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$LTMCF / V.LITH The MOU contemplates the Pintadas Norte exploration program will have a term of three years involving an annual financial commitment of CDN$1,000,000 to be paid by Prosper One. The first annual financial commitment is payable within 60 days from the date of the completion of the equity investment by Prosper One into Lithium Chile. Prosper One has no obligation to complete the second or third year financial commitment whereupon it will surrender its interest. Upon completion of the Pintadas Norte exploration program, Prosper One will have earned a 55% working interest in the Pintadas Norte property. Further, the Joint Venture Agreement will include a provision allowing Prosper One to earn an additional 20% working interest in the Pintadas Norte property upon completion of a pre-feasibility study. Lithium Chile will operate the Pintadas Norte exploration program on behalf of the joint venture for which it will receive a management fee equal to 17.5% of the funds expended under the Pintadas Norte exploration programs. The Joint Venture Agreement will provide that Prosper One will be entitled to nominate a representative to the Joint Venture operating committee and provides each party the ability to complete a due diligence review.

https://finance.yahoo.com/news/prosper-one-enters-mou-spend-110000563.html