EXHIBIT 10.8
 
 
 
[globalgold.jpg]
45 East Putnam Avenue   •   Greenwich, CT 06830
Tel: 203.422.2300   •   Fax: 203.422.2330
Email: ggc@globalgoldcorp.com
 

 
May 12, 2009
       
Ian Hague
Nicholas J.  Aynilian
60 Broadway
381 Broadway, 2nd Floor
Apartment 11A
Westwood, NJ 07675
Brooklyn, NY 11211
 

RE: Emergency Loan to Global Gold Corporation

Dear Ian and Nick:

 Following up on our discussions, this letter confirms the terms on which you
are providing an emergency loan of $550,000 ($500,000 from Ian Hague and $50,000
from Nick Aynilian) to Global Gold Corporation (the “Company”) to cover current
and overdue license fees, taxes, utilities necessary to resume production, rent,
overhead, and some other partial payments. Accordingly, each of  you, in your
personal capacities only and not acting on behalf of any other person or entity,
hereby promise to make  short-term personal loans in the total amount of
$550,000 ($500,000 from Ian Hague and $50,000 from Nick Aynilian)  (the
“Loans”),  to the Company which Loans shall accrue interest, from the day they
are issued by you and until the day they are repaid by the Company, at an annual
rate of 10% (the “Interest”).

The Company promises to repay, in full, the Loan and all the Interest accrued
thereon on the sooner of: (1) your demand after June 1, 2009; (2) from the
proceeds of any financing the Company; or (3) from the proceeds of the sale of
an interest in Marjan or any other Company property.    The Company may prepay
this loan in full at any time. But if it is not repaid by June 2, 2008, you will
have the right, among other rights available to you under the law, to convert
the loan plus accrued interest to common shares of the Company at the price
calculable and on the terms of the Global Gold Corporation 2006 Stock Incentive
Plan, i.e. our option plan.

In addition, you will have the right (from the date of this agreement until the
time this and any other loans from you are repaid) at any time to convert the
terms of all or a portion of this or other loans you made pursuant to the terms
provided to any third party investor or lender financing the company.

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Thank you again for your help at this time, and please countersign below if
these terms confirm our agreement.
 

 
Sincerely,

_________________________
Van Z. Krikorian,
Chairman and CEO
Acknowledged and Agreed

____________________________       _______
Ian Hague                                                      Date

____________________________        _______
Nicholas J. Aynilian                                     Date

 

Cc: Global Gold Board of Directors