Document:

Exhibit
10.24

 

 

 

 

 

ASSET
PURCHASE AGREEMENT

 

DATED
AS OF July 15, 2016

 

Minerco,
Inc.

 

AND

 

Pacific
Isle Wholesale, Ltd.

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	1.0	Purchase
    and Sale of Assets.	1
	 	 	 
	1.1.	Agreement
    to Purchase and Sell.	1
	1.2.	Purchase
    Price.	1
	1.3.	Payment
    of Purchase Price.	2
	1.4.	Closing.	2
	 	 	 
	2.0	Representations
    and Warranties of Seller.	2
	 	 	 
	2.1.	Existence
    and Good Standing.	2
	2.2.	Corporate
    Authority.	2
	2.3.	Compliance
    with Law.	3
	2.4.	Validity
    and Effect of Agreements.	3
	2.5.	No
    Required Consents or Defaults.	3
	2.6.	Affiliated
    Entities.	3
	2.7.	Jurisdictions.	3
	2.8.	Records.	4
	2.9.	Financial
    Statements.	4
	2.10.	Undisclosed
    Liabilities.	4
	2.11.	Activity
    Since Unaudited Balance Sheet.	4
	2.12.	Taxes.	5
	2.13.	Title
    to The Asset Property and Assets.	5
	2.14.	Condition
    of Personal Property.	6
	2.15.	Real
    Estate and Leases.	6
	2.16.	List
    of Contracts and Other Data.  Schedule 2.16 sets forth the following:	6
	2.17.	Business
    Property Rights.	7
	2.18.	No
    Breach or Default.	7
	2.19.	Labor
    Controversies.	7
	2.20.	Litigation.	8
	2.21.	Bank
    Accounts.	8
	2.22.	Powers
    of Attorney.	8
	2.23.	Insurance.	8
	2.24.	No
    Brokers.	8
	2.25.	No
    Misrepresentation or Omission.	8
	 	 	 
	3.0	Representations
    and Warranties of Buyer.	9
	 	 	 
	3.1.	Existence
    and Good Standing.	9
	3.2.	Corporate
    Authority.	9
	3.3.	Compliance
    with Law.	9
	3.4.	Authorization;
    Validity and Effect of Agreements.	9
	 	 	 
	4.0	Other
    Covenants and Agreements.	10
	 	 	 
	4.1.	Indemnification
    by Seller.	10
	4.2.	Indemnification
    by Buyer.	10
	4.3.	Tax
    Indemnity.	10
	4.4.	Conditions
    of Indemnification.	11
	4.5.	Taxes
    and Expenses.	12
	4.6.	Exclusive
    Dealing.	12
	4.7.	Public
    Announcements.	13
	 	 	 
	5.0	Conditions
    of Closing.	13
	 	 	 
	5.1.	Buyer’s
    Conditions of Closing.	13
	5.2.	Seller’s
    Conditions of Closing.	14

 

    i

     

    

 

	6.0	Termination.	15
	 	 	 
	6.1.	Methods
    of Termination.	15
	6.2.	Procedure
    Upon Termination.	15
	 	 	 
	7.0	Miscellaneous.	16
	 	 	 
	7.1.	Notices.	16
	7.2.	Execution
    of Additional Documents.	16
	7.3.	Binding
    Effect; Benefits.	16
	7.4.	Entire
    Agreement.	17
	7.5.	Choice
    of Law; Venue; Jurisdiction; Attorneys’ Fees.	17
	7.6.	Fair
    Meaning.	17
	7.7.	Mutual
    Drafting.	17
	7.8.	Jurisdiction,
    Service of Process.	18
	7.9.	Survival.	18
	7.10.	Counterparts.	18
	7.11.	Headings.	18
	7.12.	Waivers.	18
	7.13.	Merger
    of Documents.	19
	7.14.	Incorporation
    of Exhibits and Schedules.	19
	7.15.	Severability.	19
	7.16.	Assignability.	19
	7.17.	Binding
    on Successors and Assigns.	19
	7.18.	Third-Party
    Beneficiaries.	19
	7.19.	Authority
    of Signers.	19
	 	 	 
	[Signature
    Page – Asset Purchase Athena / Avanzar]	20

 

    ii

     

    

 

ASSET
PURCHASE AGREEMENT

 

THIS
ASSET PURCHASE AGREEMENT (the “Agreement”) is entered into and effective this 15th day of July, 2016
(“Effective Date”), by and among Minerco, Inc., a Nevada corporation, which is publicly traded on the Over-The -Counter
Bulletin Board (OCTBB: MINE), and through its subsidiary, Athena Brands, Inc., a Nevada corporation, hereinafter referred to as
the “Seller,” and Pacific Isle, Ltd., a Corporation formed and operated under the laws of Hong Kong, hereinafter referred
to as the “Buyer”, (hereinafter sometimes referred to collectively as the “Parties”).

 

WHEREAS,
as of the Effective Date, Seller owns One Hundred Percent (100%) of its subsidiary, Athena Brands, Inc., and Athena Brands, Inc.
owns the controlling interest of Avanzar Sales & Distribution, LLC; and

 

WHEREAS,
Seller desires to sell Buyer, and Buyer desires to purchase from Seller, One Hundred percent (100%) of all of the Seller’s
rights, title and interest in and to Seller’s subsidiary, Athena Brands, Inc., formerly Level 5 Beverage, Inc. (“Athena”),
including all Seller’s right, title and interest to Avanzar Sales & Distribution, LLC (“Avanzar”), more
specifically defined in Schedule 2.0 attached hereto and incorporated herein by reference (hereinafter sometimes referred to as
the “Asset”) for the consideration and upon the terms and subject to the conditions hereinafter set forth; and

 

WHEREAS,
the Parties agree the specific brands of VitaminFIZZ and The Herbal Collection, and all associated intellectual property attached
thereto, are excluded from this Agreement.

 

NOW,
THEREFORE, in consideration of the premises, the provisions and the respective agreements hereinafter set forth, the parties
hereto hereby agree as follows:

 

		1.0	Purchase
                                         and Sale of Assets.

 

		1.1.	Agreement
                                         to Purchase and Sell.

 

Upon
the terms and subject to the conditions set forth in this Agreement and upon the representations and warranties made herein by
each of the parties to the other, on the Closing Date (as such term is hereinafter defined), Seller shall sell to Buyer, and Buyer
shall acquire from Seller, One Hundred percent (100%) of all of the Seller’s rights, title and interest in and to Seller’s
subsidiary, Athena Brands, Inc., formerly Level 5 Beverage, Inc., including all Seller’s right, title and interest to Avanzar
Sales & Distribution, LLC, more specifically defined in Schedule 2.0 attached hereto and incorporated herein by reference
(hereinafter sometimes referred to as the “Asset”).

 

		1.2.	Purchase
                                         Price.

 

Upon
the terms and subject to the conditions set forth in this Agreement, in reliance upon the representations, warranties, covenants
and agreements of the Seller contained herein, and in exchange for One Hundred percent (100%) of all of the Seller’s rights,
title and interest in and to the Asset, Buyer agrees to acquire all assets AND liabilities of the Asset including, but not limited
to, all Athena assets and liabilities (net value: $949,510) and all Avanzar assets and liabilities, including vendor identification,
databases and ALL intellectual property of Avanzar, (net value: -$1,339,858) and Seller agrees to issue and deliver a Promissory
Note in principal amount of Two Hundred and Fifty Thousand Dollars (US$250,000) (the “Purchase Price”).

 

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		1.3.	Payment
                                         of Purchase Price.

 

The
Purchase Price shall be payable as follows:

 

		(A)	Full
                                         transfer and delivery of all tangible and intangible assets of the Asset from Seller
                                         to Buyer, including all accounting books, goodwill, relationships and intellectual property
                                         listed or accounted for in Schedule 1A, attached hereto, shall be delivered to Seller
                                         or Seller’s assign as defined in Section 1.4 herein subject to the terms and conditions
                                         set forth in Section 6 of this Agreement.

 

		(B)	Full
                                         transfer and delivery of all liabilities of the Asset from Seller to Buyer, including
                                         all accounts payable, loans payable and other liabilities listed or accounted for in
                                         Schedule 1B, attached hereto, shall be delivered to Seller or Seller’s assign as
                                         defined in Section 1.4 herein subject to the terms and conditions set forth in Section
                                         6 of this Agreement.

 

		(C)	As
                                         additional consideration for this Agreement, Seller shall issue and deliver to Seller
                                         a Promissory Note to Buyer in principal amount of Two Hundred and Fifty Thousand Dollars
                                         (US$250,000), earning Eight Percent (8%) annual interest (the “Note”) and
                                         attached hereto as Schedule 1C. At the Seller’s sole discretion, the Note may be
                                         exchanged for common shares of the Seller, valued at $0.0100 per share, at any time within
                                         twelve (12) months of the Effective Date.

 

		(D)	Any
                                         shares contemplated by this Agreement shall be fully paid for and non-assessable when
                                         issued and bear a restrictive legend in accordance with Rule 144 of the Securities and
                                         Exchange Act of 1933, as amended.

 

		1.4.	Closing.

 

The
closing of the transaction contemplated herein (the “Closing”) will be at the office of Seller on or before July 31,
2016, or at such other place or at such other date and time as Seller and Buyer may mutually agree. Such date and time of Closing
is herein referred to as the “Closing Date.”

 

		2.0	Representations
                                         and Warranties of Seller.

 

The
Seller represents and warrants to Buyer as follows:

 

		2.1.	Existence
                                         and Good Standing.

 

As
Is. Waived.

 

		2.2.	Corporate
                                         Authority.

 

As
of the Closing, the Asset has all requisite corporate power and authority to own its properties and carry on its business as now
conducted.

 

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		2.3.	Compliance
                                         with Law.

 

As
of the Closing, the Asset is not in default with respect to any order of any court, governmental authority or arbitration board
or tribunal to which the Asset and or the Seller is a party or is subject, and the Asset is not in violation of any laws, ordinances,
governmental rules or regulations to which it is subject.

 

		2.4.	Validity
                                         and Effect of Agreements.

 

This
Agreement constitutes, and all agreements and documents contemplated hereby when executed and delivered pursuant hereto will constitute,
the valid and legally binding obligations of the Seller enforceable in accordance with their terms, except that enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of
general application now or hereafter in effect relating to the enforcement of creditors’ rights generally and except that the
remedies of specific performance, injunction and other forms of equitable relief are subject to certain tests of equity jurisdiction,
equitable defenses and the discretion of the court before which any proceeding therefore may be brought.

 

		2.5.	No
                                         Required Consents or Defaults.

 

The
execution and delivery of this Agreement by the Seller does not and the consummation of the transactions contemplated hereby will
not (i) require the consent of any person not a party to this Agreement, (ii) result in the breach of any term or provision of,
or constitute a default under, or result in the acceleration of or entitle any party to accelerate (whether after the giving of
notice or the lapse of time or both) any obligation under, or result in the creation or imposition of any lien, charge, pledge,
security interest or other encumbrance upon any part of the Asset pursuant to any provision of, any order, judgment, arbitration
award, injunction, decree, indenture, mortgage, lease, license, lien, or other agreement or instrument to which Seller or the
Asset is a party or by which any of them is bound, or violate or conflict with any provision of the by-laws or articles/certificate
of incorporation which may relate to the Asset as amended to the date of this Agreement.

 

		2.6.	Affiliated
                                         Entities.

 

Except
Avanzar or as otherwise disclosed in Schedule 2.6 attached hereto, the Asset does not own, directly or indirectly, any interest
in any corporation, business trust, joint stock corporation, partnership or other business organization or association.

 

		2.7.	Jurisdictions.

 

Schedule
2.7, if necessary, contains a list of all jurisdictions in which the Asset is presently licensed or qualified to do business.
Both the Seller and the Asset has complied in all material respects with all applicable laws of each such jurisdiction and all
applicable rules and regulations of each regulatory agency therein. The Asset has not been denied admission to conduct any type
of business in any jurisdiction in which it is not presently admitted as set forth in such Schedule 2.8, has not had its license
or qualifications to conduct business in any jurisdiction revoked or suspended, and has not been involved in any proceeding to
revoke or suspend a license or qualification.

 

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		2.8.	Records.

 

The
corporate minute books of the Asset to be delivered to Buyer at the Closing shall contain true and complete copies of the articles
of incorporation, as amended to the Closing Date, bylaws, as amended to the Closing Date, and the minutes of all meetings of directors
and Seller and certificates reflecting all actions taken by the directors or Seller without a meeting, from the date of incorporation
of the Asset to the Closing Date is applicable.

 

		2.9.	Financial
                                         Statements.

 

Seller
has furnished to Buyer (i) a compiled balance sheet and related statement of income as of the end of the last fiscal quarter (the
“Compiled Balance Sheet”), and (ii) an unaudited balance sheet and related statement of income as of March 30, 2010
(the “Unaudited Balance Sheet”) (collectively the “Financial Statements”). The Compiled Balance Sheet and
the Unaudited Balance Sheet are hereinafter collectively referred to as the “Balance Sheets.” The Financial Statements
fully and fairly set forth the financial condition of the Asset as of the dates indicated, and the results of its operations for
the periods indicated, in accordance with GAAP consistently applied, except as otherwise stated therein and in the related reports
of independent accountants.

 

		2.10.	Undisclosed
                                         Liabilities.

 

The
Asset has no liabilities or obligations whatsoever, whether accrued, absolute, contingent or otherwise, which are not reflected
or provided for in the Financial Statements except (i) accounts payable and accrued expenses arising after the date of the Unaudited
Balance Sheet which were incurred in the ordinary course of business, in each case in normal amounts and none of which is materially
adverse, and (ii) liabilities as and to the extent specifically described in Schedule 2.12, if necessary.

 

		2.11.	Activity
                                         Since Unaudited Balance Sheet.

 

Absence
of Certain Changes or Events since the Date of the Unaudited Balance Sheet. Since the date of the Unaudited Balance Sheet, the
Asset has not:

 

		(A)	incurred
                                         any liability whatsoever, whether accrued, absolute, contingent or otherwise, except
                                         those liabilities and obligations referred to in Section 2.12 above, and except in connection
                                         with this Agreement and the transactions contemplated hereby;

 

		(B)	discharged
                                         or satisfied any lien, security interest or encumbrance or paid any obligation or liability
                                         (fixed or contingent), other than in the ordinary course of business and consistent with
                                         past practice;

 

		(C)	mortgaged,
                                         pledged or subjected to any lien, security interest or other encumbrance any of its assets
                                         or properties;

 

		(D)	transferred,
                                         leased or otherwise disposed of any of its assets or properties except for a fair consideration
                                         in the ordinary course of business and consistent with past practice or, except in the
                                         ordinary course of business and consistent with past practice, acquired any assets or
                                         properties;

 

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		(E)	canceled
                                         or compromised any debt or claim, except in the ordinary course of business and consistent
                                         with past practice;

 

		(F)	waived
                                         or released any rights of material value;

 

		(G)	except
                                         pursuant to those contracts listed on Schedules 2.18 and 2.19 hereto, transferred or
                                         granted any rights under any concessions, leases, licenses, agreements, patents, inventions,
                                         trademarks, trade names, service marks or copyrights or with respect to any know-how;

 

		(H)	made
                                         or granted any wage or salary increase applicable to any group or classification of employees
                                         or contract labor generally, entered into any employment contract with, or made any loan
                                         to, or entered into any material transaction of any other nature with, any officer or
                                         employee of the Asset;

 

		(I)	entered
                                         into any transaction, contract or commitment, except (i) contracts listed on Schedules
                                         2.18 and 2.19 hereto and (ii) this Agreement and the transactions contemplated hereby;

 

		(J)	suffered
                                         any casualty loss or damage (whether or not such loss or damage shall have been covered
                                         by insurance) which affects in any material respect its ability to conduct business,
                                         or suffered any casualty loss or damage in excess of $25,000.00 and which is not covered
                                         by insurance; or

 

		(K)	declared
                                         any royalties, bonuses to profit sharing commitments, relating to the Asset or taken
                                         any steps looking toward the dissolution or liquidation of the Asset.

 

Between
the date of this Agreement and the Closing, the Asset will not, without prior written notice to Buyer, do any of the things listed
in sub-paragraphs (A) through (K) above.

 

		2.12.	Taxes.

 

The
Asset (i) has duly and timely filed or caused to be filed all federal, state, local and foreign tax returns (including, without
limitation, consolidated and/or combined tax returns) required to be filed by it prior to the date of this Agreement which relate
to the Asset or with respect to which the Asset or the assets or properties of the Asset are liable or otherwise in any way subject,
(ii) has paid or fully accrued for all taxes shown to be due and payable on such returns (which taxes are all the taxes due and
payable under the laws and regulations pursuant to which such returns were filed), and (iii) has properly accrued for all such
taxes accrued in respect of the Asset or the assets and properties of the Asset for periods subsequent to the periods covered
by such returns. No deficiency in payment of taxes for any period has been asserted by any taxing body and remains unsettled at
the date of this Agreement. Copies of all federal, state, local and foreign tax returns of the Asset have been made available
for inspection by Buyer.

 

		2.13.	Title
                                         to The Asset Property and Assets.

 

The
Asset has good and marketable title to all of the properties and assets reflected in the Balance Sheets and the Business Property
Rights (as defined in Section 2.20). None of such properties or assets is, except as disclosed in said Balance Sheets or the Schedules
hereto, subject to a contract of sale not in the ordinary course of business, or subject to security interests, mortgages, encumbrances,
liens or charges of any kind or character.

 

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		2.14.	Condition
                                         of Personal Property.

 

All
tangible personal property, equipment, fixtures and inventories included within the assets of the Asset are in good, merchantable
or in reasonably repairable condition and are suitable for the purposes for which they are used. No value in excess of applicable
reserves has been given to any inventory with respect to obsolete or discontinued products. To the best of the Seller’s
knowledge, all of the inventories and equipment, including equipment leased to others, are well maintained and in good operating
condition.

 

		2.15.	Real
                                         Estate and Leases.

 

Schedule
2.15, if necessary, contains a list of all real property owned by the Seller relating to the Asset or in which the Asset has a
leasehold or other interest (whether as landlord, tenant or otherwise) and of any lien, charge or encumbrance thereupon. Such
Schedule also contains a substantially accurate description identifying all such real property and the significant rental terms
(including rents, termination dates and renewal conditions). The improvements upon such properties and use thereof by the Asset
conform to all applicable lease restrictions, zoning and other local ordinances.

 

		2.16.	List
                                         of Contracts and Other Data. Schedule 2.16 sets forth the following:

 

all
computer software, patents and registrations for trademarks, trade names, service marks and copyrights which are unexpired as
of the date of this Agreement and which are owned by the Seller or the Asset for the benefit of the Asset, as well as all applications
pending on said date for patents or for trademark, trade name, service mark or copyright registrations, and all other proprietary
rights, owned or held by the Seller or the Asset for the benefit of the Asset, and (ii) all licenses granted by or to the Asset
and all other agreements to which the Seller or the Asset for the benefit of the Asset is a party and which relate, in whole or
in part, to any items of the categories mentioned in sub-paragraph (A) above or to other proprietary rights of the Seller or the
Asset for the benefit of the Asset which are reasonably necessary to, or used in connection with, the business of the Asset;

 

all
collective bargaining agreements, employment and consulting agreements, executive compensation plans, bonus plans, profit-sharing
plans, deferred compensation agreements, employee pension or retirement plans, employee stock purchase and stock option plans,
group life insurance, hospitalization insurance or other plans or arrangements providing for benefits to employees of the Asset;

 

all
contracts, understandings and commitments (including, without limitation, mortgages, indentures and loan agreements) to which
the Asset or the Seller for the benefit of the Asset is a party, or to which it or any of its assets or properties are subject
and which are not specifically referred to in sub-paragraphs (A) or (B) above or in Schedule 2.18 hereof;

 

the
names and current annual compensation rates of all employees of the Asset; and

 

all
customer backlog which is represented by firm purchase orders, identifying the customers, products and purchase prices.

 

True
and complete copies of all documents and complete descriptions of all oral understandings, if any, referred to in Schedules 2.17
and 2.18 have been provided or made available to Buyer and its counsel.

 

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		2.17.	Business
                                         Property Rights.

 

The
property referred to in Section 2.19(A) above, together with (i) all designs, methods, inventions and know-how related thereto
and (ii) all trademarks, trade names, service marks, and copyrights claimed or used by the Asset which have not been registered
(collectively “Business Property Rights”), constitute all such proprietary rights owned or held by the Asset. The Asset
or the Seller for the benefit of the Asset owns or has valid rights to use all such Business Property Rights without, to the best
of Seller’ knowledge, conflict with the rights of others. Except as set forth in Schedule 2.19 hereto, no person or corporation
has made or, to the knowledge of Seller or the Asset, threatened to make any claims that the operation of the business of the
Asset is in violation of or infringes any Business Property Rights or any other proprietary or trade rights of any third party.
To the knowledge of Seller or the Asset, no third party is in violation of or is infringing upon any Business Property Rights.

 

		2.18.	No
                                         Breach or Default.

 

As
of the Closing, the Asset is not in default under any contract to which it is a party or by which it is bound, nor has any event
occurred which, after the giving of notice or the passage of time or both, would constitute a default under any such contract.
Seller have no reason to believe that the parties to such contracts will not fulfill their obligations under such contracts in
all material respects or are threatened with insolvency.

 

		2.19.	Labor
                                         Controversies.

 

As
of the Closing, the Asset is not a party to any collective bargaining agreement. There are not any controversies between the Asset
and any of its employees which might reasonably be expected to materially adversely affect the conduct of its business, or any
unresolved labor union grievances or unfair labor practice or labor arbitration proceedings pending or threatened relating to
its business, and there are not any organizational efforts presently being made or threatened involving any of the Asset’s employees.
The Seller on behalf of the Asset has not received notice of any claim that the Asset has not complied with any laws relating
to the employment of labor, including any provisions thereof relating to wages, hours, collective bargaining, the payment of social
security and similar taxes, equal employment opportunity, employment discrimination and employment safety, or that the Asset is
liable for any arrears of wages or any taxes or penalties for failure to comply with any of the foregoing.

 

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		2.20.	Litigation.

 

As
of the Closing, Except as set forth in Schedule 2.22, there are no actions, suits or proceedings with respect to the Asset involving
claims by or against Seller or the Asset which are pending or threatened against Seller or the Asset, at law or in equity, or
before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality
in any jurisdiction in the world. No basis for any action, suit or proceeding exists, and there are no orders, judgments, injunctions
or decrees of any court or governmental agency with respect to which Seller or the Asset has been named or to which Seller or
the Asset is a party, which apply, in whole or in part, to the business of the Asset, or to any of the assets or properties of
the Asset or which would result in any material adverse change in the business or prospects of the Asset.

 

		2.21.	Bank
                                         Accounts.

 

The
name of each bank, savings institution or other person with which the Asset has an account or safe deposit box and the names and
identification of all persons authorized to drawn thereon or to have access thereto are as set forth on Schedule 2.23.

 

		2.22.	Powers
                                         of Attorney.

 

There
are no persons holding powers of attorney from the Asset.

 

		2.23.	Insurance.

 

A
list of all insurance policies owned by the Asset, together with a brief statement of the coverage thereof, are as set forth on
Schedule 2.25.

 

		2.24.	No
                                         Brokers.

 

Neither
Seller nor the Asset has entered into any contract, arrangement or understanding with any person or firm which may result in the
obligation of Buyer or the Asset to pay any finder’s fees, brokerage or agent’s commissions or other like payments in connection
with the negotiations leading to this Agreement or the consummation of the transactions contemplated hereby, and neither Seller
nor the Asset are aware of any claim or basis for any claim for payment of any finder’s fees, brokerage or agent’s commissions
or other like payments in connection with the negotiations leading to this Agreement or the consummation of the transactions contemplated
hereby.

 

		2.25.	No
                                         Misrepresentation or Omission.

 

No
representation or warranty by Seller in this Article 2 or in any other Article or Section of this Agreement, or in any certificate
or other document furnished or to be furnished by Seller pursuant hereto, contains or will contain any untrue statement of a material
fact or omits or will omit to state a material fact necessary to make the statements contained therein not misleading or will
omit to state a material fact necessary in order to provide Buyer with accurate information as to the Asset.

 

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		3.0	Representations
                                         and Warranties of Buyer.

 

Buyer
represents and warrants to Seller as follows:

 

		3.1.	Existence
                                         and Good Standing.

 

As
of the Closing, Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of its incorporation.
Buyer is duly licensed or qualified to do business as a foreign corporation and is in good standing under the laws of all other
jurisdictions in which the character of the properties owned or leased by it therein or in which the transaction of its business
makes such qualification necessary.

 

		3.2.	Corporate
                                         Authority.

 

As
of the Closing, Buyer has all requisite corporate power and authority to own its properties and carry on its business as now conducted.

 

		3.3.	Compliance
                                         with Law.

 

As
of the Closing Buyer is not in default with respect to any order of any court, governmental authority or arbitration board or
tribunal to which Buyer is a party or is subject, and Buyer is not in violation of any laws, ordinances, governmental rules or
regulations to which it is subject. Buyer has obtained all licenses, permits or other authorizations and has taken all actions
required by applicable laws or governmental regulations in connection with its business as now conducted.

 

		3.4.	Authorization;
                                         Validity and Effect of Agreements.

 

The
execution and delivery of this Agreement and all agreements and documents contemplated hereby by Buyer, and the consummation by
it of the transactions contemplated hereby, have been duly authorized by all requisite corporate action. This Agreement constitutes,
and all agreements and documents contemplated hereby when executed and delivered pursuant hereto will constitute, the valid and
legally binding obligations of Buyer enforceable in accordance with their terms, except that enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of general application
now or hereafter in effect relating to the enforcement of creditors’ rights generally and except that the remedies of specific
performance, injunction and other forms of equitable relief are subject to certain tests of equity jurisdiction, equitable defenses
and the discretion of the court before which any proceeding therefore may be brought. The execution and delivery of this Agreement
by Buyer does not and the consummation of the transactions contemplated hereby will not (i) require the consent of any third party,
(ii) result in the breach of any term or provision of, or constitute a default under, or result in the acceleration of or entitle
any party to accelerate (whether after the giving of notice or the lapse of time or both) any obligation under, or result in the
creation or imposition of any lien, charge, pledge, security interest or other encumbrance upon any part of the Asset pursuant
to any provision of, any order, judgment, arbitration award, injunction, decree, indenture, mortgage, lease, license, lien, or
other agreement or instrument to which Buyer is a party or by which it is bound, and (iii) violate or conflict with any provision
of the by-laws or articles of incorporation of Buyer as amended to the date of this Agreement.

 

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		4.0	Other
                                         Covenants and Agreements.

 

		4.1.	Indemnification
                                         by Seller.

 

Upon
the terms and subject to the conditions set forth in Section 4.4 hereof, Seller agree to indemnify and hold Buyer and the Asset
harmless against, and will reimburse Buyer (or the Asset if Buyer so requests) on demand for, any payment, loss, damage (including
incidental and consequential damages), cost or expense (including reasonable attorney’s fees and reasonable costs of investigation
incurred in defending against such payment, loss, damage, cost or expense or claim therefore) made or incurred by or asserted
against Buyer or the Asset at any time after the Closing Date in respect of any omission, misrepresentation, breach of warranty,
or nonfulfillment of any term, provision, covenant or agreement on the part of Seller contained in this Agreement, or from any
misrepresentation in, or omission from, any certificate or other instrument furnished or to be furnished to Buyer pursuant to
this Agreement.

 

		4.2.	Indemnification
                                         by Buyer.

 

Upon
the terms and subject to the conditions set forth in Section 4.4 hereof, Buyer agrees to indemnify and hold Seller harmless against,
and will reimburse Seller on demand for, any payment, loss, damage (including incidental and consequential damages), cost or expense
(including reasonable attorney’s fees and reasonable costs of investigation incurred in defending against such payment, loss,
damage, cost or expense or claim therefore) made or incurred by or asserted against Seller at any time after the Closing Date
in respect of any omission, misrepresentation, breach of warranty, or nonfulfillment of any term, provision, covenant or agreement
on the part of Buyer contained in this Agreement, or from any misrepresentation in, or omission from, any certificate or other
instrument furnished or to be furnished to Seller pursuant to this Agreement.

 

		4.3.	Tax
                                         Indemnity.

 

Upon
the terms and subject to the conditions set forth in Section 4.4 hereof, Seller agree to indemnify and hold Buyer and the Asset
harmless against, and will reimburse Buyer (or the Asset if Buyer so requests) on demand for:

 

		(A)	any
                                         and all tax deficiencies in any jurisdiction in respect of federal, state, local and
                                         foreign sales, use, income or franchise tax or taxes based on or measured by income,
                                         including any interest or penalties thereon and legal fees and expenses incurred by Buyer
                                         and the Asset with respect to the taxable year ended December 31, 2010, and all prior
                                         taxable years; and

 

		(B)	any
                                         and all such taxes, interest, penalties and legal fees and expenses in respect of the
                                         period from January 1, 2009 up to and including the Closing Date, but only to the extent
                                         that such deficiencies, taxes, interest, penalties and legal fees and expenses exceed,
                                         in the aggregate, the amount of the aggregate reserves for such taxes, if any, shown
                                         as liabilities on the Closing Balance Sheet.

 

The
indemnity provided for in this Section 4.3 shall be independent of and in addition to any other indemnity provision of this Agreement
and, anything in this Agreement to the contrary notwithstanding [including Section 4.4B)(ii) hereof], shall survive indefinitely.

 

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		4.4.	Conditions
                                         of Indemnification.

 

With
respect to any actual or potential claim, any written demand, the commencement of any action, or the occurrence of any other event
which involves any matter or related series of matters (a “Claim”) against which a party hereto is due to be indemnified
(the “Indemnified Party”) by the other party (the “Indemnifying Party”) under Sections 4.1, 4.2 or 4.3 hereof:

 

		(A)	Promptly
                                         (and in no event no more than 30 days) after (i) Seller (if Seller are the Indemnified
                                         Party), or (ii) the President of the Buyer or the Asset (if Buyer or the Asset is the
                                         Indemnified Party) first receives written documents pertaining to the Claim, or if such
                                         Claim does not involve a third party Claim (a “Third Party Claim”), promptly
                                         (and in no event no more than 30 days) after (i) Seller (if Seller are the Indemnified
                                         Party), or (ii) the President of the Buyer or the Asset (if Buyer or the Asset is the
                                         Indemnified Party) first has actual knowledge of such Claim, the Indemnified Party shall
                                         give notice to the Indemnifying Party of such Claim in reasonable detail and stating
                                         the amount involved, if known, together with copies of any such written documents.

 

		(B)	The
                                         Indemnifying Party shall have no obligation to indemnify the Indemnified Party with respect
                                         to any Claim if the Indemnified Party fails to give the notice with respect thereto in
                                         accordance with Section 4.4(A) hereof.

 

		(C)	If
                                         the Claim involves a Third Party Claim, then the Indemnifying Party shall have the right,
                                         at its sole cost, expense and ultimate liability regardless of the outcome, and through
                                         counsel of its choice (which counsel shall be reasonably satisfactory to the Indemnified
                                         Party), to litigate, defend, settle or otherwise attempt to resolve such Third Party
                                         Claim; provided, however, that if in the Indemnified Party’s reasonable judgment a conflict
                                         of interest may exist between the Indemnified Party and the Indemnifying Party with respect
                                         to such Third Party Claim, then the Indemnified Party shall be entitled to select counsel
                                         of its own choosing, reasonably satisfactory to the Indemnifying Party, in which event
                                         the Indemnifying Party shall be obligated to pay the fees and expenses of such counsel.
                                         Notwithstanding the preceding sentence, the Indemnified Party may elect, at any time
                                         and at the Indemnified Party’s sole cost, expense and ultimate liability, regardless
                                         of the outcome, and through counsel of its choice, to litigate, defend, settle or otherwise
                                         attempt to resolve such Third Party Claim. If the Indemnified Party so elects (for reasons
                                         other than the Indemnifying Party’s failure or refusal to provide a defense to such Third
                                         Party Claim), then the Indemnifying Party shall have no obligation to indemnify the Indemnified
                                         Party with respect to such Third Party Claim, but such disposition will be without prejudice
                                         to any other right the Indemnified Party may have to indemnification under Section 4.1,
                                         4.2 or 4.3 hereof, regardless of the outcome of such Third Party Claim. If the Indemnifying
                                         Party fails or refuses to provide a defense to any Third Party Claim, then the Indemnified
                                         Party shall have the right to undertake the defense, compromise or settlement of such
                                         Third Party Claim, through counsel of its choice, on behalf of and for the account and
                                         at the risk of the Indemnifying Party, and the Indemnifying Party shall be obligated
                                         to pay the costs, expenses and attorney’s fees incurred by the Indemnified Party in connection
                                         with such Third Party Claim. In any event, Buyer, the Asset and Seller shall fully cooperate
                                         with each other and their respective counsel in connection with any such litigation,
                                         defense, settlement or other attempted resolution.

 

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		4.5.	Taxes
                                         and Expenses.

 

		(A)	Seller
                                         hereby covenant and agree to assume and pay all taxes arising from or relating to the
                                         transactions as contemplated by this Agreement. Except as otherwise specifically provided
                                         for in this Agreement, Seller shall be individually responsible for and shall personally
                                         pay all costs, liabilities and other obligations incurred by Seller in connection with
                                         the performance of and compliance with all transactions, agreements and conditions contained
                                         in this Agreement to be performed or complied with by Seller, including legal and accounting
                                         fees. In no event shall any of such taxes, costs, liabilities or other obligations be
                                         paid by or incurred on behalf of the Asset.

 

		(B)	Except
                                         as otherwise specifically provided for in this Agreement, Buyer will assume and pay all
                                         costs, liabilities and other obligations incurred by Buyer in connection with the performance
                                         of and compliance with all transactions, agreements and conditions contained in this
                                         Agreement to be performed or complied with by Buyer, including legal and accounting fees.

 

		4.6.	Exclusive
                                         Dealing.

 

		(A)	Prior
                                         to the termination of this Agreement, Seller shall not authorize or permit, and shall
                                         not allow the Asset or any officer, director or employee of, or any investment banker,
                                         attorney or other advisor or representative of any of the foregoing, to (i) solicit or
                                         initiate or encourage the submission of any Acquisition Proposal (as herein defined)
                                         or (ii) participate in any discussions or negotiations regarding, or furnish to any person
                                         any information with respect to or take any other action to facilitate any inquiries
                                         or the making of any proposal that constitutes, or may reasonable be expected to lead
                                         to any Acquisition Proposal. For purposes of this Agreement, “Acquisition Proposal”
                                         means any inquiry about or proposal for the acquisition to purchase of a substantial
                                         amount of assets of the Asset or any type of exchange offer or other offer that if consummated
                                         would result in any person beneficially owning any equity interest in the Asset, or any
                                         merger, consolidation, business combination, sale of any material assets, recapitalization,
                                         liquidation, dissolution or similar transaction involving the Asset (or equity securities
                                         thereof) other than transactions contemplated by this Agreement, or any other transaction
                                         the consummation of which would reasonable be expected to impede, interfere with, prevent
                                         or materially delay the transaction contemplated by this Agreement, or which would reasonably
                                         be expected to dilute materially the benefits to Buyer of the transaction contemplated
                                         by this Agreement.

 

		(B)	During
                                         the term of this Agreement, Seller shall not, nor permit the Asset to, (i) approve or
                                         recommend, consider or evaluate or cause to be considered or evaluated, any Acquisition
                                         Proposal or (ii) enter into any agreement or understanding with respect to any Acquisition
                                         Proposal. Seller acknowledge and agree that they are not required or obligated in order
                                         to comply with any fiduciary or other duty to review, consider or take any action with
                                         respect to any Acquisition Proposal (including, without limitation, any action prohibited
                                         by this Section) during the term of this Agreement.

 

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		4.7.	Public
                                         Announcements.

 

Neither
Seller nor Buyer will at any time, without the prior written consent of the other, make any announcement, issue any press release
or make any statement with respect to this Agreement or any of the terms or conditions hereof except as may be necessary to comply
with any law, regulation or order; provided, however, that subsequent to the Closing Buyer may disclose the consummation of the
transaction herein contemplated without the consent of the Seller.

 

		5.0	Conditions
                                         of Closing.

 

		5.1.	Buyer’s
                                         Conditions of Closing.

 

The
obligation of Buyer to purchase and pay for the Asset shall be subject to and conditioned upon the satisfaction (or waiver by
Buyer) at the Closing of each of the following conditions:

 

All
representations and warranties of Seller contained in this Agreement and the Schedules hereto shall be true and correct at and
as of the Closing Date, Seller shall have performed all agreements and covenants and satisfied all conditions on its part to be
performed or satisfied by the Closing Date pursuant to the terms of this Agreement, and Buyer shall have received a certificate
of the Seller dated the Closing Date to such effect.

 

		(A)	There
                                         shall have been no material adverse change since the date of the Unaudited Balance Sheet
                                         in the financial condition, business or affairs of the Asset, and the Asset shall not
                                         have suffered any material loss (whether or not insured) by reason of physical damage
                                         caused by fire, earthquake, accident or other calamity which materially affects the value
                                         of its assets, properties or business, and Buyer shall have received a certificate of
                                         the Seller dated the Closing Date to such effect.

 

		(B)	Seller
                                         shall have delivered to Buyer evidence, satisfactory to the Buyer in the sole and exclusive
                                         judgment of Buyer, of the Asset’s certifying as of a date reasonably close to the Closing
                                         Date that the Asset has filed all required reports, paid all required fees and taxes,
                                         and is, as of such date, in good standing and authorized to transact business.

 

		(C)	Seller
                                         shall have delivered to Buyer certificates and other instruments together with all other
                                         documents necessary or appropriate to validly transfer the Asset to Buyer free and clear
                                         of all security interests, liens, encumbrances and adverse claims.

 

		(D)	Neither
                                         any investigation of the Asset by Buyer, nor the Schedules attached hereto or any supplement
                                         thereto nor any other document delivered to Buyer as contemplated by this Agreement,
                                         shall have revealed any facts or circumstances which, in the sole and exclusive judgment
                                         of Buyer and regardless of the cause thereof, reflect in an adverse way on the Asset
                                         or its financial condition, assets, liabilities (absolute, accrued, contingent or otherwise),
                                         reserves, business, operations or prospects.

 

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		(E)	The
                                         approval and all consents from third parties and governmental agencies required to consummate
                                         the transactions contemplated hereby shall have been obtained.

 

		(F)	No
                                         suit, action, investigation, inquiry or other proceeding by any governmental body or
                                         other person or legal or administrative proceeding shall have been instituted or threatened
                                         which questions the validity or legality of the transactions contemplated hereby.

 

		(G)	As
                                         of the Closing, there shall be no effective injunction, writ, preliminary restraining
                                         order or any order of any nature issued by a court of competent jurisdiction directing
                                         that the transactions provided for herein or any of them not be consummated as so provided
                                         or imposing any conditions on the consummation of the transactions contemplated hereby,
                                         which is unduly burdensome on Buyer.

 

As
of the Closing, there shall have been no material adverse change in the amount of issued and outstanding common stock of the Asset.

 

		5.2.	Seller’s
                                         Conditions of Closing.

 

The
obligation of Seller to sell the Asset shall be subject to and conditioned upon the satisfaction (or waiver by Seller) at the
Closing of each of the following conditions:

 

		(A)	All
                                         representations and warranties of Buyer contained in this Agreement shall be true and
                                         correct at and as of the Closing Date and Buyer shall have performed all agreements and
                                         covenants and satisfied all conditions on its part to the performed or satisfied by the
                                         Closing Date pursuant to the terms of this Agreement.

 

		(B)	Buyer
                                         shall have effected payment of the Purchase Price in accordance with Section 1.3 of this
                                         Agreement by delivering to Seller certificates and other instruments representing Buyer’s
                                         Shares, duly endorsed for transfer or accompanied by appropriate stock powers (in either
                                         case executed in blank or in favor of Seller with the execution thereof guaranteed by
                                         a bank or trust), together with all other documents necessary or appropriate to validly
                                         transfer the Buyer’s Shares to Seller free and clear of all security interests,
                                         liens, encumbrances and adverse claims.

 

Buyer
shall have delivered to Seller a Certificate of its corporate Secretary certifying:

 

Resolutions
of its Board of Directors authorizing execution of this Agreement and the execution, performance and delivery of all agreements,
documents and transactions contemplated hereby; and

 

The
incumbency of its officers executing this Agreement and all agreements and documents contemplated hereby.

 

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		(C)	The
                                         approval and all consents from third parties and governmental agencies required to consummate
                                         the transactions contemplated hereby shall have been obtained.

 

		(D)	No
                                         suit, action, investigation, inquiry or other proceeding by any governmental body or
                                         other person or legal or administrative proceeding shall have been instituted or threatened
                                         which questions the validity or legality of the transactions contemplated hereby.

 

		(E)	As
                                         of the Closing, there shall be no effective injunction, writ, preliminary restraining
                                         order or any order of any nature issued by a court of competent jurisdiction directing
                                         that the transactions provided for herein or any of them not be consummated as so provided
                                         or imposing any conditions on the consummation of the transactions contemplated hereby,
                                         which is unduly burdensome on Seller.

 

As
of the Closing, there shall have been no material adverse change in the amount of issued and outstanding common stock of Buyer.

 

		6.0	Termination.

 

		6.1.	Methods
                                         of Termination.

 

The
transactions contemplated herein may be terminated and/or abandoned at any time before or after approval thereof by Seller and
Buyer, but not later than the Closing:

 

		6.1.1.	By
                                         mutual consent of Buyer and Seller; or

 

		6.1.2.	By
                                         Buyer, if any of the conditions provided for in Section 5.1 hereof shall not have been
                                         met or waived in writing by Buyer at or prior to Closing; or

 

		6.1.3.	By
                                         Seller, if any of the conditions provided for in Section 5.2 hereof shall not have been
                                         met or waived in writing by Seller at or prior to Closing.

 

		6.2.	Procedure
                                         Upon Termination.

 

In
the event of termination by Buyer or Seller, as applicable, pursuant to Section 6.1 hereof, written notice thereof shall forthwith
be given to the other party and the transactions contemplated by this Agreement shall be terminated without further action by
Buyer or Seller. If the transactions contemplated by this Agreement are so terminated:

 

		6.2.1.	Each
                                         party will redeliver all documents, work papers and other material of any other party
                                         relating to the transactions contemplated hereby, whether so obtained before or after
                                         the execution of this Agreement, to the party furnishing the same; and

 

		6.2.2.	No
                                         party hereto shall have any liability or further obligation to any other party to this
                                         Agreement except that if such termination is a result of the failure of any condition
                                         set forth in (i) Sections 5.1(A) through 5.1(F) and 5.1(I) hereof, then Buyer shall be
                                         entitled to recover from Seller all out-of-pocket costs which Buyer has incurred (including
                                         reasonable attorney’s fees, accounting fees and expenses); and (ii) Sections 5.2(A) through
                                         5.2(D) hereof, then Seller shall be entitled to recover from Buyer all out-of-pocket
                                         costs which Seller has incurred (including reasonable attorney’s fees, accounting fees
                                         and expenses).

 

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		7.0	Miscellaneous.

 

		7.1.	Notices.

 

All
notices or other communications required or permitted to be given hereunder shall be in writing and shall be deemed given to a
party when:

 

delivered
by hand or by a nationally recognized overnight courier service (costs prepaid),

 

sent
by facsimile with confirmation of transmission by the transmitting equipment, or;

 

received
or rejected by the addressee, if sent by certified mail, postage prepaid and return receipt requested, in each case to the following:

 

If
to Buyer:          Pacific Isle Wholesale, Ltd..

 

________________________

 

________________________

 

________________________

 

Attention:

 

If
to Seller:           Minerco, Inc.

 

________________________

 

________________________

 

________________________

 

Attention:
V. Scott Vanis, President

 

		7.2.	Execution
                                         of Additional Documents.

 

The
parties hereto will at any time, and from time to time after the Closing Date, upon request of the other party, execute, acknowledge
and deliver all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably
required to carry out the intent of this Agreement, and to transfer and vest title to the Asset being transferred hereunder, and
to protect the right, title and interest in and enjoyment of all of the Asset sold, granted, assigned, transferred, delivered
and conveyed pursuant to this Agreement; provided, however, that this Agreement shall be effective regardless of whether any such
additional documents are executed.

 

		7.3.	Binding
                                         Effect; Benefits.

 

This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors, executors,
administrators and assigns. Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement, expressed
or implied, is intended to confer on any person other than the parties hereto or their respective heirs, successors, executors,
administrators and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

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		7.4.	Entire
                                         Agreement.

 

This
Agreement, together with the Exhibits, Schedules and other documents contemplated hereby, constitute the final written expression
of all of the agreements between the parties, and is a complete and exclusive statement of those terms. It supersedes all understandings
and negotiations concerning the matters specified herein. Any representations, promises, warranties or statements made by either
party that differ in any way from the terms of this written Agreement and the Exhibits, Schedules and other documents contemplated
hereby, shall be given no force or effect. The parties specifically represent, each to the other, that there are no additional
or supplemental agreements between them related in any way to the matters herein contained unless specifically included or referred
to herein. No addition to or modification of any provision of this Agreement shall be binding upon any party unless made in writing
and signed by all parties.

 

		7.5.	Choice
                                         of Law; Venue; Jurisdiction; Attorneys’ Fees.

 

The
parties acknowledge and agree that this Agreement has been made in Texas, and that it shall be governed by, construed, and enforced
in accordance with the laws of the State of Texas, without reference to its conflicts of laws principles. The parties also acknowledge
and agree that any action or proceeding arising out of or relating to this Agreement or the enforcement thereof shall be brought
in the Harris County Superior Court, and each of the parties irrevocably submits to the exclusive jurisdiction of that Court in
any such action or proceeding, waives any objection the party may now or hereafter have to venue or to convenience of forum, agrees
that all claims in respect of such action or proceeding shall be heard and determined only in that Court, and agrees not to bring
any action or proceeding arising out of or relating to this Agreement or the enforcement hereof in any other court. The parties
also acknowledge and agree that either or both of them may file a copy of this paragraph with any court as written evidence of
the knowing, voluntary and bargained agreement between the parties irrevocably to waive any objections to venue or convenience
of forum, or to personal or subject matter jurisdiction. The parties also acknowledge and agree that any action or proceeding
referred to above may be served on any party anywhere in the world without any objection thereto. The parties also acknowledge
and agree that the prevailing party in any such action or proceeding shall be awarded the party’s reasonable attorneys’
fees and costs (including, but not limited to, costs of court).

 

		7.6.	Fair
                                         Meaning.

 

The
parties agree that the wording of this Agreement shall be construed as a whole according to its fair meaning, and not strictly
for or against any of the parties to this Agreement, including the party responsible for drafting the Agreement.

 

		7.7.	Mutual
                                         Drafting.

 

The
parties hereto acknowledge and agree that they are sophisticated and have been represented by attorneys who have carefully negotiated
the provisions of this Agreement. As a consequence, the parties also agree that they do not intend that the presumptions of any
laws or rules relating to the interpretation of contracts against the drafter of any particular clause should be applied to
this Agreement and therefore waive their effect.

 

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		7.8.	Jurisdiction,
                                         Service of Process.

 

Any
action or proceeding arising out of or relating to this Agreement shall be governed by Section 7.5 of this Agreement, and each
of the parties irrevocably submits to the exclusive jurisdiction of each court identified therein in any such action or proceeding;
waives any objection the party may now or hereafter have to venue or to convenience of forum; agrees that all claims in respect
of the action or proceeding shall be heard and determined only in any such court; and agrees not to bring any action or proceeding
arising out of or relating to this Agreement or any transaction contemplated hereby in any other court. The parties agree that
either or both of them may file a copy of this paragraph with any court as written evidence of the knowing, voluntary and bargained
agreement between the parties irrevocably to waive any objections to venue or to convenience of forum. Process in any action or
proceeding referred to in the first sentence of this Section 10 may be served on any party anywhere in the world.

 

		7.9.	Survival.

 

All
of the terms, conditions, warranties and representations contained in this Agreement shall survive the Closing.

 

		7.10.	Counterparts.

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same instrument.

 

		7.11.	Headings.

 

Headings
of the Articles and Sections of this Agreement are for the convenience of the parties only, and shall be given no substantive
or interpretive effect whatsoever.

 

		7.12.	Waivers.

 

Either
Buyer or Seller may, by written notice to the other, (i) extend the time for the performance of any of the obligations or other
actions of the other under this Agreement; (ii) waive any inaccuracies in the representations or warranties of the other contained
in this Agreement or in any document delivered pursuant to this Agreement; (iii) waive compliance with any of the conditions or
covenants of the other contained in this Agreement; or (iv) waive performance of any of the obligations of the other under this
Agreement. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including without limitation
any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance
with any representations, warranties, covenants or agreements contained in this Agreement. The waiver by any party hereto of a
breach of any provision hereunder shall not operate or be construed as a waiver of any prior or subsequent breach of the same
or any other provision hereunder.

 

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		7.13.	Merger
                                         of Documents.

 

This
Agreement and all agreements and documents contemplated hereby constitute one agreement and are interdependent upon each other
in all respects

 

		7.14.	Incorporation
                                         of Exhibits and Schedules.

 

All
Exhibits and Schedules attached hereto are by this reference incorporated herein and made a part hereof for all purposes as if
fully set forth herein.

 

		7.15.	Severability.

 

If
for any reason whatsoever, any one or more of the provisions of this Agreement shall be held or deemed to be inoperative, unenforceable
or invalid as applied to any particular case or in all cases, such circumstances shall not have the effect of rendering such provision
invalid in any other case or of rendering any of the other provisions of this Agreement inoperative, unenforceable or invalid.

 

		7.16.	Assignability.

 

Neither
this Agreement nor any of the parties’ rights hereunder shall be assignable by any party hereto without the prior written consent
of the other parties hereto.

 

		7.17.	Binding
                                         on Successors and Assigns.

 

This
Agreement shall be binding on and shall inure to the benefit of each party, its successors, and assigns. This Agreement and the
rights and obligations hereunder shall not be assignable or transferable by either party without the prior written consent of
the other party.

 

		7.18.	Third-Party
                                         Beneficiaries.

 

This
Agreement is for the sole benefit of the parties hereto and their permitted successors or assigns, and nothing herein expressed
or implied shall give or be construed to give to any person, other than the parties hereto and such successors or assigns, any
legal or equitable rights, remedy or claim hereunder.

 

		7.19.	Authority
                                         of Signers.

 

The
parties represent and warrant that the person whose signature is set forth below on behalf of a party is fully authorized to execute
this Agreement on behalf of that party.

 

    	Page 19 – Athena - Avanzar Asset Purchase Agreement

     

    

 

IN
WITNESS HEREOF, The Parties have caused this Asset Purchase Agreement to be duly executed and caused the same to be delivered
on the Effective Date first written above.

 

BUYER:

 

	PACIFIC ISLE WHOLESALE, LTD, a Hong Kong Corporation
	 	 	 
	By:	/s/
    William Xi	 
	 	William
    Xi	 
	Its:	President	 
	 	 	 
	SELLER:	 
	 	 
	MINERCO,
    INC., a Nevada Corporation	 
	 	 	 
	By:	/s/
    V Scott Vanis	 
	 	V.
    Scott Vanis	 
	Its:	President	 

 

 

 

 

 

 

[Signature
Page – Asset Purchase Athena / Avanzar]

 

    	Page 20 – Athena - Avanzar Asset Purchase Agreement

     

    

 

Schedule
1A

 

Athena
Brands Assets & Liabilities

 

ASSETS

Inventory
- $45,905

BRANDS
- $285,874

Customer
Relationships, net - $144,198

Goodwill
- $607,891

Product
Development, net - $94,543

 

LIABILITIES

Trade
Accounts Payable - $233,197

 

    	Page 21 – Athena - Avanzar Asset Purchase Agreement

     

    

 

Schedule 1B

 

Avanzar
Assets & Liabilities

 

ASSETS
-

ACCOUNTS
RECEIVABLE - $148,197

INVENTORY
- $225,970

PREPAID
EXPENSES - $280

PROPERTY,
PLANT & EQUIPMENT - $92,139

 

LIABILITIES
–

TRADE
ACCOUNTS PAYABLE - $1,561,568

CAPITAL
LEASES - $5,169

ACCRUED
LIABILITIES - $1,030

LOANS
PAYABLE - $149,970

LINE
OF CREDIT - $89,707

 

    	Page 22 – Athena - Avanzar Asset Purchase Agreement

     

    

 

Schedule
1C

 

Promissory
Note

 

 

 

 

 

 

 

 

 

Page 23 – Athena - Avanzar Asset
Purchase AgreementExhibit 10.25

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

PROMISSORY
NOTE

 

	Principal Amount:    U.S.
    $250,000.00	 	Effective Date: July 15,
    2016

 

FOR
VALUE RECEIVED, Minerco, Inc., a Nevada corporation (the “Maker”), hereby promises to pay to Pacific Isle
Wholesale, Ltd., a Hong Kong corporation, or his successors and assigns (the “Payee”) to such address as Payee
shall provide in writing to the Maker for such purpose, a principal sum of Two Hundred and Fifty Thousand Dollars and Zero Cents
(U.S. $250,000.00). The aggregate principal amount outstanding under this Note will be conclusively evidenced by the schedule
annexed hereto (the “Loan Schedule”), up to a maximum principal amount of U.S $250,000.00. The entire principal
amount hereunder shall be due and payable July 15, 2017 (the “Maturity Date”), or on such earlier date as such
principal amount may earlier become due and payable pursuant to the terms hereof.

 

This
Note is being issued pursuant to that certain Asset Purchase Agreement, dated July 15, 2016, contemplating the sale of Athena
Brands, Inc. from the Maker to the Payee and attached hereto as Exhibit A (the “Asset Purchase Agreement”).

 

1.             Consideration. The Payee agrees to pay and the Maker agrees to accept the Note as contemplated in the Asset Purchase Agreement.

 

2.             Asset Purchase Agreement. Attached as Exhibit A, hereto.

 

3.            Interest Rate. Interest shall accrue on the unpaid principal amount of this Convertible Promissory Note (the “Note”)
at the rate of eight percent (8%) per annum from the date of the first making of the loan for such principal amount until such
unpaid principal amount is paid in full. Interest hereunder shall be paid on such date as the principal amount under this Note
becomes due and payable in accordance with the terms hereof and shall be computed on the basis of a 360-day year for the actual
number of days elapsed.

 

    	 		 

     

    

 

4.            Prepayment Right. Prepayment of principal and/or other amounts owed under this Note may be made prior to the Maturity Date
without written consent of the Payee. Unless otherwise agreed in writing each payment will be applied to the extent of available
funds from such payment in the following order: (i) first to accrued but unpaid interest, and (ii) lastly to the outstanding principal.
Furthermore, at the sole discretion of the Maker, prior to the Maturity Date, this Note may be prepaid by issuing Twenty-Five
Million (25,000,000) shares of the Maker’s common stock to the Payee as per the Asset Purchase Agreement ($250,000 paid
by common stock valued at $0.01 per share). Such prepayment will be considered payment in full, regardless of accrued interest.

 

5.            Acceleration. After the Maturity Date, at the option of the Payee, all principal and other amounts owed under this Note
shall become immediately due and payable without notice or demand by the Payee, and the Payee will have, in addition to its rights
and remedies under this Note, full recourse against any assets of Maker, and may pursue any legal or equitable remedies that are
available to it.

 

6.            No Waiver of Payee’s Rights, etc. All payments of principal and interest shall be made without setoff, deduction
or counterclaim. No delay or failure on the part of the Payee in exercising any of its options, powers or rights, nor any partial
or single exercise of its options, powers or rights shall constitute a waiver thereof or of any other option, power or right,
and no waiver on the part of the Payee of any of its options, powers or rights shall constitute a waiver of any other option,
power or right. The Maker hereby waives presentment of payment, protest, and notices or demands in connection with the delivery,
acceptance, performance, default or endorsement of this Note. Acceptance by the Payee of less than the full amount due and payable
hereunder shall in no way limit the right of the Payee to require full payment of all sums due and payable hereunder in accordance
with the terms hereof.

 

7.            Modifications. No term or provision contained herein may be modified, amended or waived except by written agreement or
consent signed by the party to be bound thereby.

 

8.            Cumulative Rights and Remedies; Usury. The rights and remedies of the Payee expressed herein are cumulative and not exclusive
of any rights and remedies otherwise available. If it shall be found that any interest outstanding hereunder shall violate applicable
laws governing usury, the applicable rate of interest outstanding hereunder shall be reduced to the maximum permitted rate of
interest under such law.

 

9.            Collection Expenses. If this obligation is placed in the hands of an attorney for collection after default, and provided
the Payee prevails on the merits in respect to its claim of default, the Maker shall pay (and shall indemnify and hold harmless
the Payee from and against), all reasonable attorneys’ fees and expenses incurred by the Payee in pursuing collection of
this Note.

 

10.          Successors and Assigns. This Note shall be binding upon the Maker and its successors and shall inure to the benefit of
the Payee and its successors and assigns. The term “Payee” as used herein, shall also include any endorsee, assignee
or other holder of this Note.

 

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11.          Lost or Stolen Promissory Note. If this Note is lost, stolen, mutilated or otherwise destroyed, the Maker shall execute
and deliver to the Payee a new promissory note containing the same terms, and in the same form, as this Note. In such event, the
Maker may require the Payee to deliver to the Maker an affidavit of lost instrument and customary indemnity in respect thereof
as a condition to the delivery of any such new promissory note.

 

12.          Due Authorization. This Note has been duly authorized, executed and delivered by the Maker and is the legal obligation
of the Maker, enforceable against the Maker in accordance with its terms.

 

13.          Governing Law. This Note shall be governed by and construed and enforced in accordance with the internal laws of the State
of Nevada without regard to the principles of conflicts of law thereof.

 

14.          Severability. If any provision of this Note is held invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions of this Note are not affected or impaired in any way and the Maker and Payee agree to negotiate in
good faith to replace such invalid, illegal and unenforceable provision with a valid, legal and enforceable provision, that achieves,
to the greatest lawful extent under this Note, the economic, business and other purposes of such invalid, illegal or unenforceable
provision.

 

[Intentionally
Left Blank – Signature Page Follows]

 

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IN
WITNESS WHEREOF, the Maker has caused this Promissory Note to be duly executed and delivered as of the date first set forth
above.

 

	 	MAKER

MINERCO,
    INC.
	 	 	 
	 	By:	/s/
    V. Scott Vanis
	 	Name:	V.
    Scott Vanis
	 	Title:	CEO

 

[Signature
Page for Promissory Note]

 

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EXHIBIT
A

 

ASSET
PURCHASE AGREEMENT

MINERCO
– PACIFIC ISLE

ATHENA
- AVANZAR

  

 

 

 

 

 

 

 

 

 

 

 

    	 	A-1	 

     

    

 

LOAN
SCHEDULE

 

Promissory
Note Issued by Fuse Live Events, Inc.

 

Dated:
___________________

 

SCHEDULE

OF

PAYMENTS
OF PRINCIPAL & INTEREST

 

	Date
    of Payment	Amount
    of Payment	Total
        Amount Due Subsequent

        To
        Payment

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

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