

6.1           Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered or certified mail, return receipt requested, addressed to the Company at Press Ventures, Inc., Inc., 1733 First Avenue NW, Calgary, Alberta, Canada T2N 0B2, Attention:  Caroline Johnston, President, with a copy to (which shall not constitute notice) Synergy Law Group, L.L.C., 730 West Randolph, Suite 600, Chicago, Illinois 60661, Attention: Kristen A. Baracy, Esq., and to the Subscriber at the address indicated on the signature page of this Agreement.  Notices shall be deemed to have been given three (3) business days after the date of mailing, except notices of change of address, which shall be deemed to have been given when received.

6.2           This Agreement may be amended through a written instrument signed by the Subscriber and the Company; provided, however, that the terms of Section 4 of this Agreement may be amended without the consent or approval of the Subscriber so long as such amendment applies in the same fashion to the subscription agreements of all of the other subscribers for Shares in the Offering

6.3           This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and assigns.  This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

6.4           Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and governed by the laws of the State of Nevada.

6.5           This Agreement may be executed in counterparts.  It shall not be binding upon the Company unless and until it is accepted by the Company.  Upon the execution and delivery of this Agreement by the Subscriber, this Agreement shall become a binding obligation of the Subscriber with respect to the purchase of Shares as herein provided; subject, however, to the right hereby reserved to the Company to enter into the same agreements with other subscribers and to add and/or to delete other persons as subscribers.

6.6           It is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any subsequent breach by that same party.

6.7           The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

6.8           Survival.  The representations, warranties and covenants of the Company and the Subscriber shall survive the execution and delivery hereof and the Subscription Closing until the second anniversary of the Closing Date.

[SIGNATURE PAGE FOLLOWS]

  

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SIGNATURE PAGE

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

	
Number of Shares Subscribed For:

___________________

_____________________________________

	
x $0.01

per Share

	
Total Amount of Subscription:

$_______________________

______________________________________

	
Print Full Legal Name of Subscriber

	  	
Print Full Legal Name of Co-Subscriber

(if applicable)

	
____________________________________

	  	
_____________________________________

	
Signature of (or on behalf of) Subscriber

	  	
Signature of (or on behalf of) Co-Subscriber

(if applicable)

	
Name:

Title:

	  	  
	
Address of Subscriber:

____________________________________

____________________________________

	  	
Address of Co-Subscriber (if applicable):

_____________________________________

____________________________________

	
____________________________________

	  	
____________________________________

	
Social Security or Taxpayer Identification

Number of Subscriber

	  	
Social Security or Taxpayer Identification

Number of Co-Subscriber (if applicable)

	
[   ]     Individual           [   ]   Joint Tenants

                                               with

                                               Rights of

                                               Survivorship

[   ]     Corporation           [   ]   LLC

[   ]     Other:

______________________________________

	
TYPE OF

OWNERSHIP:

	
[   ]     Partnership

[   ]     Trust

          Date of Trust:

__________________________________

         Name of Trustee:

___________________________________

	
Mail to:

Caroline Johnston

Press Ventures, Inc.

1733 First Avenue NW

Calgary, Alberta, Canada T2N 0B2

	  	  

  

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Subscription Agreed to and Accepted:

PRESS VENTURES, INC.

By: ________________________________

Caroline Johnston

President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

7presv_ex10-3.htm

EXHIBIT 10.3

ESCROW AGREEMENT

This ESCROW AGREEMENT is made and entered into as of July 19, 2011 by and between Press Ventures, Inc., a Nevada corporation (the “Company”), and Synergy Law Group, LLC, an Illinois limited liability company (the “Escrow Agent”).

RECITALS

A.           The Company intends to sell shares of Common Stock of the Company (the “Shares”) pursuant to an offering (the “Offering”) to be registered under the provisions of the Securities Act of 1933 as amended pursuant to a registration statement (“Registration Statement”) filed by the Company with the US Securities and Exchange Commission (the “SEC”).

B.           The Company will not close the Offering until the Company has received and accepted subscriptions for 2,800,000 Shares and the satisfaction of those other conditions contained in Section 4 hereto.  The Offering will terminate on the earlier of (1) the date on which the Company has accepted subscriptions for all Shares offered in the Offering, (2) 180 days following the date on which the SEC declared the Registration Statement effective (the “Effective Date”) or (3) the date the Company elects, in its sole discretion, to terminate the Offering (the date on which the Offering terminates being referred to herein as the “Termination Date”).

C.           The Escrow Agent has agreed to serve as escrow agent on the terms and conditions contained herein.

AGREEMENTS

In consideration of the recitals and mutual covenants and agreements set forth herein, the parties hereby covenant and agree as follows:

1.           Appointment.  The Company appoints the Escrow Agent as escrow agent for the purpose of holding the Escrow Funds (as defined below).  The Escrow Agent hereby accepts its appointment and agrees to act as escrow agent under the terms and conditions contained in this Escrow Agreement.

2.           Delivery of Funds.  The parties agree that subscription funds shall be delivered in the form of wire transfers directed to Charter One Bank per the following instructions:

American Chartered Bank

ABA # [intentionally omitted]

Account # [intentionally omitted]

For credit to: Press Ventures, Inc. Synergy Law Group Escrow Account

 

 

  

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The Escrow Agent agrees to hold subscription funds so received (the “Escrow Funds”) in an account maintained by the Escrow Agent at American Chartered Bank for the benefit of “Press Ventures, Inc.” (the “Escrow Account”).  Once all of the Escrow Funds and interest or earnings accrued thereon, if any, have been disbursed pursuant to this Escrow Agreement, the Escrow Agent shall take all necessary action to close the Escrow Account.

If the Company rejects any subscription, the funds for which the Escrow Agent has received, the Escrow Agent shall, upon the written direction of the Company, promptly act to reverse the transaction to return the subscription funds to the rejected subscriber

3.           Escrow.  The Escrow Agent agrees to hold the Escrow Funds received in accordance with Section 2 hereof until the release of the Escrow Funds pursuant to Section 4 hereof.

4.           Release of the Escrow Funds.  The Escrow Agent shall not release any part of the Escrow Funds to any party except as provided in this Section 4.

	
(a)

	
Disbursement of Offering Proceeds.  If the Escrow Agent receives written notice signed on behalf of the Company in the form of Exhibit A hereto, the Escrow Agent will act to release the Escrow Funds, along with any interest or other earnings thereon.

	
(b)

	
Termination of the Offering.  If, at any time prior to the disbursement pursuant to Section 4(a) above, the Company provides written notice to the Escrow Agent in the form of Exhibit B hereto that the Offering has been terminated, the Escrow Agent will promptly act to return to each subscriber the funds in the full amount of the subscriber’s subscription funds delivered to the Escrow Agent.

	
(c)

	
Following End of Offering Period.   If the Escrow Agent has not received a disbursement notice from the Company pursuant to Section 4(a) above by the expiration of 180 days following the Effective Date, the Escrow Agent will promptly act to reverse the transactions to return to each subscriber the funds in the full amount of the subscriber’s subscription.

5.           Escrow Funds.  The Company hereby directs the Escrow Agent to hold the Escrow Funds and add the interest or other earnings on the Escrow Funds, if any, to the Escrow Account which shall be considered part of the Escrow Funds.  If requested by the Company, the Escrow Agent shall provide or request that American Chartered Bank provide to the Company periodic statements of all funds in the Escrow Account and the identity of the source of the subscription funds which have been deposited in the Escrow Account.

 

 

  

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6.           Escrow Agent.  The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Escrow Agreement.  The Escrow Agent shall be liable as an escrow agent only and shall not be responsible or accountable for the correctness of any information set forth in any statements delivered to it including, without limitation, any disbursement notice delivered by the Company pursuant to Section 4(a) or Section 4(b), shall not be required in any event to verify the correctness of any such statements and shall not be responsible for verifying compliance by the Company with the requirements any securities laws, rules or regulations, or the terms of any subscription agreement.  The Escrow Agent shall be entitled to rely, without any investigation whatsoever, upon any communication received from the Company, and the Escrow Agent shall be entitled to deem the signatories of any subscription agreement or any communication submitted to it hereunder as being those purported to be authorized to sign such communication on behalf of such party and shall be entitled to rely on the genuineness of the signatures of such signatories without inquiry and without sustaining evidence of any kind.  The Escrow Agent shall have the right to consult with counsel and shall be fully protected and shall not be liable with respect to any action taken or omitted by the Escrow Agent in good faith and on advice of counsel, and shall be fully protected and shall not be liable for any error of judgments or for any act done or omitted by it in good faith, except for its own gross negligence or willful misconduct.  The Escrow Agent shall have no duties to anyone except those signing this Escrow Agreement.  The Escrow Agent shall have the right to perform any of its duties hereunder through agents, attorneys, custodians or nominees.  In addition:

	
(a)

	
if any property held under this Escrow Agreement is attached, garnished, or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of court, or any order, judgment or decree shall be made or entered by any court order affecting the property deposited under this Escrow Agreement, or any part thereof, the Escrow Agent is expressly authorized in its sole direction, to obey and comply with all writs, orders or decrees so entered or issued, which it is advised by legal counsel of its own choosing are binding upon it, whether with or without jurisdiction, and in case the Escrow Agent obeys or complies with any such writ, order or decree it shall not be liable to any of the parties hereto or to any other person, firm or corporation, by reason of such compliance notwithstanding such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated;

	
(b)

	
if the Escrow Agent becomes involved in litigation on account of the Escrow Funds or of this Escrow Agreement, it shall have the right to retain counsel and shall have a lien on the property deposited hereunder for any and all reasonable costs, attorneys’ and solicitors’ fees, charges, disbursements, and expenses in connection with such litigation; and shall be entitled to reimburse itself therefor out of the property deposited hereunder, and if it shall be unable to reimburse itself from the property deposited hereunder, the Company agrees to pay to the Escrow Agent on demand, its reasonable charges, counsel and attorneys’ fees, disbursements, and expenses in connection with such litigation; and

	
(c)

	
any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which it is a party, shall be and become the successor Escrow Agent hereunder and vested with all of the title to the whole property or trust estate and all of the trusts, powers, immunities, privileges, protections and all other matters as was its predecessor, without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

 

 

  

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7.           Indemnification.  The Company agrees to indemnify and hold harmless the Escrow Agent from and against any taxes, assessments, liabilities, claims, damages, actions, suits, costs and expenses (including reasonable attorneys’ fees and expenses actually incurred) or other charges suffered or incurred by the Escrow Agent in connection with the performance of its services hereunder, unless caused by the Escrow Agent’s gross negligence or willful misconduct.  The provisions of Sections 6 and 7 shall survive the termination of this Escrow Agreement and the resignation or removal of the Escrow Agent.

8.           No Control.  It is agreed that, except as explicitly permitted by this Escrow Agreement, the Company shall have no right to receive, manage, transfer or otherwise control, in any way, any amounts held in the Escrow Account pending release of the Escrow Funds and at no time prior to actual payment from the Escrow Account shall the Company be considered to be in actual or constructive receipt of any amounts held in the Escrow Account.

9.           Miscellaneous.

	
(a)

	
This Escrow Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and this Escrow Agreement may not be modified or amended except by written instrument executed by all the parties hereto.  The Company acknowledges that the Escrow Agent is neither a party to, nor bound by any provisions of, any Subscription Agreement.

	
(b)

	
This Escrow Agreement shall be binding upon the parties hereto and their respective successors and assigns, and shall inure to the benefit of the parties hereto and their respective successors and assigns.

	
(c)

	
This Escrow Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Illinois.

	
(d)

	
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given or made upon receipt, if delivered personally, on the next business day following delivery to a nationally recognized overnight courier service, on the third business day following deposit in the U.S. mail if mailed by registered or certified mail (postage prepaid, return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like changes of address) or the next business day following electronic transmission to the telecopier number specified below with receipt acknowledged.

If to the Company:

Caroline Johnston, President

Press Ventures, Inc.

1733 First Avenue NW

Calgary, Alberta, Canada T2N 0B2

Telephone: 403-648-2720

Fax: 403-648-2755

 

 

 

  

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If to the Escrow Agent:

Bartly J. Loethen, Esquire

Synergy Law Group, LLC

730 West Randolph Street

Suite 600

Chicago, IL  60661

Telephone No.: 312.454-0015

Facsimile No.:  312.454-0261

10.           Escrow Dispute.  In the event of any disagreement between the Company and subscribers resulting in adverse claims and demands being made in connection with or for the Escrow Funds, the Escrow Agent shall be entitled, at its option, to hold the Escrow Fund until such time as a mutual agreement has been reached among all the parties or until disbursement is legally authorized by final judgment or decree of any court having jurisdiction thereover, or to deposit the Escrow Funds with any court having jurisdiction thereover pending the resolution of the disagreement.

11.           Termination.  This Escrow Agreement shall terminate and be of no further force and effect on the earliest to occur of: (a) receipt by the Escrow Agent of written notice of termination executed by the Company; or (b) the closing of the Escrow Account in accordance with the provisions hereof.

12.           Resignation.  The Escrow Agent, acting at any time hereunder, may resign at any time by giving 30 days’ prior written notice of resignation to the Company, such resignation to be effective on the date specified on such notice.  Upon the effectiveness of such resignation, the Escrow Agent shall transfer the Escrow Funds to such succeeding the Escrow Agent or to such persons as the Company designates in writing to the Escrow Agent prior to the effectiveness of the resignation.  The Escrow Agent shall be paid any outstanding fees and expenses prior to transferring the Escrow Funds to a successor escrow agent.  In the event no such designation has been provided, the Escrow Agent shall deposit the Escrow Fund with any court having jurisdiction thereover.  Prior to the effectiveness of the resignation of the Escrow Agent, the Escrow Agent shall remain obligated to perform all duties required of it under this Escrow Agreement.

13.           Counterparts.  This Escrow Agreement may be executed in one or more counterparts and by a facsimile or digital image containing the signature of an authorized person, each of which shall be deemed and accepted as an original, and all of which together shall constitute a single instrument.  Each party represents and warrants that the person executing on behalf of such party has been duly authorized to execute this Agreement.

[SIGNATURE PAGE FOLLOWS]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of the day and year first above written.

PRESS VENTURES, INC.

By:  /s/ C. Johnston                                                                

Its:  President and Chief Executive Officer                                                                           

ESCROW AGENT:

SYNERGY LAW GROUP, LLC,

AS ESCROW AGENT

By:  /s/Bartly J. Loethen                                                                

Its:  Manager                                                                           

  

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EXHIBIT A

DISBURSEMENT NOTICE

DISBURSEMENT OF OFFERING PROCEEDS

(Date)

Synergy Law Group, LLC

730 West Randolph Street, Suite 600

Chicago, IL  60661

Attention:  Bartly J. Loethen

Re:           Press Ventures, Inc.

Ameican Chartered Bank Escrow Account No. [intentionally omitted]

Ladies and Gentlemen:

Reference is made to that certain Escrow Agreement dated as of July 19, 2011 (the “Escrow Agreement”) by and between Press Ventures, Inc., a Nevada corporation (the “Company”), and Synergy Law Group, LLC, an Illinois limited liability company.  All terms used but not defined herein shall have the respective meanings given such terms in the Escrow Agreement.

 

The Company hereby certifies that the Company has received and accepted subscriptions for 2,800,000 Shares with gross proceeds of $28,000;

 

You are hereby directed to disburse the Escrow Funds to the Company as follows: ________________________________________.

 

IN WITNESS WHEREOF, the undersigned have executed this statement on the date indicated above.

 

 

PRESS VENTURES, INC.

 

 

By: ______________________

 

Its:  ______________________  

 

 

  

7

  

EXHIBIT B

DISBURSEMENT NOTICE

TERMINATION

 

(Date)

Synergy Law Group, LLC

730 West Randolph Street, Suite 600

Chicago, IL  60661

Attention:  Bartly J. Loethen

Re:           Press Ventures, Inc.

American Chartered Bank Escrow Account No. [intentionally omitted]

Ladies and Gentlemen:

Reference is made to that certain Escrow Agreement dated as of July 19, 2011 (the “Escrow Agreement”) by and between Press Ventures, Inc, a Nevada corporation (the “Company”), and Synergy Law Group, LLC, an Illinois limited liability company.  All terms used but not defined herein shall have the respective meanings given such terms in the Escrow Agreement.

 

The Company has terminated the Offering prior to the disbursement of offering proceeds pursuant to Section 4(a) of the Escrow Agreement.

 

You are hereby directed to disburse the Escrow Funds to the subscribers in accordance with Section 4(b) of the Escrow Agreement.

 

IN WITNESS WHEREOF, the undersigned have executed this statement on the date indicated above.

 

 

PRESS VENTURES, INC.

 

 

 
 

By: ______________________

 

Its:  ______________________  

 

 

 

 

 

­

  

8

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