To Kim or anyone else: Could anyone please explain what this first option refers to? And isn't the first option supposed to be 210 days from the October 9, 97 signing date, which would make the deadline April, 98? What deadline expiring about now has to renewed for 30 days? From the Naxos press release:
1. Upon the signing of the agreement, Naxos will pay Johnson-Lett US$250,000 for the exclusive right to evaluate the new technology over a period of 210 days.
2. During the 210-day period Naxos may elect within 90 days to pay another US$250,000 plus 2 million restricted shares to earn permanent rights to use the Johnson-Lett assaying methodology.
3. During the 210 day period Naxos may further elect to purchase the exclusive rights to use this technology for recovery. To purchase these rights Naxos must pay an additional US$4.5 million and 8 million restricted shares to be paid to Johnson-Lett. Naxos will gain all rights titles and interests in the Johnson-Lett assaying and recovery technology. Operation of the recovery technology as well as that of the assaying technology will become exclusive -- only Naxos, a majority owned subsidiary or a joint venture in which Naxos owns 50% or more ownership may use it. In addition, Dr. Johnson agrees to use his best efforts to improve the assaying and the recovery technologies, and will assign all future titles, rights and interests in these improvements to Naxos. If Naxos exercises all its options to acquire the exclusive world-wide rights to this technology the total consideration is US$5,000,000 and 10,000,000 restricted shares.
Rand |
