Kiewit Properties definition
Examples of Kiewit Properties in a sentence
The Company has requested the Investor to make available to the Company a senior secured term loan credit facility of up to $6,500,000 to pay transaction fees and expenses in connection herewith and to provide capital to the Company for the conduct of the Mining Activities at the Cactus Mill and on the Yellowhammer Properties and the Kiewit Properties.
The funds used for the payment of the Conversion Value of the Shares as provided herein shall be derived solely from the sale of gold or the market value of gold produced from the Kiewit Properties (the “Disbursal Funds”).
Payments based upon the sale of gold from the Kiewit Properties shall be made not later than thirty (30) business days following receipt of funds for such sale.
For example, if the Purchaser had acquired $100,000 of Shares, he would have a Conversion Value equal to 100 ounces of gold from the Kiewit Properties.
The sole source of the Disbursal Funds shall be limited to 5% of the gold produced from the Kiewit Properties.
The Purchaser shall have the right to receive funds pursuant to this Agreement until the payment in full of the Conversion Value of the Shares based upon the number of ounces represented by such Conversion Value, after which the Purchaser shall have no further rights to receive proceeds from the gold produced at the Kiewit Properties.
In the event that gold is produced from the Kiewit Properties during any calendar quarter (the “Production Quarter”) but is not sold during the calendar quarter subsequent to the Production Quarter, the Purchaser shall receive payment for the value of such gold based upon the market value of gold on the last business day of the Production Quarter (the “Fair Market Value”).
The Shares converted pursuant to this Agreement shall be granted a conversion value equal to $1,000 per ounce of gold produced from the Kiewit Properties based on the purchase price of the Shares (the “Conversion Value”).
Funds shall be paid to the Purchaser pursuant to the terms of this Agreement from each sale of gold produced from the Kiewit Properties.
The Company has not obtained all Mining Permits and Environmental Permits necessary to conduct Mining Activities on the Yellowhammer Properties and the Kiewit Properties.