Loan Agreement and Promissory Note between Richard N. Jeffs and Red Metal Resources Ltd. dated April 6, 2009

Contract Categories: Business Finance › Loan Agreements
Summary

This agreement documents a loan of $10,000 from Richard N. Jeffs to Red Metal Resources Ltd. The company agrees to repay the principal amount on demand, with interest at 8% per year, compounded monthly. The borrower is responsible for all repayment, accrued interest, and any collection costs. The debt is further evidenced by a promissory note, and repayment can be made at any time. There are no fixed repayment dates, and the lender can demand repayment at any time.

Read More Arrow
EX-10.14 7 ex_10-14.htm LOAN AGREEMENT AND NOTE ex_10-14.htm
Exhibit 10.14
 
LOAN AGREEMENT
April 6, 2009

Richard N. Jeffs (the “Lender”) of 4 Montpelier Street, Suite 521, London, SW71EE, advanced US$10,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 195 Park Avenue, Thunder Bay, Ontario, P7B 1B9.  The Lender advanced the funds on April 6, 2009
 
The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from April 6, 2009..  The Borrower is liable for repayment for the Principal Sum and accrued Interest and any costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
 
The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
 
LENDER         BORROWER  
Richard N. Jeffs       Red Metal Resources Ltd.  
         
Per:        Per:  
         
/s/ Richard N. Jeffs
    
/s/ Caitlin Jeffs 
  
Name
    
Authorized Signatory
  
                       
1
 
PROMISSORY NOTE
 
Principal Amount:  US$10,000 
April 6, 2009
 
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Richard N. Jeffs (the “Lender”) the sum of $10,000 lawful money of United States of America (the “Principal Sum”) together with interest on the Principal Sum from April 6, 2009 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.

For the purposes of this promissory note, Interest Rate means 8 per cent per year.  Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 8.3% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.

The Borrower may repay the Principal Sum and the Interest in whole or in part at any time.

The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
 
      BORROWER  
      Red Metal Resources Ltd.  
         
      Per:  
         
 
    
/s/ Caitlin Jeffs
  
 
    
Authorized Signatory 
  

 
2