RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:The note holder looking to dump more........I don't know if the agreement has been amended, but if not, you are pretty off-base in your understanding of it. It looks like a typical JV agreement to me, at least where one partner has all the money and will do all the work.
"NLR is currently earning a 100% interest in the Medicine Springs Project under the terms of an option agreement with the underlying claim owners executed August 20, 2017 ("NLR 2017 Option Agreement"). Reyna will assume NLR's obligations for making cash payments to the property
owners (other than $50,000 to be paid by NLR), and for incurring the remaining expenditures on the Project. NLR will retain responsibility for the issuance of US$200,000 of NLR shares. Any mineral claims acquired by either Reyna within five miles of the outer boundaries of the Project
will form part of the Project, and the costs of acquiring and exploring those additional claims will qualify as expenditures under the NLR 2017 Option Agreement. Upon Reyna exercising its Option, a joint venture will be formed (75% Reyna, 25% NLR). Reyna can acquire an additional 5% of the Medicine Springs Project by paying NLR US$1,000,000 at any time. NLR will have a carried interest in the joint venture until Reyna incurs an aggregate of US$4,000,000 of expenditures on the Project, following which NLR will be responsible for its pro-rata share of costs going forward. All work programs and budgets will be determined by a committee comprised of one member of NLR and two or more members of Reyna."