Promissory Note between GEMCO Minerals Inc. and Delaine Mollica dated March 31, 2009
GEMCO Minerals Inc. has agreed to repay a loan of $104,500 CAD to Delaine Mollica, with interest at 15% per year starting April 1, 2009. Monthly payments of $1,305.25 begin on May 1, 2009, and the full amount is due by March 31, 2010. The borrower can prepay the loan without penalty. If a payment is missed, the entire remaining balance becomes immediately due. The agreement is binding and can only be changed in writing by both parties.
Exhibit 10.10
PROMISSORY NOTE
GEMCO MINERALS INC
A STATE OF FLORIDA CORPORATION
Identification number 65-10011685
HAVING ITS CORPORATE OFFICE AT
102-20475 DOUGLAS CRESCENT, LANGLEY, BC, CANADA V3A 4B6
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| Debt Owing | Due Date | Annual Interest Rate | Interest Starting Date |
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| Box 1 (Cdn. Funds) | Box 2 | Box 3 | Box 4 |
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| $104,500.00 | March 31, 2010 | 15% | April 1, 2009 |
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| Monthly Payment | First Payment Date |
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| Box 5 | Box 6 |
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| $1,305.25 | May 1, 2009 |
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FOR VALUABLE CONSIDERATION, I/we, the undersigned Debtor(s) (jointly and severally, where more than one) promise(s) to PAY
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| To | Delaine Mollica |
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| Name of Creditor |
| At | 22896 88th Ave., Fort Langley, BC, V1M 3S8 |
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| Address of Creditor |
The debt owing on the due date, together with interest at the annual interest rate both before and after maturity, computed from the interest starting date, all of which are set forth in Boxes 1, 2, 3 and 4 above.
Where monthly payments are contemplated, during the time all or part of the debt owing is outstanding, the undersigned agrees to pay to the Creditor monthly payments of interest, or principal and interest, in the amount set forth in Box 5. The first of such payments shall be paid on the date set forth in Box 6, and thereafter on the same date of each and every month until either the whole of the debt owing and interest is fully paid and satisfied or until the due date set forth in Box 2, whichever shall first occur. Payments shall be applied firstly toward payment of interest and, where applicable, secondly in reduction of principal; PROVIDED the undersigned shall have the privilege of prepaying the whole or any part of the debt owing without notice, bonus or penalty.
If any monthly payment is not paid on the proper date, then the whole of the then outstanding balance of the debt owing, together with the interest, shall immediately become due and payable.
There are no implied covenants contained in this agreement other than those of good and fair dealing. This agreement contains the entire understanding between or among the participants relating to the subject matters hereof, and supersedes all representations, warranties and agreements, whether oral or written which antedate it. No modification of this agreement shall be valid unless made in writing and duly executed by the participants.
IN WITNESS WHEREOF the Borrower executes this Agreement and delivers it to the lender.
BY EXECUTING THIS AGREEMENT ON BEHALF OF A CORPORATION, THE PERSON SO SIGNING PERSONALLY WARRANTS TO THE OTHER PARTICIPANTS THAT HE/SHE IS AN AUTHORIZED SIGNATORY OF THAT CORPORATION,THAT THE CORPORATION ON BEHALF OF WHICH HE/SHE IS SIGNING HAS AUTHORIZED HIM/HER TO EXECUTE THIS AGREEMENT ON ITS BEHALF AND THAT HE/SHE POSSESSES THE AUTHORITY TO BIND THAT CORPORATION CONTRACTUALLY.
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| Date this 31st day of March 20 09 | ||
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| GEMCO MINERALS INC. | |
| per: /s/ Evan Brett | Evan Brett Print name |
| By its authorized signatory Debtor (Borrower) |
