The Vulcan Property Sample Clauses

The Vulcan Property. On March 5, 2002, Geo entered into a letter agreement with Vulcan, pursuant to which Geo agreed to acquire from Vulcan all of the real property, personal property and permits that comprised Vulcan’s interest in the Raft River Project. On December 3, 2002, the letter agreement was replaced by the Vulcan Agreement which provides for the acquisition of 100% interest in the Vulcan Property by Geo on the following basis: 1. To earn a 20% interest in the Vulcan Property, Geo must pay to or for the benefit of Vulcan US$250,000. As at December 31, 2002, this amount has been paid and Geo has acquired the 20% interest. 2. The issue to Vulcan of 1,895,000 Geo Shares and 1,612,000 Geo Warrants. These securities have been issued. 3. Geo must cause a publicly traded company to acquire all of the Geo Shares and Geo Warrants, including those issued to Vulcan, in exchange for securities of the public company which will result in Vulcan owning 14% of the issued shares and, through the exercise of warrants, having the right to acquire, an additional 11% of the shares for a total of 25% of the fully diluted issued and outstanding shares of the public company as of the date of acquisition of the Geo Shares and Geo Warrants by the publicly traded company. The completion of the Acquisition and Consolidation will satisfy this requirement. Upon completion of the Proposed Transactions Vulcan will hold 1,755,156 Consolidated USC Shares (approximately 11% of the outstanding Consolidated USC Shares) and 2,420,217 Exchange Warrants, which if exercised, would result in Vulcan owing 25% of the common stock of the Resulting Issuer. The securities to be issued to Vulcan will be subject to escrow. See “The Resulting Issuer - Securities of the Resulting Issuer held in Escrow, in Pool or Subject to Hold Restrictions”. 4. Geo must complete a US$200,000 work program on the Vulcan Property within 12 months of the Closing. 5. Geo was to pay to Vulcan US$100,000 on the Closing. As at April 28, 2003, $50,000 has been paid and Geo will pay the balance of $50,000 on Closing. Once all of the foregoing have been satisfied, Geo will own a 49% interest in the Vulcan Property. 6. In order to acquire the remaining 51% of the Vulcan Property, Geo must pay to Vulcan US$250,000 on or before receipt of project financing for completion of a power plant. All of the issued and outstanding Geo Shares as at March 5, 2002, other than those held by Vulcan, have been pledged to Vulcan as security for Geo’s obligations...