CGRA, information on the joint venture. JPEX s
Post# of 489
Posted On: 08/27/2013 4:23:02 PM
CGRA, information on the joint venture.
JPEX submitted its 10q and the joint venture with CGRA is listed still. Also looks like CGRA has received $175k so far. Pretty interesting. Looks like they have some money coming in.
4. JOINT VENTURE
On June 17, 2013, the Company entered into a Processing Lease and Option To Purchase Agreement , thereby effecting the Joint Venture Agreement , dated May 30, 2013, (collectively, the “Agreements”) with CGrowth Capital, Inc., a Delaware corporation ("CGrowth"). Pursuant to the Agreements, CGrowth is obligated to provide operational, on-site, and sales support in respect to the Chewelah Community Pit, a 15 acre sand and gravel pit in Colville,Washington. A copy of the approved Bureau of Land Management (“BLM”) Contract For The Sale Of Mineral Materials and all the Agreements were attached to our report on Form 8-K dated June 19, 2013. According to the terms of the Agreements, the Company is obligated to make an initial payment of $50,000, followed by a payment of $300,000 in 30 days or less. As of June 30, 2013, $59,617 has been paid by the company and is recorded as Mineral Rights on the Balance Sheet . These Mineral Rights are part of the Joint Venture. To date, $175,000 has been paid by the Company which was financed by related party advances. Also, the Company shall be entitled to 51% of the net revenue, and CGrowth shall be entitled to 49% of the net revenue respectively. A separate DBA was created to operate the Joint Venture and all transactions have been recorded under JPX Global. The Joint Venture Agreement expires on June 1, 2014, but will automatically extend for an additional year, in anticipation of a 5-year BLM extension. The copies of the Agreements are provided as exhibits to our Form 8-K dated June19, 2013.
JPEX submitted its 10q and the joint venture with CGRA is listed still. Also looks like CGRA has received $175k so far. Pretty interesting. Looks like they have some money coming in.
4. JOINT VENTURE
On June 17, 2013, the Company entered into a Processing Lease and Option To Purchase Agreement , thereby effecting the Joint Venture Agreement , dated May 30, 2013, (collectively, the “Agreements”) with CGrowth Capital, Inc., a Delaware corporation ("CGrowth"). Pursuant to the Agreements, CGrowth is obligated to provide operational, on-site, and sales support in respect to the Chewelah Community Pit, a 15 acre sand and gravel pit in Colville,Washington. A copy of the approved Bureau of Land Management (“BLM”) Contract For The Sale Of Mineral Materials and all the Agreements were attached to our report on Form 8-K dated June 19, 2013. According to the terms of the Agreements, the Company is obligated to make an initial payment of $50,000, followed by a payment of $300,000 in 30 days or less. As of June 30, 2013, $59,617 has been paid by the company and is recorded as Mineral Rights on the Balance Sheet . These Mineral Rights are part of the Joint Venture. To date, $175,000 has been paid by the Company which was financed by related party advances. Also, the Company shall be entitled to 51% of the net revenue, and CGrowth shall be entitled to 49% of the net revenue respectively. A separate DBA was created to operate the Joint Venture and all transactions have been recorded under JPX Global. The Joint Venture Agreement expires on June 1, 2014, but will automatically extend for an additional year, in anticipation of a 5-year BLM extension. The copies of the Agreements are provided as exhibits to our Form 8-K dated June19, 2013.
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