If I get this wright they are using GMM's $500,000 to pay for this
AGREEMENT
Effective on July 10, 2012, the Board of Directors of Viking Minerals Inc., a Nevada corporation (the "Company"), entered into an agreement dated July 10, 2012 (the "Agreement") with GMM Global Multi-Mining Diversified Group Limited, a private company ("GMM").
GMM is a party to that certain joint venture agreement dated July 10, 2012 (the "Joint Venture Agreement"), between Corizona Mining Partners LLC ("Corizona") and GMM, pursuant to which a legal entity shall be formed under the laws of Peru
(the "Peruvian Legal Entity"), in which GMM shall have a sixty percent (60%)
equity interest (the "GMM Equity Interest") and Corizona shall have a forty percent (40%) equity interest. Corizona has the right, title and interest in and to that certain ten year lease of mining concessions named "RECA I,", "RECA II" and "RIO ROJO" (the "Lease") covering approximately 800 hectares under the ownership of Corporacion Minera Mario S.A., located in the district of Maraflores, province and department of Lima, which Lease shall be contributed and transferred to the Peruvian Legal Entity for the purpose of establishing production operations (the Mining Project"). In accordance with the terms and provisions of the Joint Venture Agreement, GMM is required to contribute $500,000 to the Peruvian Legal Entity for purposes of acquiring, exploring and developing the Project.
Therefore, in accordance with the terms and provisions of the Agreement, the Company shall on behalf of GMM provide the required $500,000 for the exploration and development of the Project and shall further issue to GMM an aggregate of 131,000,000 shares of its restricted common stock, and GMM shall assign and transfer all of its right, title and interest in and to the Equity Interest to the Company in consideration therefore.
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