DonsaysNote 14 Commitments
The Company has entered into an agreement to execute a development plan for the exploration and exploitation of boron deposits in the Jarondol Basin in the Replublic of Serbia. A retainer fee of up to US $60,000 is payable by the Company in up to six equal instalments of US $10,000 each, with the first instalment due upon signing (CDN $14,756 paid) and up to five additional monthly instalments of US $10,000 each (CDN $13,639 paid). The retainer fee is payable to a maximum of US $60,000 or until the successful grant of concession rights. The retainer fee paid is an advance against the US $100,000 to
be paid upon the successful grant of concession rights.
Don --they paid $60k not 100K and they call it a retainer fee not concession rights.