Upon Completion of a Production Plant and First Delivery of Commercial Product. Upon completion of the first delivery of a Commercial Product from a Production Plant, ALY shall deliver to IIM, Four Hundred Thousand (400,000) common shares of ALY. The “first delivery of Commercial Product” shall be when ALY sells the product from beneficiating Mineral(s) in its Production Plant to a third-party end user or agent or broker for end users in commercially reasonable quantities at a cash amount representing the fair market value for the product so delivered.
Appears in 3 contracts
Sources: Global Settlement and Absolute Release Agreement (I-Minerals Inc), Global Settlement and Absolute Release Agreement (I-Minerals Inc), Assignment Agreement (I Minerals Inc)