Item 8.01 Other Events.
On
Under the terms of the MOU:
CarbonMeta Green Resources Canada will be a
? 51% of the equity will be owned byCarbonMeta Technologies, Inc. ? 49% of the equity will be owned by North Bay Resources, Inc.
CarbonMeta Green Resources Canada will be a research and development center whose focus will be on:
? Establish CarbonMeta Green Resources Canada as a mining and processing center for the production of carbon-negative cementless concrete using olivine ? Build and operate a production facility and demonstration program for the production of carbon-negative cementless concrete that can be distributed inNorth America . ? Establish an agreed upon transfer price from NBRI to CarbonMeta Green Resources Canada for purchasing olivine that shall be updated quarterly. ? Develop and establish supply chain relationships with potential North American distributors of carbon-negative cementless concrete, including but not limited toCarbonMeta Green Building Materials, Inc. inthe United States ? Establish technology licensing relationships, industry partnerships, and marketing sponsorships related to the production of carbon-negative cementless concrete using olivine
The MOU is effective from the date executed by the parties and shall continue in force until terminated by either party giving the other party at least 30 business days prior written notice. The parties agree to execute definitive agreements within 30 days, at which time those agreements will supersede this MOU as of the effective date of the executed definitive agreements.
The foregoing provides only a brief description of the material terms of the MOU and does not purport to be a complete description of the rights and obligations of the parties thereunder, and such descriptions are qualified in their entirety by reference to the full text of the document filed as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 Binding Memorandum of Understanding 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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