I sold this stock some time ago. This announcement is indicative of the high risk, high roller environment of the mining industry.
"Under the terms of the Agreement, Thompson Creek can earn an initial 30% interest in the Project under a Stage 1 Option by funding $15 million of expenditures on the property before December 31, 2019, of which $3 million is committed for 2015. For each $5 million of project expenditures funded, Thompson Creek will incrementally earn a 10% ownership interest. Stage 1 Option expenditures can be accelerated by Thompson Creek at its discretion. Amarc will remain as operator during the Stage 1 earn-in period.
In the event that its Stage 1 Option is fully exercised, Thompson Creek will have a one-time right under a Stage 2 Option to elect to earn an additional 20% ownership interest in the Project (for a total 50% ownership interest). To fulfill its obligations under the Stage 2 Option, Thompson Creek must commit within 120 days after exercising its Stage 1 Option in full, to fund and complete a Feasibility Study for the IKE Project that could serve as the basis for a final decision by a financial institution to finance development of a mining project. This Feasibility Study must be completed within a two-year period, which can be extended to three years under certain circumstances. In addition, under the terms of the Stage 2 Option, Thompson Creek is required to meet all other expenditures necessary to maintain and advance the Project. Operatorship will pass to Thompson Creek upon initiation of the Stage 2 Option period."
The fact that the vaccine was successful in camels should not underestimated as to its significance. MERS is endemic in camels. The only way to rid the human population of MERS is also to eliminate the disease from camels. This vaccine could hit the camel market very fast.
"Companies would typically seek a CTO in order to keep information that would otherwise put it at a disadvantage, a secret. For example, a company may apply for such an order to keep information regarding a pricing arrangement made with a partner, secret, since competitors finding out this information may go after the partner with a more competitive price."