Verhandlungen mit Lake Resources abgeschlossen
Lake Resources N L, Quarterly Report, January -March 2015
Exploration During the first quarter of 2015, documentation associated with the previously reported (report for April-June 2014) exclusivity agreement with Colt Resources Middle East (CRME) was completed with signing of a Shareholders Agreement and a Share Subscription Agreement.
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There are 3 parties, Lake Resources N.L. (Lake) through its Pakistan incorporated subsidiary Lake Mining Pakistan (Pvt.) Limited,Colt Resources Middle East (CRME) through its Pakistan incorporated subsidiary Balochistan Chaghi Mining Resources (Pvt.) Limited(BCMR) and Aamir Resources Consultants
(Pvt.) Limited (ARC)a Pakistan-based resources consulting group.
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The operating entitywill be a Pakistan incorporated company, Chagai Resources (Pvt.) Limited, into which LakeResources’ exploration licences
will be transferred, subject to approval by Government of Balochistan.
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The initial shareholders in Chagai Resources will be BCMR 60%, Lake Mining Pakistan 27.5% and ARC 12.5%.
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BCMR will subscribe a minimum of USD1.9 million to Chagai Resources (Pvt.) Limited(Equity Contribution 1)to be expended on exploration of the licences with 3 years.
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IF BCMR fails to invest Equity Contribution 1 and /or Chagai Resources fails to expend Equity Contribution 1 on exploration of the licence areas
within 3 years, then BCMR and ARC will transfer their entire shareholdings in Chagai Resources to Lake Mining Pakistan .
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BCMR will subscribe a further USD 3.1million to Chagai Resources (Pvt.) Limited (Equity Contribution 2) to be expended on exploration of the licence
areas with 3 years from the date of completion of Equity Contribution 1, and the resultant shareholdings in Chagai Resources will be BCMR 72.5%, Lake
Mining Pakistan 15% , and ARC 12.5%.
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IF BCMR fails to invest Equity Contribution 2 and /or Chagai Resources fails to expend Equity Contribution 2 on exploration of the licence areas within 3 years from the date of completion of Equity Contribution 1, then the shareholdings of Chagai Resources will revert to CRME 51%, Lake Mining Pakistan
40% and ARC 9%.
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For subscriptions and expenditure above USD5 million, Lake Mining Pakistan and ARC will be diluted until their respective equities are 10% and Lake
Mining Pakistan’s interest will revert to a 10% carried interest repayable from 80% of Lake’s share of net profits. ARC, on diluting to 10% will revert to a 5% free carried net profits interest.
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