Work Requirements of Buyer. (a) On or before the second (2nd) anniversary of the Closing, Buyer shall spend no less than CDN$1,000,000 in Exploration Expenditures on the Project and failing which Seller shall have the right to demand that Buyer transfer the Licenses to Seller, free of Encumbrances other than Permitted Encumbrances and for no further consideration (a "Transfer").
Work Requirements of Buyer. (a) On or before the fifth (5th) anniversary of the Closing, Buyer and its Affiliates shall have spent, collectively, no less than $1,000,000 in Exploration Expenditures on the Project, of which no less than $150,000 shall be spent annually, and failing which Seller shall have the right to demand that Buyer and its Affiliates, as applicable, transfer the Licenses to Seller, free of Encumbrances other than Permitted Encumbrances and for no further consideration (a "Transfer").
