Additional Development Funding and NRC Entitlement Sample Clauses

Additional Development Funding and NRC Entitlement. 4.3.1 EVI will pay to the NRC, as additional research and development funding the sum of $90,000, payable $40,000 on May 5th 1997 and $50,000 on December 31st 1998 after invoicing by NRC ("Additional Development Funding"). NRC shall invoice and EVI shall pay, in addition to the above, all applicable taxes including Goods and Services Tax. 4.3.2 EVI will pay to the NRC, the NRC Entitlement for each Agreement Year provided that in any year the Licensee will be entitled to reduce the amount owing to the NRC under this provision by an amount equal to the Development Funding actually paid in cash or kind by EVI to NRC for the Agreement Year as set out in Sub- Section 4.2 herein. Any amount owing to the NRC hereunder in respect of any Agreement Year will be paid to the NRC within 90 days following the end of such Agreement Year and will be accompanied by a report setting out the manner in which the amount owing was calculated. EVI will add to such payments all applicable taxes including Goods and Services Tax. 4.3.3 In consideration of the rights granted to EVI hereunder, EVI agrees to cause Energy Ventures Inc. (Delaware) to allot and issue to NRC, as fully paid and non-assessable, 200,000 shares of common stock of Energy Ventures Inc. (Delaware) (the "Shares"), which the parties agree are valued at an aggregate of U.S. $450,000. EVI further agrees to cause Energy Ventures Inc. (Delaware) to issue to NRC, options respecting the issue of 20,000 shares of common stock of Energy Ventures Inc. (Delaware), such options to be exercisable prior to December 31st 2001 at U.S. $2.25 per share (the "Options"). NRC acknowledges that the issue to it of Shares and Options will be subject to applicable securities laws, including (without limitation) a prohibition on the resale of such Shares and Options within Ontario in the absence of an applicable exemption and a hold period relating to the Shares in the United States. The foregoing share numbers and share values assume a 1 for 10 consolidation of the common shares of Energy Ventures Inc. (Delaware) 4.3.4 At the direction and written request of NRC, EVI agrees: (a) to pay any portion of the sums payable to NRC under Sub-Sections 2.3 and 4. 3.1 to another Person or Persons; and (b) to issue any common shares of Energy Ventures Inc. (Delaware), upon the exercise of any Option, to another Person or Persons, subject to compliance with applicable securities laws.