Common use of Budget Allocation Clause in Contracts

Budget Allocation. Subject to the availability of adequate manpower and equipment for exploration in the areas in which the properties are located, Rubicon agrees to spend a minimum of: (a) $5,000,000 to explore Rubicon’s Red Lake properties in the first twelve months after the Closing Date; (b) $5,000,000 to explore the Alaska Properties during the first two years after the Closing Date with such amount to be allocated to the G▇▇▇▇▇▇▇▇▇ Option Agreement to the extent necessary to comply with its terms during the first year after the Closing Date (and thereafter in the sole discretion of Rubicon); and (c) $500,000 to explore the Nevada and Utah Mineral Rights in the first twelve months after the Closing Date.

Budget Allocation. Subject to the availability of adequate manpower and equipment for exploration in the areas in which the properties are located, Rubicon agrees to spend a minimum of: (a) $5,000,000 to explore Rubicon’s Red Lake properties in the first twelve months after the Closing Date; (b) $5,000,000 to explore the Alaska Properties during the first two years after the Closing Date with such amount to be allocated to the G▇▇▇▇▇▇▇▇▇▇ Option Agreement to the extent necessary to comply with its terms during the first year after the Closing Date (and thereafter in the sole discretion of Rubicon); and (c) $500,000 to explore the Nevada and Utah Mineral Rights in the first twelve months after the Closing Date.