CLGL definition
Examples of CLGL in a sentence
The prospecting work, processes, undertaking and other operations carried on or conducted by or on behalf of CLGL and/or its Affiliates, as Operator, in respect of the Property shall be carried on or conducted in a sound and workmanlike manner and in compliance with sound geological and geophysical exploration and mining engineering and metallurgical practices.
Has full power and authority to carry on its business and to enter into this Agreement and any agreement or instrument referred to or contemplated by this Agreement and to carry out and perform all of its obligations and duties hereunder, including without limitation, with respect to CLGL - the issuance of the Shares.
For the sake of clarity, CLGL shall be required to pay Mexivada only $10,000 in cash at Closing.
The Optionees shall have obtained, at their expense, all waivers, permits, consents, approvals or other authorizations from governmental entities, and effect all registrations, filings and notices with or to governmental entities, as may be required for the Optionees, including for CLGL S.A., to consummate the transactions contemplated by this Agreement and to otherwise comply with all applicable laws and regulations in connection with the consummation of the transactions contemplated by this Agreement.
CLGL and/or its Affiliates shall act as operator of the Property (the “Operator”) during the Option Period and thereafter.
The Optionees shall be entitled to record such transfers at their own cost with the appropriate government office to effect legal transfer of such Interest in the Property into the name of CLGL S.A., provided that the Optionees shall hold such Interest in the Property subject to the terms of this Agreement, it being understood that the transfer of such legal title to the Optionees prior to the exercise of the Option is for administrative convenience only.
CLGL may make the Payments and the Issuances to Mexivada and the Expenditures on the Property on an accelerated basis in advance of the due dates set forth in section 4.2. Any such accelerated Payments, issuances and Expenditures that are greater than the minimum required by section 4.2, shall be credited toward future payments and issuances as applicable.
Prior to the Closing, CLGL shall have completed a financing in which it has raised a minimum of one million US dollars (US $1,000,000), an amount sufficient to meet its payment obligations under Section 4.2(a)(i) and its first year’s investment obligation under Section 4.2(c)(i) of this Agreement.
Mexivada has made available to CLGL all material information in its possession or control relating to the Property and throughout the Option Period, shall continue to make available to the Optionees all information in its possession or control relating to the Property.
Mexivada acknowledges that, prior to December 31, 2010, it received from CLGL a deposit payment of $20,000 ($15,000 of which is refundable if this Agreement is terminated prior to Closing), which sum shall be applied towards the $30,000 cash payment due to Mexivada upon Closing as referenced in item 4.2(a)(i) above.