Notice of Prepayment of Note

EX-10.1 2 mine_ex101.htm NOTICE OF PREPAYMENT OF NOTE mine_ex101.htm

Exhibit 10.1

Minerco Resources, Inc.

20 Trafalgar Square, Suite 455

Nashua, NH 03063

October 29, 2013

VIA FACSIMILE ###-###-####

ASHER ENTERPRISES, INC.

1 Linden Pl., Suite 207

Great Neck, NY. 11021

Attn: Curt Kramer, President

Re: Notice of Repayment of Convertible Promissory Note

Dear Mr. Kramer:

Pursuant to Section 1.9 of the Convertible Promissory Note dated May 14, 2013 with Asher Enterprises, Inc. in the principal amount of $47,500 (the “Note”), please be advised that Minerco Resources, Inc. (the “Company”) is exercising its right, on not less than three (3) trading days prior written notice to you, to prepay the outstanding principal and accrued interest on the Note in full. This prepayment notice is being delivered to you as the holder of the Note at your registered address. This letter shall serve as written notice of the prepayment of the Note as delivered to you in accordance with Section 4.2 of the Note.

We acknowledge and agree that on or before November 1, 2013, the optional prepayment date, we will make payment to your order of an amount equal to 175% multiplied by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) of the Note. All capitalized terms have the meaning set forth in the Note.

Thank you.

Sincerely,

/s/ John Powers

John Powers

President

cc: Naidich Wurman Birnbaum & Maday, LLP (via facsimile ###-###-####)

Gracin & Marlow, LLP (via facsimile ###-###-####)