Maxim Resources Inc. (TSXV: MXM) entered into a letter of intent (LOI) to acquire Jasmin Oil & Gas Limited from the four shareholders for $10.6 million on November 24, 2010. The consideration includes paying the shareholders of Jasmin $4.6 million and a convertible debenture for $6 million. The conversion price will be $0.50 per share, with resale restrictions yet to be determined. In concert with the LOI, both Maxim and Jasmin will agree to enter into definitive agreements prior to the removal of the conditional clauses of the LOI.

The transaction is subject to regulatory approval, financing and due diligence. The LOI is subject to terms that have yet to be fully satisfied and contained conditions of due diligence and operational review. The ensuing agreements will then be subject to the approval of the TSX Venture Exchange. Finder's fees may be payable in accordance with the TSXV policies as well.

On June 9, 2011, as a result of the due diligence and operational review, Maxim prepared a definitive share purchase agreement for the acquisition of Jasmin Oil & Gas Limited. The terms contained in the definitive share purchase agreement is necessary to resolve certain issues that had arisen during the due diligence review and to satisfy certain conditions that would be necessary to finance the deal.

Maxim Resources Inc. (TSXV: MXM) cancelled the acquisition of Jasmin Oil & Gas Limited from the four shareholders on November 11, 2013.