ex10-26.htm


    
      

      

    

    EXHIBIT 10.26

     

     

    
      LOAN
AGREEMENT

      August
25, 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 August 25,
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 August 25, 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	August 25,
      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 August 25, 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