Promissory Note between Gemco Minerals Inc. and Evan Allan Brett dated June 4, 2009
Gemco Minerals Inc. agrees to repay Evan Allan Brett $24,500 in Canadian funds by June 4, 2010, with 15% annual interest starting from June 4, 2009. No monthly payments are required, but the full amount and interest are due on the maturity date. If any payment is missed, the entire balance becomes immediately due. The creditor also receives 25,000 Class A restricted shares as a bonus. The agreement can only be changed in writing and replaces any previous agreements.
Exhibit 10.11
PROMISSORY NOTE
From Gemco Minerals Inc.
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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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| 24,500.00 | June 4, 2010 | 15% | June 4, 2009 |
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| Monthly Payment | First Payment Date |
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| Box 5 |
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| $0.00 | June 4, 2010 |
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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 | Evan Allan Brett |
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| Name of Creditor |
| At | 19651 48 Ave., Langley, BC, V3A 3K7 |
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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, then 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 to be paid on the date set forth in Box 6, and thereafter on the same date of each and every month until 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 in 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.
By way of an additional bonus, the Creditor shall be issued 25,000 Class A restricted shares from the treasury of Gemco Minerals Inc.
IN WITNESS WHEREOF the Borrower executes this Agreement and delivers it to the lender.
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| Dated this 4 day of June, 20 09 . |
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| per: /s/ D. R. Evancic (Debtor) | |
| GEMCO MINERALS INC. Print Name D. R. Evancic |
