Loan Agreement between iMedia International Inc. and Lender for $150,000 Bridge Financing

By Lender:

iMedia International Inc.

Print Name: __________________

Henry Williamson — Chairman and CEO

Summary

iMedia International Inc. is borrowing $150,000 as short-term bridge financing to cover payroll and fiduciary duties until a larger funding round is completed. The loan must be repaid within 60 days, with a maximum repayment of $200,000, including $50,000 interest and 100,000 warrants to purchase iMedia stock at a set price. The loan is secured by company stock or assets and is unconditionally guaranteed by the Chairman and CEO. Both parties agree to limit liability to the loan amount plus interest and to use best efforts to meet all deadlines.

EX-10.2 3 v55043exv10w2.htm EX-10.2 exv10w2

Exhibit 10.2

Loan Terms Agreement

Loan Amount: $150,000

Agreed Interest Payment: $50,000 & 100,000 warrants to purchase iMedia common stock at a conversion price set at trading price at the end of day of funding or 50 cents whichever is less.

Maximum Loan Term: 60 days- Repayment expected on or before 3/12/10.

Deadline for Funding: 1/28/10

iMedia International Inc, is entering into an agreement for bridge financing to enable fiduciary responsibilities and payroll commitments until a larger funding of 2.5 million dollars US is completed by March 12^th 2010.

This loan is guaranteed paid in full within 60 days of the date of funding, using collateral of common stock and or assets of the company, and a total debt service payment not to exceed $200,000 in cash value. In addition lender earns warrants to purchase common stock in iMedia International at the agreed conversion price.

This loan is secured and collateralized by common stock of iMedia International Inc. This loan is guaranteed unconditionally from the company’s Chairman and CEO, and both lender and borrower agree to hold the other party harmless to any additional damages beyond the cash value of the loan plus the agreed interest amount.

By signing below both parties hereby agree to the terms represented on this document and will perform using best efforts to reach dates and deadlines of said agreement.