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As part of the Acquisition described above, the Company acquired from companies owned by Frank Timis or over which he exercised control or direction, an obligation to subscribe for a 21% interest (on a fully-diluted basis) in Hellas Gold for an aggregate subscription price $23. GMR"), a company controlled by Frank Timis, an insider of the Company, outlining the general terms on which these entities would endeavour to acquire, develop and exploit interests in the Kassandra Mine assets. |
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