Loan Agreement and Promissory Note between Richard N. Jeffs and Red Lake Exploration, Inc.

Contract Categories: Business Finance › Loan Agreements
Summary

This agreement documents a $50,000 loan from Richard N. Jeffs to Red Lake Exploration, Inc. (now Red Metal Resources Ltd.), with repayment due on demand and interest accruing at 8% per year, compounded monthly. The borrower is responsible for repaying the principal, accrued interest, and any collection costs. The loan is further evidenced by a promissory note, and the borrower may repay the loan in full or in part at any time.

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EX-10.19 12 ex_10-19.htm LOAN AGREEMENT AND NOTE ex_10-19.htm
Exhibit 10.19
 
LOAN AGREEMENT
September 11, 2008

Richard N. Jeffs (the “Lender”) of Flat 1, 49 Pont Street, London, SW1X 0DB, advanced US$50,000 (the “Principal Sum”) to Red Lake Exploration, Inc. (the “Borrower”) of 195 Park Avenue, Thunder Bay, Ontario, P7B 1B9.  The Lender advanced the funds on September 11, 2008.
 
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 September 11, 2008..  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
  
Richard N. Jeffs
    
Authorized Signatory
  
                             
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PROMISSORY NOTE
 
Principal Amount:  US$50,000
September 11, 2008
 
For value received, Red Lake Exploration, Inc. (the “Borrower”) promises to pay on demand to the order of Richard N. Jeffs (the “Lender”) the sum of $50,000 lawful money of United States of America (the “Principal Sum”) together with interest on the Principal Sum from September 11, 2008 (“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 
  

 
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