Form 8-K for THORIUM POWER, LTD
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18-Mar-2008
Other Events, Financial Statements and Exhibits
Item 8.01. Other Events.
Effective on March 17, 2008, Thorium Power, Ltd. (the "Company") entered into a follow-on agreement to a November 30, 2007 agreement with a foreign government-owned entity to provide consulting and strategic advisory services (the "Follow-on Agreement"), whereby the Company will manage high-priority planning activities in the country's feasibility evaluation of a future nuclear energy program.
Pursuant to the Follow-on Agreement, the Company will receive $4.285 million for professional fees, payable by March 31, 2008, and up to 20% of that amount for expenses related to the provision of the consulting and strategic advisory services. The term of the Follow-on Agreement runs until June 22, 2008.
The scope of the services under the agreement have been defined in consultation with appropriate authorities in the US government in compliance with all applicable U.S. export controls. The Company intends to communicate additional details about the client relationship once certain governmental steps are completed in both countries relating to potential additional work.
ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit No. Description
99.1 Press Release dated March 18, 2008.
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