Loan Agreement between AR Development Corporation and Platinum Energy Resources (September 2010)
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Summary
AR Development Corporation has loaned 5.3 million Canadian dollars to Platinum Energy Resources of Houston, Texas. The loan is for six months starting September 1, 2010, with interest rates increasing from 5.5% to 6.5% over the term. A $40,000 fee applies. Platinum Energy Resources can repay part or all of the loan early, with interest calculated on the remaining balance. Payments, including interest and principal, must be made in Canadian dollars on the first of each month.
EX-10.1 2 v196152_ex10-1.htm
Exhibit 10.1
Loan Agreement
On September 1 2010 AR Development Corporation made a loan of Canadian dollar 5.3 million to Platinum Energy Resources of Houston, Texas.
This agreement signed by AR Development Corporation and members of the compensation and governance committee of the Board lays out the terms of the loan.
The loan period initially will be for a fixed term of six months from September 1 2010 and carries an interest rate of 5.5% per annum for the first two months ending November 1 2010, thereafter for the next two months the interest will be 6% per annum till January 1 2011, followed by an interest rate of 6.5% per annum till March 1 2011. There will be a $40 thousand fee.
It is understood that Platinum Energy Resources may pay off part, or the whole loan during the period and the interest rate will be applied to the outstanding amount of the loan. It is agreed that the interest and loan payment will be in Canadian funds and will be paid on the first day of the month.
This agreement is signed on September 4, 2010
For Platinum Energy Resources, the independent Directors of the Compensation and Governance Committee
| “Bernard Lang” | AR Developments Corporation | |
| /s/ Bernard Lang | /s/ Al Rahmani |
“Marc Berzins”
/s/ Marc Berzins
