They already lost the lithium property once for going into default for NON PAYMENT and they are already on track to lose it again for non payment
Under the new Lithium Agreement, the Company is required to:
Make Cash Payments - First Liberty shall pay GeoXplor in consideration of the grant of the exploration license and other rights granted under this Agreement a total of $725,000, according to the following schedule:
(1)
Twenty-Five Thousand Dollars ($25,000) at the execution of the agreement, which amount was paid during the year ended July 31, 2012;
(2)
One-hundred Thousand Dollars ($100,000) to GeoXplor on or before December 31, 2012; which amount remains outstanding as the date of this filing;
(3)
Two-hundred Thousand Dollars ($200,000) to GeoXplor on or before December 31, 2013;
(4)
Two-hundred Thousand Dollars ($200,000) to GeoXplor on or before December 31, 2014;
(5)
Two-hundred Thousand Dollars ($200,000) to GeoXplor on or before December 31, 2015;
Stock Issuance – As additional consideration, the Purchase Price shall include the issuance of 2,000,000 Shares, subject to such conditions as may be imposed by the rules and regulations of the United States Securities and Exchange Commission, as follows:
(1)
Five-hundred Thousand (500,000) Shares to GeoXplor on or before December 31, 2012; which amount remains outstanding as the date of this filing;
(2)
Five-hundred Thousand (500,000) Shares to GeoXplor on or before December 31, 2013;
(3)
Five-hundred Thousand (500,000) Shares to GeoXplor on or before December 31, 2014;
(4)
Five-hundred Thousand (500,000) Shares to GeoXplor on or before December 31, 2015;
Work Commitment – First Liberty shall expend not less than One Million Five-Hundred Thousand Dollars ($1,500,000) in Mineral Exploration and Development Testing ("Work"). The Work shall be scheduled according to the following schedule:
(1)
One Hundred Thousand Dollars ($100,000) on or before November 15, 2012, which amount remains outstanding as of the date of this filing;
(2)
Four-hundred Thousand Dollars ($400,000) on or before December 31, 2012, which amount remains outstanding as of the date of this filing;
(3)
Five-hundred Thousand Dollars ($500,000) on or before December 31, 2013;
(4)
Five-hundred Thousand Dollars ($500,000) on or before December 31, 2014;
