RE: Theory31 Mar 2023 11:26
"NCX, or its nominee, will have the right, but not the obligation, to invest £250,000 into the Company at a price of £0.00065, for 30 days from the signature of this HoA."
Then superseded by,
NEXT-ChemX will provide US$500,000 proof of funds to Clontarf, and Clontarf is to pay NEXT-ChemX US$500,000 towards testing and the pilot plant construction, and as an exclusivity fee for the use of the NEXT-ChemX's iTDE's technology in Bolivia.
Clontarf is also required to issue to NEXT-ChemX 385 million new ordinary shares in the capital of Clontarf ("Ordinary Shares"), of which half will be subject to a 12 month lock in requirement. At yesterday's closing price, such issue of new Ordinary Shares is worth approximately £580,000.
The above two paragraphs detail the "Conditions Precedent" to the JV coming into force. A further announcement will be made as and when the Conditions Precedent are satisfied.
Conditions are:
1. after successful pilot processing of Bolivian brines through the NEXT-ChemX pilot plant
2. after entry into a construction and processing contract between the JV and the Bolivian authorities on processing of Bolivian brines utilising NEXT-ChemX's iTDE's technology.
Program starting in March. Some news due perhaps in May.