Maple Gold can acquire a 100% interest in Eagle by completing the following payments and exploration work over a five-year period (see Table 1 below):
Table 1: Earn-in Terms of Option to Acquire undivided 100% Interest
|
Time/Period |
Cash |
Shares |
Exploration |
|
On signing |
$50,000 (paid) |
$50,000 (paid) |
N/A |
|
6-month anniversary |
$50,000 (paid) |
$50,000 (paid) |
N/A |
|
12-month anniversary |
$50,000 (paid) |
$50,000 (paid) |
$200,000 |
|
18-month anniversary |
$62,500 (paid) |
$62,500 (paid) |
N/A |
|
2-year anniversary |
$62,500 |
$62,500 |
$300,000 |
|
3-year anniversary |
$75,000 |
$75,000 |
$300,000 |
|
4-year anniversary |
$100,000 |
$100,000 |
$400,000 |
|
5-year anniversary |
$150,000 |
$150,000 |
N/A |
|
Totals |
$600,000 |
$600,000 |
$1,200,000 |
Upon completion of the earn-in, Globex will transfer title and ownership in the Eagle Property to the direction of Maple Gold, free and clear of all encumbrances apart from a 2.5% GMR, which is subject to a Right of First Refusal and can be reduced to a 1.5% GMR in consideration of a onetime C$1.5 million cash payment.