This was from the last filing before the CEO went hiding from the authorities and the criminals he associated with
Under the Agreement, Teck has granted to the Company the sole, exclusive and irrevocable right and Option to earn, subject to Teck’s Back-in Right and the NSR royalty reserved out of the grant, which rights and royalty were reserved from the Option. The Company may exercise the Option by:
c) Incurring an aggregate $1,500,000 in expenditures (the “Expenditures”) as follows:
On or Before Cumulative Expenditures
June 30, 2015 $ 245,000
September 30, 2015 $ 1,000,000
September 30, 2016 $ 1,500,000
The Expenditure of $245,000 due to be incurred on or before June 30, 2015 is a commitment, whereas the balance of the Expenditures are optional; and
d) Issuing and delivering to Teck a further 25,000 Units (the “Second Units”) on completion of the Expenditures necessary to exercising the Option.
Upon the Company expending an aggregate of $1,500,000 in Expenditures and satisfying the other obligations under the Agreement, the Company shall forthwith provide Teck Notice (the “Option Expenditure Notice”), which shall include a statement in reasonable detail evidencing such Expenditures and a technical report on the results obtained from such Expenditures. On the date on which the Option Expenditure Notice is delivered, the Company will have exercised the Option and earned the Teck Interest subject to the Back-in Right and NSR royalty. As of such date, the Property shall be held in trust by Teck for the Company and, forthwith upon the Company exercising the Option unless Teck delivers the Back-in Notice, Teck will forthwith take all necessary steps to transfer registered title to the Company. If the Company has not incurred the requisite Expenditures as noted above, the Company may pay in cash to Teck, within 30 days of the listed due date, the amount of the deficiency and such amount shall thereupon be deemed to have been Expenditures duly and timely incurred by the Company.
As at June 30, 2015, the Company has incurred expenditure of approximately $45,000. The Company has not met required expenditures as at June 30, 2015 and cash repayment has not been completed within 30 days as mentioned above.
