ex10-24.htm


    
      

      

    

    EXHIBIT 10.24

     

     

    
      LOAN
AGREEMENT

      July 6,
2009

      


      Richard N. Jeffs (the
“Lender”) of 4 Montpelier Street, Suite 521, London, SW71EE, advanced US$8,000 (the “Principal Sum”)
to Red Metal Resources Ltd. (the “Borrower”) of 195 Park Avenue, Thunder Bay,
Ontario, P7B 1B9.  The Lender advanced the funds on July 6,
2009

       

      The
Borrower agrees to repay the Principal Sum on demand, together with interest
calculated and compounded monthly at the rate of 8% per year (the “Interest”)
from July 6, 2009..  The Borrower is liable for repayment for the
Principal Sum and accrued Interest and any costs that the Lender incurs in
trying to collect the Principal Sum and the Interest.

       

      The
Borrower will evidence the debt and its repayment of the Principal Sum and the
Interest with a promissory note in the attached form.

      
         

        
          
            	
                    LENDER

                    Richard N.
      Jeffs

                  	 	 	
                    BORROWER

                    Red Metal Resources
      Ltd.

                  	 
	 	 	 	 	 
	Per:	 	 	Per:	 
	 	 	 	 	 
	
                    /s/
      Richard N.
      Jeffs  

                  	 	 	
                    /s/
      Caitlin
      Jeffs

                  	 
	
                    Richard
      N. Jeffs 

                  	 	 	
                    Authorized
      Signatory

                  	 


          

        

         

      

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      


      PROMISSORY NOTE

      
         

        
          	Principal Amount:  US$8,000	July 6, 2009


        

         

         

      

      For
value received Red Metal Resources Ltd., (the “Borrower”) promises to pay
on demand to the order of Richard N. Jeffs (the
“Lender”) the sum of $8,000 lawful money of United States of America (the
“Principal Sum”) together with interest on the Principal Sum from July 6, 2009
(“Effective Date”) both before and after maturity, default and judgment at the
Interest Rate as defined below.

       

      For the purposes of this promissory note, Interest Rate
means 8 per cent per year.  Interest at the Interest Rate must be
calculated and compounded monthly not in advance from and including the
Effective Date (for an effective rate of 8.3% per annum calculated monthly), and
is payable together with the Principal Sum when the Principal Sum is
repaid.

       

      The Borrower may repay the Principal Sum and the Interest
in whole or in part at any time.

       

      The Borrower waives presentment, protest, notice of protest
and notice of dishonour of this promissory note.

       

      
        
          
            	 	 	 	
                    BORROWER

                    Red
      Metal Resources Ltd.

                  	 
	 	 	 	 	 
	 	 	 	Per:	 
	 	 	 	 	 
	
                     

                  	 	 	
                    “Caitlin
      Jeffs”

                  	 
	
                     

                  	 	 	
                    Authorized
      signatory