here are the terms as at 27/11/2014: Within 7 days of executing...

here are the terms as at 27/11/2014:

Within 7 days of executing a Memorandum of Understanding, (which must be within 60 days of the Decision to Invest,) WKT must advance the Vendor the sum of US$50,000 cash and refund previous documented expenses to a maximum of US$40,000. Consideration payments are to be made annually for 3 years after the signing of the MOU.

1 year anniversary - US$100,000 per licence that the Company agrees to proceed with, payable by 50% in cash and 50% in shares in WKT at a price equivalent to the 14 day VWAP prior to the payment date.

2 Year anniversary - US$150,000 per licence that the Company agrees to proceed with, payable by 50% in cash and 50% in shares in WKT at a price equivalent to the 14 day VWAP prior to the payment date.

3 Year anniversary - US$250,000 cash payable per licence that the Company agrees to proceed with.

Other Relevant Terms:
 The Vendor enjoys a “Free Carry” to the initial declaration of an Inferred Resource on any of the licences, where-after co-contribution payments will need to be made.
 The Investor may “Buy-Out” the Vendor’s remaining 30% at any time for US$1,000,000 per licence.
 The Investor may withdraw from any or all licences within the JV at any time and without obligation.  The Investor is to keep the Licences in good standing throughout the Agreement