Common use of Closing in Escrow Clause in Contracts

Closing in Escrow. At the Closing, the ▇▇▇▇▇▇▇ Exchange Shares, the Performing Shares and the Exchange Shares shall be held in escrow with Shamika’s counsel, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇, LLP (the “Escrow Agent”) until such time that the Escrow Agent has received satisfactory, documentary proof that MIG Mauritius has received all required production licenses in Cambodia to mine approximately 240 square kilometers for gold and ruby mineralization in mining exploration rights located in Samlaut, Cambodia, (the “Mining Rights”) and has commenced commercial production for a period of at least two months (the “Release Conditions”). Following satisfactory proof of the Release Conditions, the Escrow Agent shall release the ▇▇▇▇▇▇▇ Exchange Shares to the MIG Mauritius Holders, the Performing Preferred Shares to the MIG US Holders and the MIG Mauritius Shares to ▇▇▇▇▇▇▇. If the Release Condition have not been satisfied within six (6) months from the Closing, ▇▇▇▇▇▇▇ shall have the right to terminate the Agreement, in accordance with Section 7.1(b) hereof. Notwithstanding anything to the contrary contained within this Section 1.2, Shamika’s obligation for the Financing Condition (as that term is defined in Section 4.9 herein), is not precedent upon the Release Conditions and ▇▇▇▇▇▇▇ will provide such sums immediately upon availability as set forth in Section 4.9.