OTCPK:NGMBF - Post by User
Post by
krossfireon Apr 01, 2010 11:34am
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Post# 16948924
More Info on Nag # 2
More Info on Nag # 2Details of The LOI on NAG mine # 2
https://www.vantagewire.com/vwirediscussion/show/NAG:CA/2097#2602
The Lessor grants to the Lessee the right to acquire an exclusive and undivided leasehold interest in the ABGSC Leases, including coal mining and extraction rights, from the Lessor, upon:
1. The Lessee making one time payments to the Lessor in the amount of:
a. $20,000 payment upon signature of the Letter of Intent;
b. $40,000 payment upon execution of the Definitive Agreement;
c. $40,000 upon technical acceptance of "the permit" by the Kentucky DNR.
2. The Lessee making tonnage production royalty payments to the Lessor in the amount of 1% of the gross sale price (FOB Mine) on all coal mined and extracted from the ABGSC Leases;
3. The Lessee making tonnage production override royalty payments to the Lessor in the amount of $1.50/net ton on all coal mined and extracted from the ABGSC Leases;
4. The Lessor shall be paid a recoupable minimum royalty payment of $10,000 per month beginning January 2010 and not to exceed 36 months. This payment can be credited against royalties when and if royalties from mining activities commence and to such an extent as such royalties exceed $10,000 per month paid to the Lessor.
5. The Lessor agrees to continue the permitting process for permit #861-0502 at its own cost, except for bonding and acerage fees, prior to final payment by the Lessee under 1c.
North American Gem shall have a due diligence period expiring in forty-five (45) days after the execution of the LOI.
Mr. Dean Schafer will be acting as operations manager of all the Company's Kentucky Leases and is currently implementing a mine plan.