Resources having executed and delivered the Mvela Resources Novation Agreement.
Mvela Holdings held approximately 22,9% of the issued share capital of Mvela Resources at the time of Implementation of the Initial Covenants Agreement.
Mvela Resources initially issued to GFLMS a number of Mvela Options equal to Rand 10.0 million divided by the then prevailing Mvela Strike Price.
Notwithstanding 3, each of Mvela Holdings, Mvela Resources, Mvela Gold, Afripalm Resources (Proprietary) Limited, Afripalm1, Afripalm2, Gold Fields, GFIMSA, Gold Fields Holding Company (BVI) Limited and Gold Fields Australia (Proprietary) Limited shall, on signature of this letter by it, be bound by this letter (as against each other) and shall (as against each other) remain bound thereby, even if this letter is not signed by any of the other Parties listed in annexure A hereto.
Mvela Resources is required to pay for its proportionate share of the costs of any exploration project it elects to participate in.