Borneo Resource Investments Ltd. (OTCPK:BRNE) entered into a purchase agreement to acquire 50 hectare property in North Minahasa Regency of North Sulawesi Province from PT Puncak Kalabat for $5 million on March 5, 2013. Under the terms of the agreement, Borneo Resource Investments will pay $0.06 million on execution of this agreement, a further $0.05 million on or before March 31, 2013, a further $0.4 million on or before April 30, 2013, a further $2.5 million on or before June 30, 2013 and a final payment of $2 million on or before December 31, 2013. Borneo has made two payments to secure the acquisition of Puncak. The further scheduled payments will be made by the end of 2013 to complete the acquisition of the property.

Borneo Resource Investments Ltd. (OTCPK:BRNE) cancelled the acquisition of 50 hectare property in North Minahasa Regency of North Sulawesi Province from PT Puncak Kalabat on June 10, 2013.