Orogen Gold (“Orogen”) signed an initial Memorandum of Understanding with Georaid CJSC (“Georaid”), an Armenian registered company, covering the Mutsk gold project in southern Armenia in January 2013. This was superceded by a Joint Venture Agreement (“JV Agreement”) signed in February 2014.
The JV Agreement signed with Georaid covers the following main points:
Orogen has the right to earn an 80% interest in the Mutsk project by spending US$2.5m on exploration by 31st August 2016. If Orogen continues with the exploration programme beyond 31st December 2014, then it will issue Ordinary Shares in Orogen to the Georaid principals to the value of US$100,000. Once Orogen vests its 80% interest then both parties shall contribute pro-rata to further costs or dilute their interest. If Georaid’s interest falls to 5%, then Orogen will carry Georaid’s costs through to mine production, if/when this is achieved. Orogen will recover the costs of this carried interest from Georaid’s share of production from a mining operation. If a positive Bankable Feasibility Study is obtained on the project, then Orogen will issue further Ordinary Shares in the Company to the Georaid principals to a value of US$300,000
glr m8y,i get them two mixed up,old age an all that? grl?its multi bagged,so that ones a no no atm,dont wanna get spiked.lol. colis tough az old boots and hard az nails,sas trained ya know,a killing machine,just incase ya didnt already know.
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