On December 6, 2019, Kallo Inc. entered into that certain Joint Venture Corporation Agreement with Techno-Investment Module, Ltd, a corporation domiciled in the Republic of Belarus and Vintage Ventures Limited, a company domiciled in the Republic of Ghana. The parties agreed that the purpose of the Agreement is to pursue certain commercial projects in the Republic of Ghana under the auspices of Ghana's Petroleum Hub. Under the terms of the Agreement TIM shall serve as the Joint Venture Corporation (the Joint Venture") leader in mobilizing finances on behalf of the Joint Venture for various projects to be undertaken by the Joint Venture; be responsible for supplying equipment and other technical expertise and support required to execute various projects; and be responsible for Phase One and will be responsible for organizing of finances for the investment projects using the collateral and other financial instruments such as Bank Guarantees. Under the terms of the Agreement, Vintage shall be responsible for the coordination of arrangement of finance instrument and collateral on behalf of the Joint Venture for TIM for financing of various projects to be undertaken by the Joint Venture; be responsible, as Ghanian partners and with technical training and support from the Company and TIM for the execution of assigned technical and administrative tasks for bidding, contract execution, and post-contract services, including representing the Joint Venture in all governmental, legal, and corporate processes in Ghana; and be responsible for all business licensing, permits, zoning of the land, tax exemptions with regard to foreign investments and organizing and assisting TIM in structuring financial instruments and collateral for securing the investment. Under the terms of the Agreement, the Company is to assume responsibility for the business management office for the projects in end to end management of contracts and sub-contracts at various levels products and industry regulations applicable, legal liabilities, and international laws adherence in this varied business working together for operations and overall profitability and operational management including quality control and the establishment of global excellence in this venture. The Agreement further provides that Vintage shall be responsible for the negotiation and acquisition of suitable land and pricing within the budget of EUR 150 million and completing the arrangements for the issuance of a bank instrument in the amount of EUR 150 million to be issued and suitable as collateral for the financing needed by the Joint Venture. The title of the land shall be transferred by TIM as collateral for the Loan and the title of the Land will be transferred back to the Joint Venture after the Loan is paid in full. The transfer of Title of the Land as collateral to TIM shall be completed on the same day of the purchase of the Land by the Joint Venture using the proceeds of the Loan (EUR 150 Million) from TIM. If the joint venture is successful, the parties agreed that TIM and the Company will share 30% and 25% of the profits respectively with Vintage and the Government of Ghana to share 35% and 10% respectively.