Notice of Conversion of Secured Convertible Promissory Note between Unique Materials, LLC and U.S. Rare Earths, Inc.
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Summary
Unique Materials, LLC has notified U.S. Rare Earths, Inc. that it is converting the full principal and accrued interest of a secured convertible promissory note, dated September 13, 2012, into 675,644 shares of U.S. Rare Earths, Inc. common stock. The shares issued are restricted and will not be registered under the Securities Act of 1933. This conversion is based on an unpaid principal of $650,000 and accrued interest of $25,643.84 as of June 28, 2013.
EX-10.1 2 uree_ex101.htm NOTICE OF CONVERSION uree_ex101.htm
Exhibit 10.1
U.S. Rare Earths, Inc.
Unique Materials, LLC
Secured Convertible Promissory Note
Notice of Conversion of U.S. Rare Earths, Inc. Shares of Common Stock to Unique Materials, LLC
Notice is hereby given by Unique Materials, LLC as Holder to U.S. Rare Earths, Inc. Company of that certain Secured Convertible Promissory Note dated September 13, 2012 (“Note”), a copy of which is attached hereto as Exhibit “A” of Holder’s exercise of its right to convert the entire principal and accrued interest into shares of the Company’s common stock.
Based on the unpaid principal of $650,000 of the Note plus accrued interest as of June 28, 2013 of $25,643.84, Holder is entitled to receive 675,644 shares of the Company Stock which are deemed restricted securities and will not be registered under the Securities Act of 1933.
Agreed this 28th day of June, 2013.
| HOLDER: | COMPANY: | |||
| Unique Materials, LLC | U.S. Rare Earths, Inc. | |||
| By: /s/ Scott Chrimes | By: /s/ Kevin Cassidy | |||
| Scott Chrimes | Kevin Cassidy |
