CORPORATE RESOLUTION OF THE BOARD OF DIRECTORS OF SIMLATUS CORPORATION
EX-10.1 2 ex101.htm BOARD RESOLUTION AND EXHIBITS DATED MAY 19, 2016 ex101.htm
EXHIBIT 10.1
CORPORATE RESOLUTION OF THE BOARD OF DIRECTORS
OF
SIMLATUS CORPORATION
The following is a true copy of the resolution duly adopted by the Board of Directors of this Corporation at a special meeting, notice to this meeting having been waived, held via teleconference at 175 Joerschke Dr., Suite A, Grass Valley, CA 95945 on May 19, 2016.
The Members of the Board of Directors who were present for this meeting, all of whom took active part therein were:
Mike Schatz
Gary Tilden
Robert Stillwaugh
WHEREAS, the Board of Directors of the Corporation have agreed to cancel the exploration and development costs and the acquired oil and gas leased properties in California associated with Direct Capital Group, Inc.; whereas Simlatus Corporation and Direct Capital Group executed an agreement (See Exhibit-A) from Direct Capital Group Inc., to cancel the following note(s);
| Original | Current | Principal | P & I | ||||||||||||||
| Principal | Original | Interest | Balance | Balance | |||||||||||||
| Payee | Amount | Date | Rate | 19/03/2016 | 19/03/2016 | ||||||||||||
| Direct Capital Group | 80,000 | 02/29/16 | 8.00 | % | 80,000.00 | $ | 81,298.00 | ||||||||||
| Direct Capital Group | 80,000 | 01/31/16 | 8.00 | % | 80,000.00 | $ | 81,806.00 | ||||||||||
| Direct Capital Group | 80,000 | 12/31/15 | 8.00 | % | 80,000.00 | $ | 82,350.00 | ||||||||||
| Direct Capital Group | 80,000 | 11/30/15 | 8.00 | % | 80,000.00 | $ | 82,893.00 | ||||||||||
| Direct Capital Group | 80,000 | 10/31/15 | 8.00 | % | 80,000.00 | $ | 83,818.00 | ||||||||||
| Direct Capital Group | 240,000 | 03/31/15 | 8.00 | % | 24,000.00 | $ | 282,319.00 | ||||||||||
| Direct Capital Group | 360,000 | 01/01/15 | 8.00 | % | 360,000.00 | $ | 423,204.00 | ||||||||||
| Direct Capital Group | 48,000 | 10/31/14 | 8.00 | % | 45,157.00 | $ | 49,572.00 | ||||||||||
| Direct Capital Group | 360,000 | 10/01/14 | 22.00 | % | 360,000.00 | $ | 463,029.00 | ||||||||||
| Direct Capital Group | 48,000 | 07/31/14 | 22.00 | % | - | $ | 8,919.00 | ||||||||||
| Direct Capital Group | 48,000 | 04/30/14 | 22.00 | % | 23,000.00 | $ | 38,060.00 | ||||||||||
| Direct Capital Group | 16,000 | 02/28/14 | 22.00 | % | - | $ | 3,561.00 | ||||||||||
| Direct Capital Group | 16,000 | 01/31/14 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 16,000 | 12/31/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 16,000 | 11/30/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 16,000 | 10/31/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 11,000 | 08/31/13 | 22.00 | % | - | $ | - | ||||||||||
| Direct Capital Group | 14,072 | 07/31/13 | 22.00 | % | 72.00 | $ | 5,013.00 | ||||||||||
| Direct Capital Group | 11,000 | 07/31/13 | 22.00 | % | - | $ | - | ||||||||||
| TOTALS | $ | 1,620,072.35 | $ | 1,212,229.00 | $ | 1,685,842.00 | |||||||||||
NOW, THEREFORE, BE IT:
RESOLVED, that the Company acknowledges the agreement with Direct Capital Group, Inc. to extinguish certain notes.
The undersigned, do hereby certify that we are members of the Board of Directors of the Corporation; that the attached is a true and correct copy of resolution duly adopted and ratified at a meeting of the Board of Directors of the Corporation duly convened and held in accordance with its by-laws of the State of Nevada, as transcribed by us from the minutes; and that the same have not in any way been modified, repealed or rescinded and are in full force and effect.
IN WITNESS WHEREOF, We, have hereunto set our hands as Chief Executive Officer and Members of the Board of Directors of the Corporation.
Acknowledged by:
/s/ Gary B. Tilden 05-19-2016
Gary B. Tilden, CEO Date
/s/ Mike Schatz 05-19-2016
Mike Schatz, COO Date
/s/ Robert Stillwaugh 05-19-2016
Robert L Stillwaugh, Chairman Date
