Oral Working Capital Funding Agreement between Dynamic Hydrocarbons Ltd. and Ron Petrucci dated February 12, 2010

Contract Categories: Business Finance › Financing Agreements
Summary

Dynamic Hydrocarbons Ltd. and Ron Petrucci agreed that Mr. Petrucci would lend $9,250 to Dynamic for operating capital before Dynamic's S-1 registration becomes effective. This loan is non-interest bearing and is to be repaid once Dynamic raises at least $25,000 from its offering, unless both parties agree otherwise. If Dynamic needs more funds, Mr. Petrucci may lend up to an additional $10,000, which would be repaid in one year with 10% annual interest.

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EX-10.3 4 ex103.htm CONTENTS OF ORAL AGREEMENT BETWEEN RON PETRUCCI AND DYNAMIC HYDROCARBONS IN RESPECT TO WORKING CAPITAL FUNDING REFERENCE DATED FEBRUARY 12, 2010. ex103.htm

ORAL AGREEMENT

BETWEEN

DYNAMIC HYDROCARBONS LTD.

AND

RON PETRUCCI


RE:                                Working Capital Funding

Reference Date:           12 February 2010

Reference Points:

(a)  
Ron Petrucci has lent an amount of $9,250 to Dynamic Hydrocarbons (“Dynamic”) for the purpose of providing operating capital prior to Dynamic’s S-1 registration statement becoming effective (“Offering”);
(b)  
This $9,250 is non-interest bearing, and is expected to be re-paid upon Dynamic raising a minimum of $25,000 under its Offering unless otherwise agreed;
(c)  
If Dynamic requires additional amounts, Ron Petrucci will lend up to an additional $10,000, which amounts lent shall be repayable on a one year term bearing interest at 10%/year.