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Under the terms of the agreement, Goldmember Minerals has an option to earn up to 65% of the RHG property subject to the following terms and conditions:
- Date Shares Cash Payments Expenditures
- On signing $25,000 (paid as the Deposit)
- Within six months of the date of signing this Agreement 250,000 Nil $300,000
- Within 15 days of the Approval Date $25,000 (additional)
- On or before the first anniversary of the Approval Date 250,000(additional) $75,000 (additional) $700,000 (additional)
- On or before the second anniversary of the Approval Date 250,000 (additional) $100,000 (additional) $1,000,000 (additional)
- On or before the third anniversary of the Approval Date 250,000 (additional) $150,000 (additional) $1,500,000 (additional)
- Totals: 1,000,000 $375,000 $3,500,000
- Goldmember will also be granted a right to acquire an additional 10% interest in the RHG project (to 75%) by financing and paying for all expenditures in relation to the preparation and delivery of an RHG Feasibility Report.
