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Gold/Mining/Energy : Millstream Mines (MLSM)
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To: RICK who wrote (533)12/2/1999 8:33:00 AM
From: hugh thorne   of 664
 
I think the second paragraph may well be the source of strife. They can restict further exploration unless everyone agrees.

Under the Farmouts each of Millstream and Dumont has a call right (the "Call") to reacquire from the relevant LP in certain events the LP's working interest in that Company's project for a Call Amount determined by a formula set forth in the Farmout Agreement and further described below. The Call Amount can be satisfied in cash or by issuing common shares of Millstream and Dumont valued at prevailing market prices at the time of exercise of the Call. The Call Amount is computed with reference to (i) a fixed premium on the Earn-In Amount and (ii) a performance amount based primarily on any appreciation in the quoted price of Millstream and Dumont's common shares from the time of the Farmout to the time the Call is exercised.

If an LP elects not to commit to fund its pro rata share of further joint venture exploration expenses after earn-in it has the right to significantly restrict any further exploration on the Project. If, before the exercise of the Call, the LP has transferred its working interest to a subsidiary company, then Millstream and Dumont may, in lieu of exercising the Call, negotiate to acquire all the shares of the subsidiary as a qualifying small business corporation. Any Millstream or Dumont shares should be issued as free trading shares if they issue their shares by way of a takeover bid.
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