Common use of Initial Transactions Clause in Contracts

Initial Transactions. 6.1 On execution hereof: (a) IMA Exploration Inc.( "IMA") shall be transferred the initial subscriber share in GGM and thereupon Pubco while IMA is the only Pubco, it shall immediately transfer to GGM certain equipment, furniture and leasehold improvements having an agreed fair value of $66,119.28 for the equipment and furniture and $27,057.80 for the leasehold improvements. IMA shall execute such bills of sale as GGM may reasonably require to effect this sale and transfer. GGM and IMA shall account for the $93,177.08 as a shareholder's loan to GGM against which GGM shall offset the initial prepayment and future monthly service charges to IMA until the amount is fully recovered by IMA.IMA warrants that the assets are owned by it free and clear of encumbrances and amounts owing except as disclosed on Schedule B; (b) IMA shall sub-lease to GGM the premises at 709 - 837 West Hastings S▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇ ▇▇ ▇ "▇▇▇ ▇▇▇▇▇▇ for full cost" basis and GGM shall pay the obligations under the sub-lease which shall be equal to IMA's cost under its lease for the same premises. GGM and IMA shall enter into a sub-lease agreement effecting these terms immediately after execution hereof; and (c) each Pubco shall pay as a deposit against the last approximately six weeks' services in the amount as set forth on Schedule "A".

Initial Transactions. 6.1 On execution hereof: (a) IMA Exploration Inc.( "“IMA"”) shall be transferred the initial subscriber share in GGM and thereupon Pubco while IMA is the only Pubco, it shall immediately transfer to GGM certain equipment, furniture and leasehold improvements having an agreed fair value of $66,119.28 for the equipment and furniture and $27,057.80 for the leasehold improvements. IMA shall execute such bills of sale as GGM may reasonably require to effect this sale and transfer. GGM and IMA shall account for the $93,177.08 as a shareholder's ’s loan to GGM against which GGM shall offset the initial prepayment and future monthly service charges to IMA until the amount is fully recovered by IMA.IMA warrants that the assets are owned by it free and clear of encumbrances and amounts owing except as disclosed on Schedule B; (b) IMA shall sub-lease to GGM the premises at 709 - 837 West Hastings S▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇ ▇▇ ▇ "▇▇▇ ▇▇▇▇▇▇ on a “all rights for full cost" ” basis and GGM shall pay the obligations under the sub-lease which shall be equal to IMA's ’s cost under its lease for the same premises. GGM and IMA shall enter into a sub-lease agreement effecting these terms immediately after execution hereof; and (c) each Pubco shall pay as a deposit against the last approximately six weeks' ’ services in the amount as set forth on Schedule "“A"”.