Research In Motion (RIM) and Chalk Media Corp. announced that they have reached an agreement for RIM to acquire Chalk Media. The way this agreement works is RIM has made a loan to Chalk media in the amount of CDN $2.2 million which will fund Chalk’s operations until the completion of the transaction.

Chalk Media is the developer of the award winning application Mobile Chalkboard and a member of the BlackBerry ISV Alliance Program. Chalk Media’s products have already been used by large corporate government organizations. Financial advisor, Blackmont Capital Inc., gave Chalk Media a fairness option, after which Chalk’s board of directors has unanimously approved the acquisition and recommends that shareholders vote in favor of the transaction. Chalk expects to send an information circular and other materials relating to the transaction to shareholders later this month.

[Via TradingMarkets]