NewsNanika enters new finder's fee agreement with Lee
2009-10-15 15:35 ET - News Release
Mr. James Jacuta reports
FINDER'S FEE AGREEMENT WITH SUNKWANG LEE
Nanika Resources Inc. has arranged a new finder's fee agreement with Sunkwang Lee, also known as Sunny Lee. The agreement is dated July 7, 2009, and the exchange has granted acceptance as at Oct. 15, 2009. Pursuant to the agreement, Mr. Lee is entitled to 5 per cent, up to a total of not more than $50,000, on the first $1-million received by the company in 2009 from Korean partners, and 5 per cent, up to a total of not more than $50,000, when the company receives the full amount to finance the completion of the bankable feasibility study, $359,500 when Nanika receives the full amount of the senior financing of not less than $60-million and $1,355,500 when it receives the full amount to put the Lucky Ship molybdenum property into continuous production.
However, the new finder's fee agreement also provides for deductions from any payments to Mr. Lee, so as to reimburse Nanika for previous payments which have now been determined to have not been valid, supported by appropriate documentation and/or not compliant with the terms of the previous agreement, and which Mr. Lee has agreed to reimburse.
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