Alternative Energy Partners, Inc. cancelled the acquisition of certain mining claims, interests and assets located on 160 acres of land in Safford from Élan Energy & Water, Inc.
June 13, 2013 at 12:00 am EDT
Share
Alternative Energy Partners, Inc. (OTCBB:AEGY) entered into an agreement to acquire certain mining claims, interests and assets located on 160 acres of land in Safford from Élan Energy & Water, Inc. for $0.04 million on October 22, 2012. Under the terms of the agreement, Alternative Energy will issue 100 million shares of its common stock. The closing of the transaction is subject to a number of conditions, including verification of the ownership and assignability of the mineral leases, completion of a 1:100 reverse split by Alternative Energy Partners, execution of consulting agreement, due diligence on the feasibility and cost of extraction of the minerals from the site and obtaining of a second independent valuation of the in-ground mineral rights in conformity with USA and Canadian mineral right valuation requirements. The transaction will be terminated if it does not close on or before December 15, 2012. The acquisition is expected to close no later than November 30, 2012.
On December 6, 2012, The Board of Directors of Alternative Energy Partners, Inc. approved a 1:100 reverse split of the common stock. The transaction is expected to close in January 2013.
Alternative Energy Partners, Inc. (OTCBB:AEGY) cancelled the acquisition of certain mining claims, interests and assets located on 160 acres of land in Safford from Élan Energy & Water, Inc. on June 13, 2013. Alternative Energy Partners has rescinded its acquisition agreement due to issues arising during due diligence.
Alternative Energy Partners, Inc. (AEGY) is a development stage holding company. The Company operates with its subsidiary, Clarrix Energy, LLC, in the business of energy production and management. The Company is engaged in providing support services for medical marijuana. Ethanol was its initial intended product and it intends to establish other alternative energy products and service which includes solar-thermal energy production, energy management control. In May, 2012, the Company acquired Clarrix Energy. The Company acquired the PharmaJanes. The Company also acquired Simple Prepay merchant payment solution from iEquity Corp. The Simple Prepay system was developed to offer dispensaries, collectives, and delivery services for medical cannabis. Combined with the PharmaJanes on-line and smart phone ordering platform, medical marijuana patients will be able to order, process and pay for their authorized needs.
Alternative Energy Partners, Inc. cancelled the acquisition of certain mining claims, interests and assets located on 160 acres of land in Safford from Élan Energy & Water, Inc.
ALTERNATIVE ENERGY PARTNERS, INC. 
