Earn-In Agreement Definicion

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The agreement should also specify the accounting assumptions that will be used in the future. While a company may comply with generally accepted accounting standards (GAAP), there are still judgments that executives must make that may affect results. For example, adopting a higher level for returns and certificates will reduce income. Under the agreement, Hommy will be able to acquire up to 80% of banners through three steps. If Newcrest chooses to use the compensation option, it will pay $500,000 in cash to the GFG and will be entitled to win 49% of the project over a four-year period by disbursing an additional $14 million for an annual minimum of $1.0 million. SASKATOON, Saskatchewan, 11.9.2018 (GLOBE NEWSWIRE) — GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or “company”) is pleased to make itself known, that it has signed an option and a earn-in (the “agreement”) with Newcrest Resources Inc., a wholly owned subsidiary of Newcrest Mining Limited (ASX: NCM) (“Newcrest”) to advance the Rattlesnake Hills Gold project (the GFG “project” in Wyoming U.S.). Under the terms of the agreement, Newcrest is entitled to acquire up to 75% of the project in phases, by subscribing to a series of exploration and development expenses (“exploration expenses”) grouped below and by providing GFG with orchestrated option payments totalling $1.25 million. Pure Energy Minerals announced that it had agreed to the terms and signed agreements with Schlumberger subsidiaries for the development of the Clayton Valley Lithium project in Nevada.

If Newcrest opts for the second stage of the Earn-Ins and pays $650,000 in cash to the GFG, newcrest`s share of the project will increase to 51% and it is entitled to gain an additional 4% (55% in total) of the project over an additional two-year period, by funding a positive interim economic assessment in accordance with the national instrument 43-101. Pure Energy stated that, as part of the interest rate agreement, it sanctioned an option in favour of the investor to acquire all of its shares in the Clayton Valley project. In addition, the company and Rio Tinto have entered into a strategic exploration alliance (the “Alliance Agreement”) in which we will work together to identify and acquire exploration concessions in Nicaragua, with a focus on copper-gold porphyry, skarn and epithermal precious metal systems. VANCOUVER, British Columbia, February 24, 2020 (GLOBE NEWSWIRE) – Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or “the company”) is pleased to announce, the company and Rio Tinto Exploration (“Rio Tinto”) have entered into an option agreement on the February 23, 2020 completion agreement (the “Earn-in” agreement) that allows Rio Tinto to acquire up to 75% of the 100% share of The Borosi projects in northeastern Nicaragua.