Quantum Materials Corp. (fka QTMM)

[puravida19]

Click back to previous posts by Jamis and I on the 23-p Final Approval document we linked. This is on page 9 and is a payment schedule. I think one of the 'conditions' was that QMC had to be current with its SEC Financials. It is now.

17. The first installment of Grant-in-aid (i.e. 20% of the Grant-in-aid) will be released after
compliance of other terms & conditions as mentioned in this approval letter and fulfilling of the below mentioned criteria's:
a) Submission and execution of the requisite administrative legal documents viz: Bond,
Memorandum of Agreement, Tripartite ESCROWAgreement (TPA)etc.
b) After the deposition of the equivalent proportionate contribution into the ESROW
account.

18. The second and subsequent installments of Grant-in-aid will be released (to be released to the Spy after execution of the Novation Agreement) as mentioned below:
l.
Second Installment i.e. 30% of the Grant-in-aid to be released on complying the following
conditions:
a) The Special Purpose Vehicle (SPV)should have been constituted as per the scheme.
b) There should be at least three representative of the concerned Government or its
agency on the Board of Directors in the Spy
c) After utilization of 80% of first installment and proportionate contribution from
constituent units/ State Government/Chief Promoter.
d) On recommendations of the Project Review Committee (PRC)

ii, Third Installment of Grant-in-aid (i.e. 30% of grant-in-aid) to be released on complying the
following condition:
a) The structure of the Spy should comply with the Guidelines for constitution of
"Special Purpose Vehicle (SPV) for implementation of Electronics Manufacturing
Clusters (EMCs)dated 30th January, 2014".
b) At least two constituent units should have started setting up of manufacturing
facilities within EMC
c) Submission of all pending approvals viz. Layout approvals, Environmental
Clearances, Consent to Establish, fire-fiqhtinq plan, clearance from Chief controller of
Explosives etc. from concerned authorities.
d) After utilization of 80% of second installment and proportionate contribution from
constituent units/ State Government/Chief Promoter
e) On recommendations of the Project Review Committee (PRC)

iii. Fourth installment i.e. 20% of Grant-in-aid will be released on complying the following
conditions:
a) Allotment of at least 80% of the saleable land to constituent units.
b) Construction and setting up of manufacturing facility should have been started by at
least 50% of the land allottees.
c) After utilization of 100 % of earlier installments and proportionate contribution from
constituent units/ State Government/Chief Promoter
d) Successful completion of the project
e) On recommendations of the Project Review Committee (PRC)