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EXHIBIT 10.2
 
 
 
ASSIGNMENT AGREEMENT
 
THIS ASSIGNMENT AGREEMENT (the ”Agreement") is made effective as of the 18th day
of September, 2013, by and among Wyomex, LLC (the "Assignor"); Magna Group, 1.LC
(the "Assignee") and Titan Iron Ore Corp, (the "Company"),
 
WHEREAS, Assignee wish to purchase and assume, $200,000 of the Assignors' right,
title, and interest in and to that Non-Resource Non-Interest Bearing Promissory
Note, dated as of April 2, 2012 made by the Company in the original principal
amount of $6,855,000 in favor of Assignor (the "Promissory Note") ; and
 
WHEREAS, the Assignor desires to sell and assign to the Assignee $200.000 of the
Assignors' right, title, and interest in and to the Promissory Note, based on
the terms and conditions set out herein.
 
WHEREAS, the Assignee will have no interest or claim to Assignors' right, title.
and interest in and to the Advanced Production Payment and any other royalty
interest due to the Assignor;
 
WHEREAS, at the closing of this Agreement, the Assignee and the Company will
enter into a Convertible Promissory Note, (the "Convertible Note") which the
Assignor will not be a party to and will have no obligations thereunder.
 
NOW THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by
each of the parties hereto, the parties hereto agree as follows;
 

 
1.
Assignment.   Subject to and in accordance with the terms and conditions set
forth in this Agreement, the Assignor hereby grants, sells, assigns, and conveys
to the Assignee, without recourse, $200,000 of the Assignor's right, title and
interest in and to the Promissory Note. The balance remaining on the original
Promissory Note due to Wyomex, LLC will then be $6,655,000.

 

 
2.
Consideration.   In consideration for the sale and assignment of $200,000 of the
original Promissory Note, Assignee shall pay to the Assignor $158,400 by wire
immediately upon the mutual execution of these documents by all parties.

 

 
3.
Representations of Assignor. Assignor hereby represents and covenants to
Assignee that:

 

 
a.
Assignor has all requisite authority to execute and deliver this Agreement and
any other document contemplated by this Agreement and to perform its obligations
hereunder and to consummate the transactions contemplated hereby;

 
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b.
The outstanding principal amount of the Promissory Note, as of September 18,
2013 is $6,855,000;

 

 
e.
Assignor's interest in and to the Promissory Note are free and clear of all
liens, encumbrances, obligations or defects which are of record prior to the
date of this Agreement;

 

 
d.
Assignor is an "accredited investor" within the meaning of Regulation D, Rule
501(a), promulgated by the Securities and Exchange Commission under the
Securities Act;

 

 
e.
Neither Assignor nor any of its officers and directors are now, or have been in
the last 90-days, officers or directors of the Company, or beneficial holders of
10% or more of its stock,

 

 
4. 
Representations of Assignee. The Assignee hereby represents and covenants,
individually, to the Company that:

 
 
a.
Assignee has all requisite power and authority to execute and deliver this
Agreement and any other document contemplated by this Agreement to be signed by
the Assignee and to perform its obligations hereunder and to consummate the
transactions contemplated hereby;

 
 
b.
Assignee has substantial experience in evaluating and investing in securities of
companies similar to the Company and acknowledges that it can protect its own
interests, Assignee has such knowledge and experience in financial and business
matters so it is capable of evaluating the merits and risks of its investment in
the Company. Assignee is an "accredited investor" within the meaning of
Regulation D, Rule 501(a), promulgated by the Securities and Exchange Commission
under the Securities Act;

 
 
c.
Assignee has had an opportunity to receive all information related to the
Company requested by them and to ask questions of and receive answers From the
Company regarding the Company, and its business. Assignee has reviewed the
Company's periodic reports on file with Securities and Exchange Act filings;

 
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d.
Assignee understands that there is a limited trading market for the shares
issued upon conversion of the Convertible Note and that an active market may not
develop for the shares;

 
 
e.
Assignee represents and warrants that it has read the terms of the Promissory
Note and agrees to such terms.

 
 
5.
Entire Agreement. This Agreement constitutes the entire agreement between the
parties in respect of the assignment contemplated hereby and there are no
warranties. representations, terms, conditions, or collateral agreements
expressed or implied, statutory or otherwise, other than expressly set forth in
this Agreement. This Agreement expressly supersedes and replaces any and all
prior understandings or agreements between the parties with respect to the
subject matter of this Agreement.

 
 
6.
All Further Acts. Each of the parties hereto will do any and all such acts and
will execute any and all such documents to support the conversion of the debt to
purchase by the Assignee to common stock equity as may reasonably be requested
from Assignee's legal counsel or broker-dealer., Notwithstanding the above
sentence, the execution of any further document(s) will in no manner alter the
terms and conditions of this agreement between the parties.

 
 
7.
Choice of Law. This Agreement shall be governed by, and construed with, the laws
of the State of New York, without giving effect to the conflict of law
provisions thereof

 

 
8.
Notices. Notices to Assignee under the Note, shall be to the address set forth
above.

 
 
9.
Headings. The headings and captions contained in this Agreement are for
convenience of reference only and will not in any way affect the meaning or
interpretation of this Agreement.

 
 
10.
Survival. Each party is entitled to rely on the representations and warranties
of the other party and all such representations and warranties will be effective
regardless of any investigation that the party has undertaken of failed to
undertake. The representations and warranties in Section 3 (a-e) above will
survive the effective date of this Agreement and continue in full force and
effect until six (6) months after the effective date of this Agreement.

 
 
11.
No Assignment. No Party may assign any right, benefit or interest in this
Agreement without the written consent of the other party, which Consent may not
he unreasonably withheld. This Agreement will inure to the benefit of, and be
binding upon, the Assignors and the Assignee and their respective successors and
assigns.

 
 
12.
Amendment. This Agreement may not be amended except by an instrument in writing
signed by each of the parties.

 

 
13.
Counterparts and Electronic Means. This Agreement may be executed in several
counterparts, each of which will be deemed to be an original and all of which
will together constitute one and the same instrument. Delivery of an executed
copy of this Agreement by electronic facsimile transmission or other means of
electronic communication capable of producing a printed copy will be deemed to
be execution and delivery of this Agreement as of the day and year first written
above.

 
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IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
and year first above written.
 
Assignor:
 
Wyomex LCC
 
 
/s/ John P. Simons

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Name: JOHN P. SIMONS
Title: PARTNER & GENERAL MANAGER
 

Assignee:
 
Magna Group LLC
 
 
/s/ Joshua Sason

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Joshua Sason, CEO
 
 
Company:
 
TI'T'AN IRON ORE CORP,
 
/s/ Andrew Brodkey

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Andrew Brodkey, President, CEO
 
 
 
 
 
 
 
 
 
 
 
 
 
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