August 27, 2020 Whitney van Schyndel

The targeted fund is 50 mln USD. If the subsequent fundraise yields less than the target, what would be the permitted minimum first close; and should the fund not reach the full amount, will there be any clawbacks?

The money provided is a grant. The risk of reaching the expected fundraise will be assessed before contracting. In addition, the strategy to raise funds will be discussed before the contract is signed and the desirability of the CFYE to assist with a capital raise can be considered. Not raising the full amount is not a reason for a clawback assuming that the fund manager has done everything reasonably possible to raise the capital.