Document:

blga_ex404.htm

 

EXHIBIT 4.04

Form of Escrow Agreement

ESCROW AGREEMENT

 

This Agreement is dated as of the 3rd day of February, 2011 among BlastGard International, Inc., a Colorado corporation (the “Company”), Alpha Capital Anstalt (“Subscriber”), and Grushko & Mittman, P.C. (the “Escrow Agent”):

 

W I T N E S S E T H:

 

WHEREAS, the Company and Subscriber have entered into a Subscription Agreement calling for the sale by the Company to the Subscriber of  secured convertible Notes and Warrants for an aggregate purchase price of $160,000; and

 

           WHEREAS, the parties hereto require the Company to deliver the Notes and Warrants against payment therefor, with such Notes and the Escrowed Funds to be delivered to the Escrow Agent, along with the other documents, instruments and payments hereinafter described, to be held in escrow and released by the Escrow Agent in accordance with the terms and conditions of this Agreement; and

 

WHEREAS, the Escrow Agent is willing to serve as escrow agent pursuant to the terms and conditions of this Agreement;

 

NOW THEREFORE, the parties agree as follows:

 

ARTICLE I

 

INTERPRETATION

 

           1.1.           Definitions.  Capitalized terms used and not otherwise defined herein that are defined in the Subscription Agreement shall have the meanings given to such terms in the Subscription Agreement.  Whenever used in this Agreement, the following terms shall have the following respective meanings:

 

■           “Agreement” means this Agreement and all amendments made hereto and thereto by written agreement between the parties;

 

■           “Closing Date” shall have the meaning set forth in Section 1 of the Subscription Agreement;

 

■           “Escrowed Payment” means an aggregate cash payment of $160,000;

 

■           “Legal Opinion” means the original signed legal opinion referred to in Section 6 of the Subscription Agreement;

 

■           “Note” shall have the meaning set forth in the second recital to the Subscription Agreement;

 

■           “Principal Amount” shall mean an aggregate of $160,000;

  

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■           “Subscriber Legal Fees” shall have the meaning set forth in Section 8(b) of the Subscription Agreement;

 

■           “Subscription Agreement” means the Subscription Agreement (and the exhibits and schedules thereto) entered into or to be entered into by the Company and Subscriber in reference to the sale and purchase of the Notes and Warrants;

 

■           “Warrants” shall have the meaning set forth in Section 2(b) of the Subscription Agreement;

 

■           Collectively, the Legal Opinion, Note, Warrant, and Subscription Agreement signed and executed by all signators thereto other than the Subscriber, and Subscriber Legal Fees are referred to as “Company Documents”; and

 

■           Collectively, the Escrowed Payment and the Subscriber executed Subscription Agreement are referred to as “Subscriber Documents.”

 

1.2.           Entire Agreement.  This Agreement along with the Company Documents and the Subscriber Documents to which the Subscriber and the Company or Subsidiary are a party constitute the entire agreement between the parties hereto pertaining to the Company Documents and Subscriber Documents and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties.  There are no warranties, representations and other agreements made by the parties in connection with the subject matter hereof, except as specifically set forth in this Agreement, the Company Documents and the Subscriber Documents.

 

1.3.           Extended Meanings.  In this Agreement words importing the singular number include the plural and vice versa; words importing the masculine gender include the feminine and neuter genders.  The word “person” includes an individual, body corporate, partnership, trustee or trust or unincorporated association, executor, administrator or legal representative.

 

1.4.           Waivers and Amendments.  This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by all parties, or, in the case of a waiver, by the party waiving compliance.  Except as expressly stated herein, no delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder preclude any other or future exercise of any other right, power or privilege hereunder.

 

1.5.           Headings.  The division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

 

1.6.           Law Governing this Agreement.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles that would result in the application of the substantive laws of another jurisdiction.  Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state of New York.  Both parties and the individuals executing this Agreement and other agreements on behalf of the Company agree to submit to the jurisdiction of such courts and waive trial by jury.  The prevailing party (which shall be the party which receives an award most closely resembling the remedy or action sought) shall be entitled to recover from the other party its reasonable attorney’s fees and costs.  In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.

 

1.7.           Specific Enforcement, Consent to Jurisdiction.  The Company and Subscriber acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the parties shall be entitled to an injuction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law or equity.  Subject to Section 1.6 hereof, each of the Company and Subscriber hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.  Nothing in this Section shall affect or limit any right to serve process in any other manner permitted by law.

  

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ARTICLE II

 

DELIVERIES TO THE ESCROW AGENT

 

2.1.           Company Deliveries.  On or before the Closing Date, the Company shall execute and deliver the Company Documents to the Escrow Agent.

 

2.2.           Subscriber Deliveries.  On or before the Closing Date, Subscriber shall execute and deliver the Subscription Agreement, and shall deliver the Escrowed Payment in cash, to the Escrow Agent.  The Escrowed Payment will be delivered pursuant to the following wire transfer instructions:

Citibank, N.A.

1155 6th Avenue

New York, NY 10036

ABA Number: 0210-00089

For Credit to: Grushko & Mittman, IOLA Trust Account

Account Number: 45208884

 

2.3.           Intention to Create Escrow Over Company Documents and Subscriber Documents.  The Subscriber and Company intend that the Company Documents and Subscriber Documents shall be held in escrow by the Escrow Agent pursuant to this Agreement for their benefit as set forth herein.

 

2.4.           Escrow Agent to Deliver Company Documents and Subscriber Documents.  The Escrow Agent shall hold and release the Company Documents and Subscriber Documents only in accordance with the terms and conditions of this Agreement.

  

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ARTICLE III

 

RELEASE OF COMPANY DOCUMENTS AND SUBSCRIBER DOCUMENTS

 

3.1.           Release of Escrow.  Subject to the provisions of Section 4.2, the Escrow Agent shall release the Company Documents and Subscriber Documents as follows:

 

(a)           On the Closing Date, the Escrow Agent will simultaneously release the Company Documents to the Subscriber and release the Subscriber Documents to the Company, except that Subscriber Legal Fees will be released directly to the Subscriber’s attorneys.

 

 

(b)           Notwithstanding the above, upon receipt by the Escrow Agent of joint written instructions (“Joint Instructions”) signed by the Company and the Subscriber, it shall deliver the Company Documents and Subscriber Documents in accordance with the terms of the Joint Instructions.

 

(c)           Anything herein to the contrary notwithstanding, upon receipt by the Escrow Agent of a final and non-appealable judgment, order, decree or award of a court of competent jurisdiction (a “Court Order”), the Escrow Agent shall deliver the Company Documents and Subscriber Documents in accordance with the Court Order.  Any Court Order shall be accompanied by an opinion of counsel for the party presenting the Court Order to the Escrow Agent (which opinion shall be satisfactory to the Escrow Agent) to the effect that the court issuing the Court Order has competent jurisdiction and that the Court Order is final and non-appealable.

3.2.           Acknowledgement of Company and Subscriber; Disputes.  The Company and the Subscriber acknowledge that the only terms and conditions upon which the Company Documents and Subscriber Documents are to be released are set forth in Sections 3 and 4 of this Agreement.  The Company and the Subscriber reaffirm their agreement to abide by the terms and conditions of this Agreement with respect to the release of the Company Documents and Subscriber Documents.  Any dispute with respect to the release of the Company Documents and Subscriber Documents shall be resolved pursuant to Section 4.2 or by agreement between the Company and Subscriber.

  

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ARTICLE IV

 

CONCERNING THE ESCROW AGENT

4.1.           Duties and Responsibilities of the Escrow Agent.  The Escrow Agent’s duties and responsibilities shall be subject to the following terms and conditions:

 

(a)           The Subscriber and Company acknowledge and agree that the Escrow Agent (i) shall not be responsible for or bound by, and shall not be required to inquire into whether either the Subscriber or Company is entitled to receipt of the Company Documents and Subscriber Documents pursuant to any other agreement or otherwise; (ii) shall be obligated only for the performance of such duties as are specifically assumed by the Escrow Agent pursuant to this Agreement; (iii) may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, instrument, statement, request or document furnished to it hereunder and believed by the Escrow Agent in good faith to be genuine and to have been signed or presented by the proper person or party, without being required to determine the authenticity or correctness of any fact stated therein or the propriety or validity or the service thereof; (iv) may assume that any person believed by the Escrow Agent in good faith to be authorized to give notice or make any statement or execute any document in connection with the provisions hereof is so authorized; (v) shall not be under any duty to give the property held by Escrow Agent hereunder any greater degree of care than Escrow Agent gives its own similar property; and (vi) may consult counsel satisfactory to Escrow Agent, the opinion of such counsel to be full and complete authorization and protection in respect of any action taken, suffered or omitted by Escrow Agent hereunder in good faith and in accordance with the opinion of such counsel.

 

(b)           The Subscriber and Company acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and that the Escrow Agent shall not be liable for any action taken by Escrow Agent in good faith and believed by Escrow Agent to be authorized or within the rights or powers conferred upon Escrow Agent by this Agreement.  The Subscriber and Company, jointly and severally, agree to indemnify and hold harmless the Escrow Agent and any of Escrow Agent’s partners, employees, agents and representatives for any action taken or omitted to be taken by Escrow Agent or any of them hereunder, including the fees of outside counsel and other costs and expenses of defending itself against any claim or liability under this Agreement, except in the case of gross negligence or willful misconduct on Escrow Agent’s part committed in its capacity as Escrow Agent under this Agreement.  The Escrow Agent shall owe a duty only to the Subscriber and Company under this Agreement and to no other person.

 

(c)           The Subscriber and Company jointly and severally agree to reimburse the Escrow Agent for outside counsel fees, to the extent authorized hereunder and incurred in connection with the performance of its duties and responsibilities hereunder.

 

(d)           The Escrow Agent may at any time resign as Escrow Agent hereunder by giving five (5) days prior written notice of resignation to the Subscriber and the Company.  Prior to the effective date of the resignation as specified in such notice, the Subscriber and Company will issue to the Escrow Agent a Joint Instruction authorizing delivery of the Company Documents and Subscriber Documents to a substitute Escrow Agent selected by the Subscriber and Company.  If no successor Escrow Agent is named by the Subscriber and Company, the Escrow Agent may apply to a court of competent jurisdiction in the State of New York for appointment of a successor Escrow Agent, and to deposit the Company Documents and Subscriber Documents with the clerk of any such court.

 

(e)           Other than in connection with the Subscriber Legal Fees, the Escrow Agent does not have and will not have any interest in the Company Documents and Subscriber Documents, but is serving only as escrow agent, having only possession thereof.  The Escrow Agent shall not be liable for any loss resulting from the making or retention of any investment in accordance with this Escrow Agreement.

 

(f)           This Agreement sets forth exclusively the duties of the Escrow Agent with respect to any and all matters pertinent thereto and no implied duties or obligations shall be read into this Agreement.

  

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                   (g)           The Escrow Agent shall be permitted to act as counsel for the Subscriber in any dispute as to the disposition of the Company Documents and Subscriber Documents, in any other dispute between the Subscriber and Company, whether or not the Escrow Agent is then holding the Company Documents and Subscriber Documents and continues to act as the Escrow Agent hereunder.

 

(h)           The provisions of this Section 4.1 shall survive the resignation of the Escrow Agent or the termination of this Agreement.

 

4.2.           Dispute Resolution: Judgments.  Resolution of disputes arising under this Agreement shall be subject to the following terms and conditions:

 

                    (a)           If any dispute shall arise with respect to the delivery, ownership, right of possession or disposition of the Company Documents and Subscriber Documents, or if the Escrow Agent shall in good faith be uncertain as to its duties or rights hereunder, the Escrow Agent shall be authorized, without liability to anyone, to (i) refrain from taking any action other than to continue to hold the Company Documents and Subscriber Documents pending receipt of a Joint Instruction from the Subscriber and Company, or (ii) deposit the Company Documents and Subscriber Documents with any court of competent jurisdiction in the State of New York, in which event the Escrow Agent shall give written notice thereof to the Subscriber and the Company and shall thereupon be relieved and discharged from all further obligations pursuant to this Agreement.  The Escrow Agent may, but shall be under no duty to, institute or defend any legal proceedings which relate to the Company Documents and Subscriber Documents.  The Escrow Agent shall have the right to retain counsel if it becomes involved in any disagreement, dispute or litigation on account of this Agreement or otherwise determines that it is necessary to consult counsel.

 

                    (b)           The Escrow Agent is hereby expressly authorized to comply with and obey any Court Order.  In case the Escrow Agent obeys or complies with a Court Order, the Escrow Agent shall not be liable to the Subscriber and Company or to any other person, firm, corporation or entity by reason of such compliance.

  

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ARTICLE V

 

GENERAL MATTERS

 

5.1.           Termination.  This escrow shall terminate upon the release of all of the Company Documents and Subscriber Documents or at any time upon the agreement in writing of the Subscriber and Company.

 

5.2.           Notices.   All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice.  Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The addresses for such communications shall be:

 

(a)           If to the Company, to:

BlastGard International, Inc.

2451 McMullen Booth Road, Suite 242

Clearwater, FL 33759

Attn: Michael J. Gordon

Fax: 727-592-9402

With a copy by fax only to:

Morse & Morse, PLLC

1400 Old Country Road, Suite 302

Westbury, NY 11590

Fax: (516) 487-1452

(b)           If to the Subscriber, to:

Alpha Capital Anstalt

Pradafant 7

9490 Furstentums

Vaduz, Lichtenstein

Fax No.: 011-42-32323196

With a copy by facsimile only to:

 

Grushko & Mittman, P.C.

515 Rockaway Avenue

Valley Stream, New York 11581

Fax: (212) 697-3575

 

	
(c)

	
If to the Escrow Agent, to:

 

Grushko & Mittman, P.C.

515 Rockaway Avenue

Valley Stream, New York 11581

Fax: (212) 697-3575

 

or to such other address as any of them shall give to the others by notice made pursuant to this Section 5.2.

  

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5.3.           Interest.  The Escrowed Payment shall not be held in an interest bearing account nor will interest be payable in connection therewith.  In the event the Escrowed Payment is deposited in an interest bearing account, the Subscriber shall be entitled to receive any accrued interest thereon, but only if the Escrow Agent receives from the Subscriber the Subscriber’ United States taxpayer identification number and other requested information and forms.

 

5.4.           Assignment; Binding Agreement.  Neither this Agreement nor any right or obligation hereunder shall be assignable by any party without the prior written consent of the other parties hereto.  This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective legal representatives, successors and assigns.

 

5.5.           Invalidity.  In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal, or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law.

 

5.6.           Counterparts/Execution.  This Agreement may be executed in any number of counterparts and by different signatories hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.  This Agreement may be executed by facsimile transmission and delivered by facsimile transmission.

 

5.7.           Agreement.  Each of the undersigned states that he has read the foregoing Escrow Agreement and understands and agrees to it.

  

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IN WITNESS WHEREOF, the undersigned have executed and delivered this Escrow  Agreement, as of the date first written above.

	 	 	
“COMPANY”

BLASTGARD INTERNATIONAL, INC.

a Colorado corporation

	 
	 	 	 	 	 
	
 

	 	By:  	
 

	 
	
 

	 	 	

Name: Michael J. Gordon

	 
	
 

	 	 	

Title: CEO and CFO

	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	

ESCROW AGENT:

	 
	 	 	 	 	 
	 	 	

GRUSHKO & MITTMAN, P.C.

	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	

SUBSCRIBER

	 
	 	 	 	 	 
	 	 	

ALPHA CAPITAL ANSTALT

	 
	 	 	 	 
	 	 	By:	 	 
	 	 	 	

Name:

Title:

	 

 

9ex101.htm

 

AGREEMENT

 

THIS AGREEMENT made as of February 3, 2011

 

AMONG:

 

GEOXPLOR CORP., a corporation incorporated under the laws of Nevada and having an office at 3655 West Anthem Way, Anthem, Arizona, 85086

 

("GeoXplor")

 

AND:

 

FIRST LIBERTY POWER CORP., a corporation incorporated under the laws of Nevada and having an office at Suite 300, 7251 W. Lake Mead Blvd., Las Vegas, NV, 89128

 

("FLPC")

 

AND:

 

NEW AMERICA ENERGY CORP., a corporation incorporated under the laws of Nevada and having an office at 5614C Burbank Road SE, Calgary, Alberta, T2H 1Z4, Canada

 

("NECA")

 

WHEREAS:

 

	
A.  

	
GeoXplor and FLPC are parties to an option agreement dated December 24, 2009 (the “Original Property Agreement”) pursuant to which GeoXplor granted FLPC an option to acquire a 100% interest in certain unpatented mining claims in San Juan County, Utah, more particularly described in Exhibit “A” attached hereto (the “Property”);

 

	
B.  

	
FLPC wishes to transfer its rights in the Original Property Agreement and the Property to NECA in accordance with the terms of this Agreement and to supersede the Original Property Agreement and substitute therefore a new agreement between GeoXplor and NECA in the form attached hereto as Exhibit “B” (the “Option Agreement”); and

 

	
C.  

	
Subject to the completion of the obligations of NECA under this Agreement, GeoXplor and FLPC wish to cancel the Original Property Agreement with no further obligations to either party thereunder and substitute therefore the terms of the Option Agreement which will control the rights between the parties hereto.

 

NOW THEREFORE in consideration of the premises and mutual covenants and agreements herein contained, the parties agree as follows:

 

SECTION 1. - INTERPRETATION 1.1 Definitions. In this Agreement:

	
(a)  

	
"Mineral Exploration and Development Testing" shall include those activities that NECA, in its sole judgment and discretion, may deem advisable for the purpose of ascertaining

  

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any facts relating to the occurrence, nature and extent of Vanadium & Uranium and related Vanadium & Uranium compounds or mineralization in and under the Property and the metallurgical and physical properties of such minerals; including, but not limited to, surface trenching, excavations, geophysical and geochemical surveys, drilling, the sinking of shafts for bulk sampling, and further including the right to use the surface for access, to place and use facilities on the surface and to use water and other surface resources that may be useful or convenient in connection with such activities.  Mineral Exploration and Development Testing shall specifically include such testing as may be required for filings with any applicable stock exchange.

	
(b)  

	
“Shares” means fully paid and non-assessable common shares in the capital of NECA, issued pursuant to exemptions from registration and prospectus requirements contained in the United States Securities Act of 1933 and the rules and regulations promulgated thereunder, which Shares shall contain such restrictive legends regarding applicable hold periods as required by such securities laws.

	
(c)  

	
“Dollar(s)” or “$” shall mean currency of the United States.

 

SECTION 2. - REPRESENTATIONS AND WARRANTIES

 

2.1           NECA hereby represents and warrants to FLPC and GeoXplor that:

 

	
(a)  

	
it is a corporation duly incorporated and organized and validly existing under the State of Nevada;

 

	
(b)  

	
it has full corporate power, authority and capacity to enter into this Agreement and to carry out its obligations under this Agreement and is qualified to carry on business in its jurisdiction of incorporation;

 

	
(c)  

	
it has been duly authorized to enter into, and to carry out its obligations under, this Agreement and no obligation of it in this Agreement conflicts with or will result in the breach of any term in:

 

(i) its notice of articles or articles; or

 

(ii) any other agreement to which it is a party.

 

2.2           FLPC hereby represents and warrants to NECA and GeoXplor that:

 

	
(a)  

	
it is a corporation duly incorporated and organized and validly existing under the State of Nevada;

 

	
(b)  

	
it has full corporate power, authority and capacity to enter into this Agreement and to carry out its obligations under this Agreement and is qualified to carry on business in its jurisdiction of incorporation;

 

	
(c)  

	
it has been duly authorized to enter into, and to carry out its obligations under, this Agreement and no obligation of it in this Agreement conflicts with or will result in the breach of any term in:

 

(i) its notice of articles or articles; or

  

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(ii) any other agreement to which it is a party.

	
  

	
         (d)

	
FLPC represents and warrants to NECA that it is an “accredited” investor as that term is defined in Rule 501 of Regulation D promulgated under the United States Securities Act of 1933, as amended, and acknowledges and agrees that the Shares will be issued in accordance with all applicable securities laws and will be subject to hold periods and restrictions on resale in accordance with applicable securities laws and it is FLPC’s responsibility to determine what those hold periods and restrictions are before selling or otherwise transferring any Shares.

 

2.3           GeoXplor hereby represents and warrants to NECA and FLPC that:

 

	
(a)  

	
it is a corporation duly incorporated and organized and validly existing under the State of Nevada;

 

	
(b)  

	
it has full corporate power, authority and capacity to enter into this Agreement and to carry out its obligations under this Agreement and is qualified to carry on business in its jurisdiction of incorporation;

 

	
(c)  

	
it has been duly authorized to enter into, and to carry out its obligations under, this Agreement and no obligation of it in this Agreement conflicts with or will result in the breach of any term in:

 

(i) its notice of articles or articles; or

 

(ii) any other agreement to which it is a party.

 

2.4           Each party's representations and warranties set out above will be relied on by the other party in entering into the Agreement and shall survive the execution and delivery of the Agreement. Each Party shall indemnify and hold harmless the other party for any loss, cost, expense, claim or damage, including legal fees and disbursements, suffered or incurred by the other party at any time as a result of any misrepresentation or breach of warranty arising under the Agreement.

 

SECTION 3. – GRANT AND PAYMENTS

 

3.1           FLPC, with the consent of GeoXplor, hereby grants to NECA the sole and exclusive option to acquire (subject to the paramount title of the United States) all of FLPC right, title and interest in the Property, and GeoXplor hereby grants to NECA those rights more particularly described in the Option Agreement.

 

3.2           In consideration of the transfer of the rights to the Option by FLPC, NECA will pay FLPC the following amounts:

 

(a) $10,000 on the execution of this Agreement;

 

(b) $33,333 within 120 days of the execution of this Agreement;

 

(c) $33,333 within 240 days of the execution of this Agreement; and

 

(d) $33,334 within 360 days of the execution of this Agreement.

  

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3.3           As additional consideration, NECA shall (1) issue 500,000 shares of its common stock to FLPC (the “Shares”), subject to such conditions as may be imposed by the rules and regulations of the United States Securities and Exchange Commission, and shall deliver a certificate of such shares to FLPC within ________ days from and after the execution of this Agreement and (2) convey to FLPC a one-half of one percent (0.5%) Net Value Royalty, as defined in the attached Option Agreement, at such time as it completes its obligations under this Agreement and the Option Agreement.

 

3.4           NECA will have the right to terminate this Agreement at any time up to the date of the final payment by giving notice in writing of such termination to FLPC, and in the event of such termination, this Agreement and the Option Agreement will be of no further force and effect and the Original Agreement shall control the rights and obligations between FLPC and GeoXplor.

 

3.5           GeoXplor hereby waives its rights under Section 2(c)(3) of the Original Property Agreement; provided, however, if NECA does not complete its obligations under this Agreement and the Original Agreement controls as provided in Section 3.4, the provisions of Section 2(c)(3) and all other provisions of the Original Agreement shall apply.

 

SECTION 4. - CONFIDENTIALITY

 

4.1           All matters concerning the execution and contents of this Agreement and the Property shall be treated as and kept confidential by the parties and there shall be no public release of any information concerning the Property, except as required by applicable securities laws, the rules of any stock exchange on which a party's shares are listed or other applicable laws or regulations, without the prior written consent of the other party, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the parties are entitled to disclose confidential information to prospective investors or lenders, who shall be required to keep all such confidential information confidential.

 

SECTION 5. - TERMINATION

 

5.1           In addition to any other termination provisions contained in this Agreement, this Agreement and the Option Agreement shall terminate if NECA should be in default in performing any requirement herein set forth and has failed to cure such default within 30 days after the receipt of a notice of default by GeoXplor.  If any default exists under the terms of the Original Agreement during the term of this Agreement, in addition to any notice provided by GeoXplor to FLPC, notice shall be provided to NECA.

SECTION 6 - OPERATOR

 

6.1            During the term of this Agreement, GeoXplor shall be the operator for purposes of developing and executing exploration programs on the Property under budgets and plans of operation developed with the participation of NECA.

 

SECTION 7 - GENERAL

 

7.1           Assignment.  Any assignment of any rights under this Agreement, the Option Agreement or in the Property shall be effected by delivering notice to that effect to the other parties provided the assignee agrees in writing to be bound by the terms of this Agreement and the Option Agreement. No party shall be entitled to assign this Agreement or any rights hereunder in the Property without the prior written consent of the other party, such consent not to be unreasonably withheld. For greater certainty, nothing herein shall prevent any party from entering into any corporate reorganization, merger, amalgamation, takeover bid, plan of arrangement, or any other such corporate transaction which has the effect of, directly or indirectly, selling, assigning, transferring, or otherwise disposing of all or a part of the rights under this Agreement to a purchaser.

  

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7.2           Binding.  This Agreement inures to the benefit of and binds the parties and their respective successors and permitted assigns.

 

7.3           Further Assurances.  Each party shall from time to time promptly execute and deliver all further documents and take all further action reasonably necessary or desirable to give effect to the terms and intent of this Agreement.

 

7.4           Amendment.  No amendment, supplement or restatement of any term of this Agreement is binding unless it is in writing and signed by both parties.

 

7.5           Notice.  Any notice or other communication required or permitted to be given under this Agreement must be in writing and shall be effectively given if delivered personally or by overnight courier or if sent by fax, addressed in the case of notice to Aldrin, Ryanwood or Universal, as the case may be, to its address set out on the first page of this Agreement. Any notice or other communication so given is deemed conclusively to have been given and received on the day of delivery when so personally delivered, on the day following the sending thereof by overnight courier.

 

7.6           Counterparts. This Agreement may be executed by facsimile and in any number of counterparts, each of which shall constitute one and the same agreement.

 

7.7           Severability. If any term of this Agreement is or becomes illegal, invalid or unenforceable, that term shall not affect the legality, validity or enforceability of the remaining terms of this Agreement.

 

7.8           Schedules. The schedules referenced herein and attached to this Agreement, are incorporated into and form part of this Agreement.

 

7.9           Time. Time is of the essence of this Agreement.

 

7.10          Governing Law. This Agreement shall be governed by and shall be construed and interpreted in accordance with the laws of the State of Nevada.

 

7.11          Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter herein and supersedes all prior arrangements, negotiations, discussions, undertakings, representations, warranties and understandings, whether written or verbal.

 

(END OF PAGE)

  

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The parties hereto intending to be legally bound have executed this Agreement as of the date and year first written above.

GEOXPLOR CORP.

Per:/s/ Clive Ashworth                                                                                     

Authorized Signatory

FIRST LIBERTY POWER CORP.

Per:/s/ Donald Nicholson                                                                           

Authorized Signatory

NEW AMERICA ENERGY CORP.

Per:/s/ Rick Walchuk                                                                                     

Authorized Signatory

  

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Exhibit “A”

Description of Property

The “Property” subject to the forgoing Agreement consists of the following unpatented lode mining claims situated in San Juan County, Utah, the names of which, the serial number assigned by the Utah State Office of the Bureau of Land Management, the situs of the claims on the ground according to the public land survey system and the place of record of the location notice thereof in the official records of San Juan County, are as follows:

	
Claim Name

	
BLM Serial No.

	
Township

	
Range

	
Section

	
County Record

	
FM 1

	
UMC 378055

	
28 South

	
25 East

	
25

	  
	
FM 2

	
UMC 378056

	
28 South

	
25 East

	
25

	  
	
FM 3

	
UMC 378057

	
28 South

	
25 East

	
25

	  
	
FM 4

	
UMC 378058

	
28 South

	
25 East

	
25

	  
	
FM 5

	
UMC 378059

	
28 South

	
25 East

	
25

	  
	
FM 6

	
UMC 378060

	
28 South

	
25 East

	
25

	  
	
FM 7

	
UMC 378061

	
28 South

	
25 East

	
25

	  
	
FM 8

	
UMC 378062

	
28 South

	
25 East

	
25

	  
	
FM 9

	
UMC 378063

	
28 South

	
25 East

	
25

	  
	
FM 10

	
UMC 378064

	
28 South

	
25 East

	
25

	  
	
FM11

	
UMC 378065

	
28 South

	
25 East

	
25

	  
	
FM12

	
UMC 378066

	
28 South

	
25 East

	
25

	  
	
FM 13

	
UMC 378067

	
28 South

	
25 East

	
25

	  
	
FM 15

	
UMC 378069

	
28 South

	
25 East

	
25

	  
	
FM 17

	
UMC 378071

	
28 South

	
25 East

	
25

	  
	
FM 19

	
UMC 378073

	
28 South

	
25 East

	
25

	  
	
FM 21

	
UMC 378075

	
28 South

	
25 East

	
25

	  
	
FM 23

	
UMC 378077

	
28 South

	
25 East

	
25

	  
	
FM 25

	
UMC 378079

	
28 South

	
25 East

	
25

	  
	  	  	  	  	  	  
	
FIRE 14

	
UMC 380829

	
28 South

	
25 East

	
25

	  
	
FIRE 16

	
UMC 380830

	
28 South

	
25 East

	
25

	  
	
FIRE 18

	
UMC 380831

	
28 South

	
25 East

	
25

	  
	
FIRE 20

	
UMC 380832

	
28 South

	
25 East

	
25

	  
	
FIRE 22

	
UMC 380833

	
28 South

	
25 East

	
25

	  
	
FIRE 24

	
UMC 380834

	
28 South

	
25 East

	
25

	  
	
FIRE 26

	
UMC 380835

	
28 South

	
25 East

	
25

	  
	
FIRE 40

	
UMC 381077

	
28 South

	
25 East

	
25

	  
	  	  	  	  	  	  
	
FP 2

	
UMC 391722

	
28 South

	
25 East

	
25

	  
	
FP 3

	
UMC391723

	
28 South

	
25 East

	
25

	  
	
FP 4

	
UMC 391724

	
28 South

	
25 East

	
25

	  
	
FP 6

	
UMC 391725

	
28 South

	
25 East

	
25

	  
	
FP 8

	
UMC 391726

	
28 South

	
25 East

	
25

	  
	  	  	  	  	  	  
	
FM 59

	
UMC 386212

	
28 South

	
25 East

	
26

	  

  

7

  

	
FM 60

	
UMC 386213

	
28 South

	
25 East

	
26

	  
	
FM 61

	
UMC386214

	
28 South

	
25 East

	
26

	  
	
FM 62

	
UMC 386215

	
28 South

	
25 East

	
26

	  
	
FM 63

	
UMC 386216

	
28 South

	
25 East

	
26

	  
	
FM 64

	
UMC 386217

	
28 South

	
25 East

	
26

	  
	
FM 65

	
UMC 386218

	
28 South

	
25 East

	
26

	  
	
FM 67

	
UMC 391170

	
28 South

	
25 East

	
26

	  
	
FM 69

	
UMC 391171

	
28 South

	
25 East

	
26

	  
	
FM 71

	
UMC 391172

	
28 South

	
25 East

	
26

	  
	
FM 73

	
UMC 391173

	
28 South

	
25 East

	
26

	  
	
FM 75

	
UMC 391174

	
28 South

	
25 East

	
26

	  
	
FM 77

	
UMC 391175

	
28 South

	
25 East

	
26

	  
	
FM 79

	
UMC 391176

	
28 South

	
25 East

	
26

	  
	
FM 81

	
UMC 391177

	
28 South

	
25 East

	
26

	  
	
FM 66

	
UMC 386219

	
28 South

	
25 East

	
23

	  
	
FM 68

	
UMC 386221

	
28 South

	
25 East

	
23

	  
	
FM 70

	
UMC 386223

	
28 South

	
25 East

	
23

	  
	
FM 72

	
UMC 386225

	
28 South

	
25 East

	
23

	  
	
FM 74

	
UMC 386227

	
28 South

	
25 East

	
23

	  
	
FM 76

	
UMC 386229

	
28 South

	
25 East

	
23

	  
	
FM 78

	
UMC 386231

	
28 South

	
25 East

	
23

	  
	
FM 80

	
UMC 386233

	
28 South

	
25 East

	
23

	  
	
FM 82

	
UMC 391178

	
28 South

	
25 East

	
23

	  
	  	  	  	  	  	  
	
UV 1

	
UMC 409924

	
28 South

	
25 East

	
23

	  
	
UV 7

	
UMC 409930

	
28 South

	
25 East

	
23

	  
	
UV 8

	
UMC 409931

	
28 South

	
25 East

	
23

	  
	
UV 9

	
UMC 409932

	
28 South

	
25 East

	
23

	  
	
UV10

	
UMC409933

	
28 South

	
25 East

	
23

	  
	
UV 11

	
UMC409934

	
28 South

	
25 East

	
23

	  
	
UV 12

	
UMC 409935

	
28 South

	
25 East

	
23

	  
	
UV 13

	
UMC 409936

	
28 South

	
25 East

	
23

	  
	
UV 14

	
UMC 409937

	
28 South

	
25 East

	
23

	  
	
UV15

	
UMC 409938

	
28 South

	
25 East

	
26

	  
	
UV 16

	
UMC 409939

	
28 South

	
25 East

	
26

	  
	
UV 17

	
UMC 409940

	
28 South

	
25 East

	
26

	  
	
UV 18

	
UMC 409941

	
28 South

	
25 East

	
26

	  
	
UV 19

	
UMC 409942

	
28 South

	
25 East

	
26

	  
	
UV 20

	
UMC 409943

	
28 South

	
25 East

	
26

	  
	
UV 21

	
UMC 409944

	
28 South

	
25 East

	
26

	  
	  	  	  	  	  	  
	
FP 67

	
UMC 391728

	
28 South

	
25 East

	
24

	  
	
FP 69

	
UMC 391729

	
28 South

	
25 East

	
24

	  
	
FP 71

	
UMC 391730

	
28 South

	
25 East

	
24

	  
	
FP 73

	
UMC 391731

	
28 South

	
25 East

	
24

	  
	
FP 75

	
UMC 391732

	
28 South

	
25 East

	
24

	  

  

8

  

	
FP 77

	
UMC 391733

	
28 South

	
25 East

	
24

	  
	
FP 79

	
UMC 391734

	
28 South

	
25 East

	
24

	  
	
FP 81

	
UMC 391735

	
28 South

	
25 East

	
24

	  
	
FP 83

	
UMC 391736

	
28 South

	
25 East

	
24

	  
	
FP 85

	
UMC 391737

	
28 South

	
25 East

	
24

	  

 

  

9

  

EXHIBIT “B”

Option Agreement

 

  

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}]]