The agreement provides Global with a right to convert its investment in the project to date into a 25% legal and beneficial interest in Uganda License EA5.
As per the terms of the agreement, Global shall have the right to elect to participate until such time that Tower has obtained a firm offer of funds, from a third party or through its own fund-raising efforts, to fund any material operation in respect of the License.
Global will be required to reimburse Tower for 25% of ongoing costs during the option period should it elect to participate and, in the event of third party funding, Global will dilute proportionately with Tower.
