loanagreementwithpresident.htm


    


    


    


    10.2   Loan
Agreement Between the Company and our President

    


                           LOAN  AGREEMENT

    


    This
Agreement is made and dated as of November 1, 2008.

     

    
      	
               
      

            	
              Between: Pana-Minerales
      S.A (the “Company”) Primera Calle El Carmen, EDF. PH Villa Medici, Apt.
      28, Torre C, Panama, Rep. of Panama

            


    

     

           And:   Hector
Francisco Vasquez Davis (the “Lender”) of Primera Calle El Carmen

          EDF.
PH Villa Medici, Apt. 28, Torre C, Panama,  Rep. of Panama
B.

    


    
      	
               
      

            	
              WHERAS:

            


    

    


    
      	
              A.  

            	
              The
      Lender is the sole stockholder and President of the Company and has
      provided the Company with working capital, in the form of cash advances,
      from time to time prior to the date
hereof;

            


    

    
      	
              B.  

            	
              The
      Lender has agreed to provide additional cash advances to the
      Company;

            


    

    
      	
              C.  

            	
              The
      Lender recognizes that the Company is in the early stages of its
      development and may not be in a position to repay these cash advances for
      some time, if ever;

            


    

    
      	
              D.  

            	
              The
      parties wish to formalize agreement between them concerning these past and
      future cash advances,

            


    

    


    Now
therefore in consideration of the premises and the mutual covenants and
agreements between the parties, the parties hereto herby agree as
follows:

    


    
      	
              1.  

            	
              In
      order to provide working capital to the Company, the President agrees to
      make cash advances totalling $40,000 (the Loan Amount”) to the Company,
      $12,898 of which has been advanced to date and the balance of which will
      be advanced to the Company on an ‘as needed basis,  or before
      August 31, 2009.

            


    

    


    
      	
              2.  

            	
              The
      Company acknowledges receipt of $12,898 in cash advances, on account of
      the Loan Amount, from the President as of the date
  hereof.

            


    

    


    


    
      	
              3.  

            	
              The
      parties agree that the Loan Amount will not bear interest and has no fixed
      terms of repayment provided that the President may make demand for
      repayment of the Loan Amount, or so much of it as may then have been
      advanced to the Company at the time demand is made, at any time hereafter,
      by written notice to the Company delivered to the address set forth
      above.

            


    

    


    
      	
              4.  

            	
              This
      Agreement shall be binding upon the parties hereto and the heirs,
      executors administrators and assigns of the Lender and the successors and
      assigns of the Company.

            


    

    


    


    


    
      
         

      

      
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    In
witness whereof the parties hereto have hereunto affixed their respective hands
and seals, or corporate seals, as the case may be, as of the day and year first
above written.

    


    Pana-Minerales
S.A.

     

    By:           HECTOR FRANCISCO
DAVIS

             Hector
Francisco Vasquez Davis

                 President and
Director

    


    


    The
Lender

    


    Signed:  HECTOR FRANCISCO
DAVIS

     Hector
Francisco Vasquez Davis

    


    


    


    
      
         

      

      
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