AMENDMENT NO. 3 TO STOCK PURCHASE AGREEMENT

 

This Agreement amends the Stock Purchase Agreement dated August 18, 2017 (the " Agreement"), by and between Santa Fe Acquisitions, LLC ("Buyer"), Bullard' s Peak Corporation (" BPC"), and Black Hawk Consolidated Mines Company ("Seller").

 

RECITALS

 

WHEREAS, the Agreement required that $1,500,000 of the $3,000,000 Purchase Price be paid Seller by Buyer no later than August 30, 2017 (the "Closing Date"); and

 

WHEREAS, Buyer failed to pay such $1,500,000 of the Purchase Price by the Closing Date of August 30, 2017 , and therefore, is in breach of the Agreement; but did pay some more of the Purchase Price after August 30, 2017, and requested Seller enter into an Amendment to the Agreement extending the time for payment of the Purchase Price until January 31, 2018, with the unpaid Purchase Price accruing interest at 12 percent per annum per the Agreement; and

 

WHEREAS, the parties entered into Amendment No. 1 to Stock Purchase Agreement ("Amendment") extending the time for the Buyer to pay the Purchase Price; and

 

WHEREAS, Buyer breached Amendment No. 1 by failing to timely pay the $500,000 of the Purchase Price by January 31, 2018 required under Amendment No. 1; and

 

WHEREAS, on August 16, 2018, since Buyer still had not paid the remaining $500,000 of Purchase Price, Seller elected to hold Buyer in default of the Agreement and elected to retain all of the Purchase Price paid to Seller as liquidated damages, and declare the Agreement null and void as to Buyer' s rights to purchase the Stock; and

 

WHEREAS, Buyer then desired Seller to reinstate the Agreement and withdraw the August 16, 2018 election to terminate letter of Exhibit B and give Buyer additional time to pay the remaining Purchase Price, interest and late fees under the Agreement.

 

WHEREAS, Seller agreed for the second time to give Buyer addition al time to pay the remaining Purchase Price pursuant to Amendment No. 2 to Purchase Agreement dated October 12, 2018; and

 

WHEREAS, the Buyer breached Amendment No. 2 by failing to timely pay the amounts owed under Amendment 2.

 

NOW, THEREFORE , for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.Buyer has paid Seller on January 2, 2019 the sum of $65,000, consisting of (i) $50,000 of interest/late fees/extension fees, (ii) $10,000 attorney/accounting fees, and (iii) $5,000 road work on Seller's mining properties needed due to the delay in Closing of the Agreement. None of the $65,000 is credited to the Purchase Price under the Agreement; but has been paid as a fee so Seller extends the Agreement. 




 

 

2.The balance of the Purchase Price owed, which is $250,365, shall be paid as follows: (i) 

$50,000 on or before January 31, 2019, (ii) $100,000 on or before February 28, 2019, and (iii) $100,365 on or before March 31, 2019. If any payments is not paid in collectible funds by wire transfer to Seller received on or before 5:00 p.m. central standard time by Seller on the dates above indicated; then all rights of the Buyer under the Agreement (as amended) shall become automatically null and void and Seller shall retain all monies paid Seller by Buyer as liquidated damages for Buyer's breach, and Seller shall have no further obligations to Buyer, including but not limited to, any obligation to transfer the Stock to Buyer pursuant to the terms of the Agreement (as amended).

 

3.Buyer acknowledges Seller has not made any representations or warranties to induce Buyer to sign the Agreement, Amendment 1, Amendment 2, and/or this Amendment 3. Buyer hereby releases, remises, discharges, indemnifies, and holds harmless Seller and BPC, (and their respective officers, directors, shareholders, agents, attorneys, accountants and assigns) from any and all liability, claims, lawsuits, investigations or causes of action regarding the Agreement (including Amendment 1, Amendment 2 and this Amendment 3), besides (i) the express obligations of Seller in Section 2.6 of the Agreement and (ii) the obligations of Seller to transfer the Stock, free and clear of liens and encumbrances, to Buyer if Buyer timely makes all payments hereunder, and signs the documents set forth in the Agreement at Closing. Buyer also releases, remises, discharges, indemnifies, and holds harmless any and all shareholders, directors, officers, agents, attorneys, accountants and assigns of Seller and/or BPC from any and all claims or causes of actions, known or unknown, contingent or liquidated, arising from the beginning of time to the date hereof regarding the Agreement, and acknowledges and agrees that it has only contracted with Seller under the Agreement and not with any individual. 

 

4.All capitalized words used herein shall have the same meaning as set forth in the Agreement. The name of Buyer was misspelled in the Agreement; the name is Santa Fe Acquisitions, LLC and this correction is reflected throughout the Agreement. 

 

5.Section 8.1 of the Agreement is modified so that all notices shall be addressed to Buyer at Santa Fe Acquisitions, LLC, c/o Attorney Thomas C. Pritchard, 800 Bering Drive, Suite 201, Houston, TX 77057, email pritchard@bplaw.com, facsimile 832-538-1265. 

 

6.Buyer has orally stated to Seller that Thomas Laws, prior President of Buyer, is no longer the chief executive officer or president of Buyer.   As such, Buyer represents and warrants to Seller that the person signing this Amendment No. 3 on behalf of Buyer has good and valid authority to bind Buyer to this Amendment No. 3. 

 

7.If Buyer timely pays all amounts due hereunder, then (i) Sections 2.7(A) of the Agreement will be deleted, and (ii) the Closing will take place on April 12, 2019 at 2:00 p.m. central standard time at the offices of Kilbourn Merchant Corporation, Germantown, Wisconsin pursuant to the remaining terms of the Agreement, with each party delivering to the other the documents and things required in the Agreement (as amended) without regard to the $1,500,000 Promissory Note referenced in Section 2.7 but with regard to the 2 percent NSR. 

 

8.Buyer acknowledges that prior to Closing, Bullard's Peak will transfer all its rights in the Granada Claim BLM Number 188086 to Robert Rodgers (or his assigns) for past consideration. 




9.This Amendment may be executed in any number of counterparts by email signatures and/or facsimile signatures and when put together shall be deemed an original Agreement. This Amendment No. 3 to the Agreement (with Exhibits), the Agreement, Amendment No. 1 and Amendment No. 2 to the Agreement, together constitute the entire Agreement between the Parties. 

 

Dated this day of   2019. 

 

 

	SELLER: BLACK HAWK CONSOLIDATED MINES COMPANY

	 

	BULLARD’S PEAK CORPORATION


	 

	 

	 

	 

	 


	By:

	 

	 

	By:

	 


	 

	Trevor Harder, President

	 

	 

	Trevor Harder, President




 

	BUYER: SANTA FE AQUISITIONS, LLC

	 


	 

	 

	 


	By:

	 

	 


	 

	 

	 


	Name:

	 

	 


	 

	 

	 


	Title: