As consideration for the projects, Targa will issue to Kenorland 4 377 375 common shares of Targa, grant Kenorland a 3% net smelter royalty over the projects and pay Kenorland US$100 000 in cash at the closing of the sale of the projects. Following the closing, Kenorland shall be entitled to receive 9.9% of the common shares or other equity securities issued by Targa in future financings until Targa has raised an aggregate of not less than US$5 million pursuant to such financings. The parties expect that the closing will occur in January 2023.