Common Contracts
2 similar Memorandum of Understanding contracts by Fronteer Development Group Inc
TECK COMINCO ARAMA VE MADENCILIK SANAYI TICARET A.S.Memorandum of Understanding • June 28th, 2004 • Fronteer Development Group Inc • Mining & quarrying of nonmetallic minerals (no fuels) • British Columbia
Further to our recent conversations on the above subject, this letter agreement (the “Agreement”) sets out the understanding between Fronteer Development Group Inc. (“Fronteer”) and Teck Cominco Arama ve Madencilik Sanayi Ticaret A.S. (“TCAM”) whereby Fronteer, through a subsidiary to be incorporated under the laws of Turkey, will have an option to acquire, subject to certain TCAM earn-back rights, a 100% undivided interest in TCAM’s Kirazli property located in Turkey. Upon notice to TCAM by Fronteer’s Turkish subsidiary of its incorporation, Fronteer’s Turkish subsidiary shall automatically become a party hereto and references to Fronteer will be deemed to be references to the Fronteer Turkish subsidiary with the exception of the requirement to issue shares of Fronteer and the guarantee on the firm commitment which shall continue to be the responsibility of Fronteer, as well, the requirement to pay the bonus payment on a production decision shall be a joint liability of both Fronteer
TECK COMINCO ARAMA VE MADENCILIK SANAYI TICARET A.S.Memorandum of Understanding • June 28th, 2004 • Fronteer Development Group Inc • Mining & quarrying of nonmetallic minerals (no fuels) • British Columbia
Further to our recent conversations on the above subject, this letter agreement (the “Agreement”) sets out the understanding between Fronteer Development Group Inc. (“Fronteer”) and Teck Cominco Arama ve Madencilik Sanayi Ticaret A.S. (“TCAM”) whereby Fronteer, through a subsidiary to be incorporated under the laws of Turkey, will have an option to acquire, subject to certain TCAM earn-back rights, a 100% undivided interest in TCAM’s Agi Dagi property located in Turkey. Upon notice to TCAM by Fronteer’s Turkish subsidiary of its incorporation, Fronteer’s Turkish subsidiary shall automatically become a party hereto and references to Fronteer will be deemed to be references to the Fronteer Turkish subsidiary with the exception of the requirement to issue shares of Fronteer and the guarantee on the firm commitment which shall continue to be the responsibility of Fronteer, as well, the requirement to pay the bonus payment on a production decision shall be a joint liability of both Fronteer
