These are the JV terms between Royal Falcon and Drake Resources:
1) Royal Falcon must spend US$3 million to earn a 51% interest in the Falun and Bersbo Projects. Royal Falcon can withdraw from the agreement after spending a minimum of US$1.0 million; Drake retains a 100% interest in the Projects until the US$3 million is expended.
2) Royal Falcon can elect to spend a further US$3 million to earn an additional 24% interest in the Falun and Bersbo Projects.
3) Drake will have the right to fund their respective share (49% or 25%) of project exploration, feasibility, mine development, or mine development costs when these funding requirements have been met
4) If Drake’s project interest falls below 5% then their interest will revert to a 2% Net Smelter Royalty (“NSR”) on production from the Falun or Bersbo Projects.
5) Drake will, initially, continue to manage all exploration on the Falun and Bersbo Projects
JB
These are the JV terms between Royal Falcon and Drake...
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Mkt cap ! $19.93M | |||
| Open | High | Low | Value | Volume |
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| 1 | 1336450 | 2.0¢ |
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| Price($) | Vol. | No. |
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