Further Option definition

Further Option means the option that may be granted to the Optionee under the Joint Venture Agreement to acquire the remainder of the Optionor's Interest, as contemplated in Section 3.8.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Further Option means the option to be granted by the Optionor to the Optionee to acquire up to a further 10% of the Property Rights in respect of the Property and corresponding interest in the Joint Venture, for an aggregate 60% interest as more particularly set forth in §3; (j) “Joint Venture” means the joint venture to be formed between the Optionor and the Optionee in respect of the Property upon exercise of the Option; (k) “Joint Venture Agreement” means the joint venture agreement to be entered into between the Optionor and the Optionee as provided for in §2.2 and §3.2 hereof; (l) “Mineral Products” means the commercial end products derived from operating the Property as a mine; (m) “Option” means the option granted by the Optionor to the Optionee to acquire an undivided 50% of the Property Rights in respect of the Property as more particularly set forth in §2.1; (n) “Option Period” means the period from the date hereof to the date at which the Optionee has performed its obligations to acquire its 50% interest in the Property as set out in §2 hereof and has given notice of the exercise of the Option and, in circumstances where the Optionee elects to exercise the Further Option, shall include such period to the date on which the Optionee has either exercised the Further Option, waivers such Further Option or gives notice to the Optionor in writing that it does not intend to proceed with such exercise; (o) “Property” refers to the mineral property known as Xietongmen Gold-Copper Property located in Tibet, China as more specifically described in Schedule A attached hereto; (p) “Property Rights” refers to any and all rights, interests and privileges currently held and owned and/or hereafter acquired by the Optionor directly or indirectly, by law or

Further Option has the meaning set forth in Section 2(m).

Examples of Further Option in a sentence

• After the formation of the Joint Venture, the Optionee will have the Further Option to acquire the remainder of the Optionor's Interest in those circumstances and on those terms that will be contained in the Joint Venture Agreement.

• The Optionee intending to exercise the Further Option shall give written notice to the Optionor no later than sixty (60) days after the Completion Date.

• Further, Option Holder may petition the Company for license to make, market or sell a particular Invention.

• Failing such notice, the Optionee shall be considered to have waived the Further Option.

• Further, Option Holder understands that he or she is providing the consents herein on a purely voluntary basis.

• Further, Option Holder has no plans to enter into any such agreement or arrangement, and, consequently, Option Holder must bear the economic risk of an investment in the Options and underlying Shares for an indefinite period of time.

• If the Option has been duly exercised hereunder and Holder has satisfied its obligations and acquired the Option Shares in accordance with Section 3(a), then Holder shall have the option (the "Further Option") to purchase from the Company upon issue additional Ordinary Shares (the "Further Option Shares") as provided in this Section 2(m).

• It shall also comprise the grant of the Further Option pursuant to clause 3 below.

• Perpetual also has the right to extend the Initial Option Period by a further 12 months (Further Option Term), by the payment of an additional $20,000.

• However Holder shall be entitled to receive its share of such distribution, exchange or offering, to the extent applicable in respect of the Further Option Shares, only if and when the Further Option Closing actually occurs in accordance with the terms hereof.

More Definitions of Further Option

Further Option means the option to be granted by the Optionor to the Optionee to acquire up to a further 10% of the Property Rights in respect of the Property and corresponding interest in the Joint Venture, for an aggregate 60% interest as more particularly set forth in ss.3;