Comfort Letter from Humberto Bravo to Placer Del Mar, Ltd. Regarding Phase One Funding Commitment

Contract Categories: Business Finance › Funding Agreements
Summary

Humberto Bravo provides a written assurance to Placer Del Mar, Ltd. that he has sufficient resources and will fund the company as needed to continue Phase One of its business plan. The commitment covers up to 24 months starting April 2010, or until the company's geologist decides further exploration is unnecessary. Bravo estimates providing $3,000 to $6,000 per month to support the company's exploration activities.

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EX-10.3 8 ex10-3.txt COMFORT LATTER Exhibit 10.3 HUMBERTO BRAVO 302 Washington Street, Ste 351 San Diego, California 92103 April 15, 2010 I, Humberto Bravo, hereby give Placer Del Mar, Ltd. this comfort letter that I have sufficient resources to provide funding to the company in the amount necessary to continue Phase One of the company's business plan and agree to provide such funding. These funds shall continue through Phase One for a period of twenty-four months, beginning in April 2010, or until such time as the company's geologist determines that further geological exploration is not warranted. I estimate my commitment for funding will require me to provide the company between $3,000 to $6,000 of funding per month to allow the company to continue its exploration process. /s/ Humberto Bravo - ----------------------------- Humberto Bravo