Octagon 88 Resources, Inc. entered into a share purchase agreement to acquire additional 10% stake in CEC North Star Energy Ltd. from Maushen Finanz Inc. and two other shareholders for $17.5 million.

Octagon 88 Resources, Inc. (OTCPK:OCTX) entered into a share purchase agreement to acquire additional 10% stake in CEC North Star Energy Ltd. from Maushen Finanz Inc. and two other shareholders for $17.5 million in stock on January 22, 2013. Under the terms of the deal, Octagon 88 Resources will issue 5.31 shares for the acquisition at the closing. Post transaction, Octagon 88 will own 32% of CEC North Star.

The deal is subject to approval of Board of Directors of Octagon 88 and Maushen Finanz Inc. and other shareholders. The deal is expected to close on or before January 31, 2013.