Variable Rate Demand Note between Legend Energy Canada Ltd. and National Bank of Canada
Legend Energy Canada Ltd. has agreed to repay National Bank of Canada $1,500,000 on demand, with interest calculated at the bank’s prime rate plus 2% per year, payable monthly. The note is effective immediately and remains in force until the full amount, including a minimum $10 charge, is paid. The agreement acknowledges that Legend Energy Canada Ltd. has received the loan funds. The bank may demand repayment at any time.
EXHIBIT 10.18
VARIABLE RATE
DEMANDE NOTE
| 530 - 8 Avenue SW, Suite 2700 | ||||
| Calgary, AB T2P 3S8 | $1 500 000,00 | |||
| Branch address | Date (YYYY MM DD) | Amount |
ON DEMAND, I promise to pay to the order of NATIONAL BANK OF CANADA the sum of One Million Five Hundred Thousand 00 /100 dollars with interest payable monthly at the Bank’s prime rate* plus 2.0 per cent per annum up to and after maturity, until fully paid, plus minimum charges of $10, at the above National Bank of Canada branch. The prime rate as at the date of this note is 3.0 per cent per annum.
I acknowledge that value has been received as consideration for this note.
| * | Prime rate: The annual variable interest rate posted by National Bank of Canada from time to time, which is used to determine the interest rate on loans in Canadian dollars made in Canada. |
LEGEND ENERGY CANADA LTD.
| /s/ Marshall Diamond-Goldberg | /s/ Kyle Severson | |||||
| Signature | Signature |
