ex10-8.htm


    EXHIBIT
10.8

     

     

    
       

      

      
        45 East
Putnam Avenue   •   Greenwich, CT
06830

        Tel:
203.422.2300   •   Fax: 203.422.2330

        Email:
ggc@globalgoldcorp.com

      

       

      


      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 	

                                          May
      12, 2009

                                        
	 	 
	 	 
	
                                          Ian
      Hague

                                        	
                                          Nicholas
      J.  Aynilian

                                        
	
                                          60
      Broadway

                                        	
                                          381
      Broadway, 2nd Floor

                                        
	
                                          Apartment
      11A

                                        	
                                          Westwood,
      NJ 07675

                                        
	
                                          Brooklyn,
      NY 11211

                                        	 
      


                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      


      


      RE: Emergency Loan to Global
Gold Corporation

      


      


      Dear Ian
and Nick:

      


       Following up on our discussions,
this letter confirms the terms on which you are providing an emergency loan of
$550,000 ($500,000 from Ian Hague and $50,000 from Nick Aynilian) to Global Gold
Corporation (the “Company”) to cover current and overdue license fees, taxes,
utilities necessary to resume production, rent, overhead, and some other partial
payments. Accordingly, each of  you, in your personal capacities only
and not acting on behalf of any other person or entity, hereby promise to
make  short-term personal loans in the total amount of $550,000
($500,000 from Ian Hague and $50,000 from Nick Aynilian)  (the
“Loans”),  to the Company which Loans shall accrue interest, from the
day they are issued by you and until the day they are repaid by the Company, at
an annual rate of 10% (the “Interest”).

      


      The
Company promises to repay, in full, the Loan and all the Interest accrued
thereon on the sooner of: (1) your demand after June 1, 2009; (2) from the
proceeds of any financing the Company; or (3) from the proceeds of the sale of
an interest in Marjan or any other Company property.    The
Company may prepay this loan in full at any time. But if it is not repaid by
June 2, 2008, you will have the right, among other rights available to you under
the law, to
convert the loan plus accrued interest to common shares of the Company at the
price calculable and on the terms of the Global Gold Corporation 2006 Stock
Incentive Plan, i.e. our option plan.

      


      In
addition, you will have the right (from the date of this agreement until the
time this and any other loans from you are repaid) at any time to convert the
terms of all or a portion of this or other loans you made pursuant to the terms
provided to any third party investor or lender financing the
company.

      


      


      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      


      Thank you
again for your help at this time, and please countersign below if these terms
confirm our agreement.

       

      
 

      Sincerely,

      


      _________________________

      Van Z. Krikorian,

      Chairman
and CEO

      Acknowledged
and Agreed

      


      


      ____________________________       _______

      Ian
Hague                                                      Date

      


      


      


      


      ____________________________        _______

      Nicholas
J.
Aynilian                                     Date

      


       

      


      


      Cc:
Global Gold Board of Directors