[Code of Federal Regulations]
[Title 15, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 15CFR970.201]

[Page 314]
 
                  TITLE 15--COMMERCE AND FOREIGN TRADE
 
CHAPTER IX--NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT 
                               OF COMMERCE
 
PART 970_DEEP SEABED MINING REGULATIONS FOR EXPLORATION LICENSES--Table of 
Contents
 
                         Subpart B_Applications
 
Sec. 970.201  Statement of financial resources.

    (a) General. The application must contain information sufficient to 
demonstrate to the Administrator the financial resources of the 
applicant to carry out, in accordance with this part, the exploration 
program set forth in the applicant's exploration plan. The information 
must show that the applicant is reasonably capable of committing or 
raising sufficient resources to cover the estimated costs of the 
exploration program. The information must be sufficient for the 
Administrator to make a determination on the applicant's financial 
responsibility pursuant to Sec. 970.401.
    (b) Contents. In particular, the information on financial resources 
must include:
    (1) A description of how the applicant intends to finance the 
exploration program;
    (2) The estimated cost of the exploration program;
    (3) With respect to the applicant and those entities upon which the 
applicant will rely to finance his exploration activities, the most 
recent audited financial statement (for publicly-held companies, the 
most recent annual report and Form 10-K filed with the Securities and 
Exchange Commission will suffice in this regard); and
    (4) The credit rating and bond rating of the applicant, and such 
financing entities, to the extent they are relevant.

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