nanominerals corp., a company duly formed under the laws of nevada, with its registered office at 1905 southeastern ave., las vegas, nv ( hereinafter called " nano " ) ireland inc., a corporation duly formed under the laws of nevada, with its principal office at 810 peace portal drive, suite 201, blaine, wa 98230 ( hereinafter called the " company " ) lorrie archibald, of 1745 larkhall crescent, north vancouver, british columbia, canada v7h 2z3 ( hereinafter called the " principal shareholder " ) ( b ) “ closing date ” means august 14, 2007 or such other date as may be mutually agreed upon by the parties. ( j ) “ nano shares ” means a total of 30, 000, 000 post - split ( 7, 500, 000 pre - split ) shares of the company to be issued to nano and the nano nominees. ( k ) “ principal shares ” means the 18, 200, 000 post - split ( 4, 550, 000 pre - split ) presently issued restricted shares in the common stock of the company held by the principal shareholder to be transferred to nano as described in paragraph 2. 5. ( o ) “ royalty ” means the royalty to be granted in favour of nano equal 5 % of net smelter returns, as that term is defined in schedule “ d, ” from the columbus and red mountain projects and from any other mineral projects that may, in the future, be assigned or otherwise transferred to the company by nano. 2. 3 the total number of nano shares to be issued by the company to nano and the nano nominees shall be 30, 000, 000 shares. 2. 4 in addition to issuing the nano shares to nano and the nano nominees, the company shall, at closing, grant nano a royalty ( the “ royalty ” ) equal to 5 % of net smelter returns on the columbus and red mountain projects and on any other mineral projects that may, in the future, be assigned or otherwise transferred to the company by nano. 2. 5 as further consideration for nano entering into this agreement and completing the assignment to the company, the principal shareholder shall transfer the principal shares to nano at closing at and for a price of us $ 0. 0025 per share. 2. 7 in addition to the consideration set out above, the company shall reimburse nano for all properly documented expenditures made by nano on the columbus and