Lacus definition
Examples of Lacus in a sentence
As of Closing Date Lacus will provide to LI3, upon request, access to all reports, maps, sections, drill logs, assay results, core, sample pulps, studies and all other records or data (paper or electronic) and physical samples or material with respect to all work performed on or concerning, or extracted from, the Properties, to the extent the same are in the Lacus’ possession or control (collectively, the “Properties Data”).
As of Effective Date Lacus will provide to LI3 access to, or copies of, all existing data of the Properties, which will (subject to the provisions of this paragraph) be held in confidence by the LI3.
For such purpose, LI3 shall furnish Lacus with an Exercise Note, indicating the date on which the Third Option will be exercise by LI3, at least 5 days in advance to the exercise date.
LI3 may, at any time, by written notice to Lacus (with copy to the escrow agent), elect to terminate the First Option, provided that in such case the payments referrer to in Section 4, which are held in escrow pursuant to Section 8, will be released in favor of Lacus, in accordance with the terms and conditions foreseen under Lacus Escrow Agreements.
Prior to the Closing Date, Lacus shall have made all relevant efforts in order to have the category of mineral as evidenced in the mining files related to the Properties amended in order to reflect that in such Properties there have been indications of "lithium" and therefore, the concessions should be related to First Category of Minerals and not only Second Category of Minerals.
Without limiting the generality of the foregoing, the Company plans to spend the following amounts on the following items on or prior to December 31, 2010: · $150,000 as the cash component of the settlement of certain potential claims related to our Master Option Agreement with Lacus Minerals S.A., and the termination thereof; · Approximately $500,000 to satisfy certain accounts payable; and · $280,000 in option payments with respect to the ▇▇▇▇▇▇▇ Property.
Lacus understands and acknowledges that the LI3 Shares have not been registered under the Securities Act or any state or foreign securities laws, by reason of a specific exemption from the registration provisions of the Securities Act and applicable state and foreign securities laws, which depends upon, among other things, the bona fide nature of the investment intent as expressed herein.
After payment by Lacus, Lacus shall furnish LI3, within 10 calendar days from the applicable payment, with copy of the relevant receipt evidencing payment thereof.
Upon (i) exercise of the Third Option by LI3, and (ii) payment of the Third Option exercise price, Lacus shall transfer to LI3 ten percent (10%) of the issued and outstanding shares of the Newco.
The Second Option shall be exercised within 60 days as from receipt of the Feasibility Study by Lacus.