Informal Loan Agreement Between MGI and President Irish Hill
This informal agreement states that the company's president, Irish Hill, has been and will continue to loan funds to the company as needed for start-up operations over the next year, especially if the company does not raise enough money through its offering. There are no specific terms for repayment, and the agreement is verbal rather than written. The arrangement covers the period from August 1, 2012, to July 31, 2013.
INFORMAL AGREEMENT WITH COMPANY PRESIDENT
Throughout the S-1 application process the President, Irish Hill, has been loaning the Company funds to complete the registration process. Throughout the next twelve (12) months, for the period August 1, 2012 to July 31, 2013, the Company’s President has verbally agreed to loan the Company an unspecified amount to assist in start-up operations, in the event that the Company raises only a portion or none of the Offering amount.
There are no agreed upon terms for the repayment of any funds loaned to the Company.
