--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 
 
 
 
 
 
 
 
 
 
 
EXHIBIT 10.03
 
 
 
 
 

 
 
 

--------------------------------------------------------------------------------

 

ALLONGE TO PROMISSORY NOTE

 

Aspen, Colorado December 15, 2005

 
PURSUANT TO a loan agreement dated August 1, 2003 (the "Loan Agreement"), Calais
Resources, Inc., a British Columbia corporation ("Calais BC"), Calais Resources
Colorado, Inc., a Nevada corporation ("Calais Colorado"), and Aardvark Agencies,
Inc., a Washington corporation ("Aardvark" and, collectively with Calais BC and
Calais Colorado, the "Borrowers") executed and delivered the promissory note of
the same date in the original principal amount of US $4,500,000 to which this
Allonge is attached (the "Note"), payable to the parties described therein as
the "Note Holder." On the date of this Allonge, MFPI Partners, LLC, a Delaware
limited liability company (the "Purchaser"), has purchased the Note from the
Note Holder, and taken an assignment of its interests in the Note, the Loan
Agreement and certain collateral documentation relating thereto. Pursuant to a
letter agreement dated the date hereof among the Borrowers and the Purchaser
(the "Letter Agreement"), the Borrowers have adopted this Allonge to reflect the
increase in the principal amount borrowed or to be borrowed by the Borrowers
under, as well as the name of the holder of, the Note. This Allonge and the
attached Note constitute collectively one and a singular instrument, and one
shall not be negotiated, transferred or conveyed without the other, and the
"Lender," within the meaning of the Loan Agreement, shall not effect any
transfer or replacement of the Note without attachment of this Allonge. Unless
otherwise defined or the context otherwise requires, capitalized terms used in
this Allonge shall have the meanings assigned them in the Loan Agreement and the
Letter Agreement.
 
1.  Definition of Note Holder. The Note Holder, as defined in the Note, is by
assignment the Purchaser, and full right, title and interest of the Note Holder
and the Lender under the Loan Agreement, the Note, the First Deeds of Trust, the
UCC-1 Documents and the Guaranty of Aardvark, and all other documents incident
or related thereto, have passed indefeasibly to the Purchaser; provided that the
Purchaser has no rights under Section 2 of the Loan Agreement.
 
2.  Aggregate Principal Amount. The aggregate principal amount of the Note is
hereby increased from $4,500,000 to $5,222,095.88; and each place in the Note
where the figure $4,500,000 appears, such shall hereafter be $5,222,095.88.
 
IN WITNESS OF THE ABOVE, the Borrowers have caused this Allonge to be executed
as of the date shown above.

  CALAIS RESOURCES, INC.          
 
By:
/s/ David K. Young               Authorized Officer  

 
 

--------------------------------------------------------------------------------

 

  CALAIS RESOURCES COLORADO, INC.          
 
By:
/s/ David K. Young               Authorized Officer  

  AARDVARK AGENCIES, INC.          
 
By:
/s/                Authorized Officer  

 
 

 

2

 
 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------