Document:

United State Securities and Exchange Commission Edgar Filing

Exhibit 10.2

PROMISSORY NOTE (SECURED)

			
	$750,000

	 
	March 16, 2009

FOR VALUE RECEIVED, the undersigned, Duke Mining Company, Inc., a Texas Corporation (“Borrower”), promises to pay to the order of Premiere Resources Corporation, Inc., a Wyoming corporation (“Lender”), to the account set forth in Section 2.g below or at such other place as Lender may from time to time direct, the principal sum of seven Hundred Fifty Thousand Dollars ($750,000.00), payable as set forth in paragraph 2 hereof, with the final payment of principal and interest due on or before March 16, 2010, together with interest thereon at the rate of 7.5% per annum. Interest shall be computed and accrue on the principal amount hereof from time to time outstanding from the date advanced to the date of payment.

1. Definition

In addition to terms defined elsewhere in this Note, the following terms shall have the following definitions:

a. “Advance” shall mean an advance by Lender to Borrower in accordance with this Note.

b. “Business Day” shall mean any day other than a Saturday, Sunday or legal holiday on which commercial banks are authorized or required to be closed in Oklahoma.

c. “Event of Default” shall mean (i) the failure by Borrower to pay any installment of principal or interest under this Note within five (5) days following the due date thereof, (ii) the failure by Borrower to pay all sums owed to Lender under this Note and every Loan Document on or before the Maturity Date, (iii) the occurrence of any Event of Default under the Security Agreement, or any other Loan Document or (iv) an event of Incipient Default as defined herein.

f. “Dollars” and the symbol “$” shall mean lawful money of the United States of America.

g. “Incipient Default” shall mean any condition with which the giving of notice or passage of time, or both, would constitute an Event Default.

h. “Interest Rate” shall mean 7.5% per annum during all or any portion of the term of this Note.

i. “Default Interest Rate” maximum amount permitted by law, or the greater of five (5%) percent above the Interest Rate referred to above.

j. ‘Loan” shall mean the loan from Lender to Borrower evidenced by this Note and by the Security Agreement.

k. “Security Agreement” shall mean that certain Security Agreement, of even date herewith, by and between Lender and Borrower that, together with this Note, evidences the Loan.

l. “Loan Documents” shall have the meaning set forth in the Security Agreement. Any reference in this Note to any document which is a “Loan Document” shall mean such document as hereafter amended, modified or supplemented.

m. “Loan Month” shall mean any full calendar month during the term of this Note, with the first Loan Month being the calendar month immediately subsequent to the date the Loan closes. The first Loan Month shall be deemed to include the partial month commencing on the date of this Note.

n. “Loan Period” or “Operating Period” shall mean the period commencing on the date hereof and ending at the Maturity Date.

o. “Maturity Date” shall mean the earliest to ocher of: (i) May 16, 2010; or (ii) the date on which the entire principal amount evidenced by this Note and all accrued and unpaid interest thereon shall be paid or be required to be paid in full, whether by prepayment, acceleration or otherwise in accordance with the terms of this Note or any of the Loan Documents.

2. Payment of Interest and Principal.

a. The payments of interest and principal as follows:

$20,000.00 paid by electronic transfer on or before close of business on March 16, 2009

$30,000.00 paid by electronic transfer on or before close of business on April 15, 2009

$50,000.00 paid by electronic transfer on or before close of business on May 14, 2009

$100,000.00 paid by electronic transfer on or before close of business on June 13, 2009

The balance of $550,000.00 together with interest thereon at the rate of 7.5% per annum in installments of one hundred thousand ($100,000.00) dollars uSD paid on or before the 15th of each subsequent month beginning October 15, 2009 until paid in full.

b. Notwithstanding any provision of this Note to the contrary, the entire outstanding principal amount of the Loan, and all accrued and unpaid interest thereon, shall be due and payable on the Maturity Date.

c. All payments hereunder shall be made by wire transfer of immediately available federal funds without set-off or counterclaim and shall be made to the account of Lender (as Lender may designate in writing from time to time) prior to 1:30 p.m., Central Time, on the date due. Whenever any payment to be made hereunder shall be stated to be due on a date other than a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall be included in the calculation of interest on such principal. Any payments received after 1:30 p.m., Central Time shall be deemed received on the next Business Day and shall include interest to such next Business Day.

d. All interest required to be paid by Borrower hereunder shall be calculated on the basis of a year consisting of 360 days and shall be paid in arrears for the actual number of days elapsed, calculated as to each Advance form and including the date the applicable period commences to, but not including, the date such period ends.

e. Except as otherwise expressly provided in this Note, each payment received by Lender shall be applied by Lender to amounts outstanding under the Loan Documents in such order and priority as Lender may elect in its sole and absolute discretion; provided, however, that it at the time of any payment there is due and payable any portion of the principal balance of this Note and sums not constituting principal, then such payment shall first be allocated to sums not constituting principal (in such order of priority as among the various obligations constituting such sums as Lender may elect in its sole and absolute discretion) before Lender applies such payments to the reduction of the outstanding principal balance of this Note.

3. Payments.

The principal balance of the Loan may be prepaid in whole or in part at any time without notice or penalty.

4. Default.

Upon the occurrence of any Event of Default, the principal amount of the Loan, together with all accrued interest thereon and all amounts due and payable hereunder shall immediately become due and payable on demand, at Lender’s sole option and in its sole discretion. If this Note, or any part hereof, is not paid when due, whether by acceleration or otherwise, Borrower promises to pay, in addition to interest at Default Interest Rate, all costs of collection, including, but not limited to, reasonable attorney’s fees and disbursements, incurred by the folder hereof on account of such collection, whether or not suit is filed hereon.

5. Default Cure

Premere shall hold it trust an executed Quit Claim Deed conveying title from Duke to Premere to be filed only upon occurrence of an event of default and subsequent failure to cure the next business day following payment due date.

6. Notices.

Any notice which any party hereto may be required or may desire to give hereunder shall be delivered personally or if mailed, postage prepaid, by United States registered or certified mail, return receipt requested, or by overnight express courier or fax followed by regular mail hard copy, addressed in the case of Borrower to:

To Borrower:

Duke Mining Company, Inc.

3001 Knox Street, Suite 401

Dallas, Texas 75205

To Lender:

Premere Resources Corporation

7463 South 227th East Avenue

Broken Arrow, Oklahoma 74014

or at such other address or to the attention of such other person as my from time to time be designated by the party to be addressed by written notice to the other in the manner herein provided. Notices, demands and requests given in the manner aforesaid shall be deemed sufficiently served or given for all purposes hereunder when received or when delivery is refused or when the same are returned to sender for failure to be called for.

7. Waiver.

Borrower hereby (a) waives demand, presentment for payment, notice of nonpayment, notice of intent to accelerate, notice of acceleration, protest, notice of protest and all other notices (except notices specifically provided for herein or in the Loan Documents), filing of suit and diligence in collecting this Note or enforcing any of the security for this Note, (b) agrees to any substitution, exchange or release of any party primarily or secondarily liable hereon, (c) agrees that lender or any other holder hereof shall not be required first to institute suit or exhaust its remedies hereon or to enforce its rights under any Loan Document in order to enforce payment of this Note, (d) consents to any extension or postponement of time of payment of this Note and to any other indulgence with respect hereto without notice thereof to Borrower, and (e) agrees that the failure to exercise any option or election herein provided upon the occurrence of any default in respect hereto shall not be construed as a waiver of the right to exercise such option or election at any later date or upon the occurrence of a subsequent default in respect hereto.

8. Business Purpose.

Borrower represents and warrants that the proceeds of this Note will be used for business purposes and not for personal, family or household purposes.

9. Severability.

If any provision of this Note or any payments pursuant to this Note shall be invalid or unenforceable to any extent, the remainder of this Note and any other payments hereunder shall

Not be affected thereby and shall be enforceable to the greatest extent permitted by applicable law.

10. Joint and Several Liability. If Borrower consists of two or more person or entities, their liability hereunder shall be joint and several.

11. Assignment.

a. Anything herein, or in any document relating or referring to the subject transaction, to the contrary notwithstanding, Lender shall have the absolute right to sell and/or assign all or part of, or any interest in, the Loan Documents and any and all related documents and the indebtedness underlying same, to any third party in Lender’s sole and absolute discretion and without the authority or consent of, or prior notice to or knowledge of, Borrower.

b. Borrower shall have no right of assignment whatsoever for obligations under this Note or the related documents without the prior, written consent and agreement of Lender which shall be given in Lender’s sold discretion.

12. Miscellaneous.

a. Trial by Jury Waiver. BORROWER HEREBY WAIVERS THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS NOTE. THIS WAITER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY BORROWER, AND BORROWER ACKNOWLEDGES THAT LENDER HAS NOT MADE NAY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. BORROWER FURTHER ACKNOWLEDGES THAT BORROWER HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED BY BORROWER, AND THAT BORROWER HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

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INITIAL HERE

b. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY SUBMITS TO PERSONAL JURISDICTION IN THE STATE OF OKLAHOMA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF AND AGREES THAT ANY ACTION, SUIT OR PROCEEDING TO ENFORCE THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT IN THE STATE OF OKLAHOMA. BORROWER HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH BORROWER MAY HAVE TO THE LAYING OF THE VENUE OF ANY SUCH ACTION, SUIT, OR

PROCEEDING IN ANY SUCH COURT AND HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. BORROWER HEREBY APPOINTS THE SECRETARY OF THE STATE OF OKLAHOMA AS ITS AGENT FOR SERVICE OF PROCESS. BORROWER HEREBY CONSENTS THAT SERVICE OF PROCESS IN ANY ACTION, SUIT, OR PROCEEDING MAY BE MADE BY SERVICE UPON THE AFORESAID AGENT FOR SERVICE OF PROCESS, BY PERSONAL SERVICE UPON BORROWER, OR BY DELIVERY IN ACCORDANCE WITH THE NOTICE REQUIREMENTS OF THIS AGREEMENT OR IN SUCH OTHER MANNER PERMITTED BY LAW.

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INITIAL HERE

c. TO INDUCE LENDER TO ENTER INTO THE COMMERCIAL LOAN TRANSACTION EVIDENCED BY THIS NOTE AND THE LOAN AGREEMENT AND SECURED BY THE OTHER LOAN DOCUMENTS, BORROWER AGREES THAT THE SAID TRANSACTION IS COMMERCIAL AND NOT A CONSUMER TRANSACTION AND, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, WAIVES ANY RIGHT TO NOTICE OF AND HEARING OF THE RIGHT OF LENDER UNDER ANY STATUTE OR STATUTES AFFECTING PRE-JUDGMENT REMEDIES AND AUTHORIZED LENDER’S ATTORNEY TO ISSUE A WRIT FOR A PRE-JUDGMENT REMEDY WITHOUT COURT ORDER, PROVIDED THE COMPLAINT SHALL SET FORTH A COPY OF THIS WAIVER.

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INITIAL HERE

d. This Note shall be binding upon Borrower and its representatives, successors and assigns.

e. Any other term, condition or statement to the contrary notwithstanding, no changes to this Note or any related document may be made or enforced, unless such changes are made in writing and signed by Borrower and Lender.

f. The headings used in this Note are for ease of reference only and shall not be used to construe or interpret this Note.

g. Borrower agrees that the terms and conditions of this Note are the result of negotiations between Borrower and Lender and that this Note shall not be construed in favor of or against any party by reason of the extent to which any party or its professionals participated in the preparation of this Note.

IN WITNESS WHEREOF, each of the undersigned has caused this Note to be executed by its duly authorized representative as of the date and year first above written.

DUKE MINING COMPANY, INC.,

A Texas corporation

		
	By:

	

	 
	 

	Name:

	Darren L. Miles

	 
	 

	Title:

	CEOUnited State Securities and Exchange Commission Edgar Filing

Exhibit 10.3

ASSET PURCHASE AGREEMENT

 THIS ASSET PURCHASE AGREEMENT (the "Agreement"), is entered into as of this 16th day of March, 2009, by and between Premere Resources Corporation, a Wyoming corporation having its principal place of business 7463 S. 227th East Avenue, Broken Arrow, Oklahoma 74014 and referred herein as “SELLER” and Duke Mining Company, Inc.,, a Texas corporation, ,having its principal place of business at 3001 Knox Street Suite 401 Dallas, Tx_75205 and referred herein as “BUYER”.

W I T N E S S E T H:

    WHEREAS,  PREMERE is the valid and legal owner of the mining leases, claims and rights identified on Exhibit “A” attached hereto and made a part hereof; and 

    WHEREAS, PREMERE desires to sell, transfer and assign to Duke Mining Company, Inc. 100% of its right, title and interest in and to the mining leases, claims and rights shown on Exhibit “A” subject to the provisions of this Agreement and save and except a 6% of 8/8ths net smelter royalty interest as that term is defined herein, and

    WHEREAS,   the Board of Directors PREMERE and Duke Mining Company, Inc. deem it in the best interests of each to complete the transaction herein contemplated;

    NOW, THEREFORE, in consideration of the promises and of the mutual agreements, provisions, covenants, representations and warranties herein contained, the parties hereby agree as follows:

1.   Purchase and Sale of Assets.

    1.01  Purchase and Sale.  On and subject to the terms and conditions of this Agreement, BUYER agrees to purchase from SELLER and SELLER agrees to sell, transfer, convey and deliver to BUYER one hundred percent (100%) of the right, title and interest in and unto the mining leases, claims and rights shown on Exhibit “A” attached hereto and made a part hereof, herein referred to as the Acquired Assets save and except a 6% of 8/8ths net smelter royalty reserved to RIDGEPOINTE MINING COMPANY as previously reserved.   The net smelter royalty shall be determined and paid monthly by deducting (1) the direct operating expenses (excluding any administrative overhead allocations or charges) associated with mining, processing and refining any and all precious metals, base minerals or other materials sold as a result of mining activity on the Acquired Assets and (2) any royalty interests paid on behalf of the Buyer to any State or Federal agency whether now imposed or imposed in the future from any proceeds received from the sale, exchange or assignment of the any and all precious metals, base minerals or other materials extracted from the Acquired Assets. The net smelter royalty shall be paid one month in arrears. Any net smelter royalty unpaid for a period of sixty days or more shall constitute a lien position against the entire claim area as described in Exhibit “A”.

1.02

Purchase Price.  The BUYER agrees to purchase the Acquired Assets from SELLER at Closing

for the following consideration:

(a)

Restricted common stock of a public company to be acquired by Duke Mining Company, Inc. tendered  as soon as possible, to SELLER in the amount of 50 shares. of Duke Mining Company, Inc. or 5% of the total outstanding stock.  Seller’s 5% equity position shall be maintained unto which time Seller is paid in full and there is no outstanding balanced owed to Seller.

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(b)

As provided above, the reservation of a Six percent (6%) net smelter royalty to RIDGEPOINTE MINING COMPANY.

(c)

BUYER agrees to post sufficient bonds with the State of Utah to allow the release and return of the current bond posted by SELLER in the amount of $10,000 to be returned.

(d)

Within eighteen (18) months from the Closing herein, Buyer agrees to (1) spend a minimum of $0.5 million in new capital to develop the mine or (2) construct a processing and mining facility sufficient to process a minimum of 100 tons of placer material per day for the recovery of gold. In the event that Buyer is unable to develop a 100 ton per day processing facility or in the alternative does not spend the minimum amount of capital outlined in (1) above, within 30 days after the expiration of the 18th month after Closing, Buyer agrees to reclaim the disturbed areas on the mining claims in accordance with state of Utah requirements and re-assign the mining claims to Premere Resources Corporation. Buyer further agrees that it will maintain the claims in full force and effect during the 18 months after closing such that, in the event of re-assignment to Premere, Premere shall receive valid and enforceable mining claims. Buyer agrees to provide Premere the following:  If electing option (1); Copies of all capital expenditures made on the property on a monthly basis as well as monthly reports of operations to validate its expenditures under this paragraph.  If electing option (2); Copies of purchase orders for materials needed to construct a processing and mining facility per requirements indicated in item (2) above, as well as monthly reports of operations and any other data needed to validate compliance.

(e)

Seven hundred fifty thousand ($750,000.00) dollars, USD, payable as follows:

                        1.     Twenty thousand ($20,000.00) dollars, USD paid on or before March 16, 2009

                        2.     Thirty thousand ($30,000.00) dollars  USD paid on or before April 15, 2009

                        3.     Fifty thousand ($50,000.00) dollars USD paid on or before May 14, 2009

                        4.     One hundred ($100,000.00) dollars USD paid on or before June 15, 2009 

                        5.     The balance of $550,000 to be evidenced by a convertible notes payable in  

                                 installments of one hundred thousand ($100,000.00) dollars USD paid on or 

                                 before the 15th of  each subsequent month beginning October 15, 2009 until

 .                              paid in full.

  Closing.  Subject to the terms and provisions of this Agreement, the closing of the transactions contemplated by this Agreement will be at 10:00 a.m. at the offices of Duke  on or before March 16, 2009, or at such earlier or later date or such other place as shall be mutually agreed upon in writing by BUYER and SELLER, such date and time sometimes being referred to herein as the "Closing" or "Closing Date."

2.   Representations and Warranties of BUYER.

    The BUYER represents and warrants, to SELLER that, to the best of its knowledge, the statements contained in this Section 2 are correct and complete as of the date of this Agreement and will be correct and complete as of the Closing Date as though made then and as though the Closing Date were substituted for the date of this Agreement throughout this Section 2.

    2.01  Authority.  The BUYER has all requisite  power and authority to execute and deliver this Agreement and all agreements, instruments and documents to be executed and delivered by the BUYER hereunder, to consummate the transactions contemplated hereby and to perform all terms and conditions hereof to be performed by it.  The execution and delivery of this Agreement by the BUYER and all agreements, instruments, and documents to be executed and delivered by the BUYER hereunder, the performance by the BUYER of all the terms and conditions hereto to be performed by it and the consummation of the transactions contemplated hereby have been duly authorized and approved by the BUYER, and no other corporate proceedings of The BUYER are necessary with respect thereto.  All persons who have executed and delivered this Agreement, and all persons who will execute and deliver the other agreements, documents and instruments to be executed and delivered by the BUYER hereunder, have been duly authorized to do so by all necessary actions on the part of the BUYER.  This Agreement constitutes, and each other agreement and instrument to be executed by the BUYER hereunder, when 

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executed and delivered by the BUYER, will constitute, the valid and binding obligation of the BUYER enforceable against it in accordance with its terms.

    2.02  Non-contravention.  Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any statute, regulation, rule, judgment, order, decree, stipulation, injunction, charge or other restriction of any federal, state or local government, governmental agency or court to which the BUYER is subject or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel or require any notice under any contract, lease, sublease, license, sublicense, franchise, permit, indenture, agreement or mortgage for borrowed money, instrument of indebtedness, security interest or other arrangement to which the BUYER is a party or by which it is bound or to which any of its assets is subject or result in the imposition of any security interest upon any of its assets. Under the terms of Section 1.03 above, the BUYER will be required to give notice to, make a filing with, or obtain the authorization, consent or approval of the bank, investment banker or brokerage house in order for the BUYER to consummate the transactions contemplated by this Agreement.

    

    2.03  Disclosure.  The representations and warranties contained in this Section 2 do not contain any untrue statement of a fact or omit to state any fact necessary in order to make the statements and information contained in this Section 2 not misleading.

    2.04  Representation.  The BUYER represents and warrants that in making the decision to acquire the Acquired Assets, they have relied upon their own independent investigations and the independent investigations by their representatives, including their own professional legal, tax, and business advisors, and that the BUYER  and their representatives have been given the opportunity to examine all relevant documents and to ask questions of and to receive answers from SELLER.

3.   Representations and Warranties Concerning SELLER.

    SELLER, represents and warrants to the BUYER that, to the best of their knowledge, the statements contained in this Section 3 are correct and complete as of the date of this Agreement and will be correct and complete as of the Closing Date as though the Closing Date were substituted for the date of this Agreement throughout this Section 3.

    3.01  Authority.  SELLER has all requisite power and authority to execute and deliver this Agreement and all agreements, instruments and documents to be executed and delivered by SELLER hereunder, to consummate the transactions contemplated hereby and to perform all terms and conditions hereof to be performed by it.  This Agreement constitutes, and each other agreement and instrument to be executed by SELLER hereunder, when executed and delivered by SELLER, will constitute, the valid and binding obligation of SELLER enforceable against it in accordance with its terms.

    3.02  Non-contravention.  Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any statute, regulation, rule, judgment, order, decree, stipulation, injunction, charge or other restriction of any government, governmental agency or court to which SELLER is subject or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel or require any notice under any contract, lease, sublease, license, sublicense, franchise, permit, indenture, agreement or mortgage for borrowed money, instrument of indebtedness, security interest or other arrangement to which SELLER is a party or by which it is bound or to which any of its assets is subject or result in the imposition of any security interest upon any of its assets.  SELLER is not required to give any notice to, make any filing with, or obtain any authorization, consent or approval of any federal, state or local government, governmental agency, bank, financial institution or other party in order for SELLER and  BUYER to consummate the transactions contemplated by this Agreement.

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    3.03  Title.  SELLER has, and upon the Closing Date will have, valid and binding contractual rights to  the Acquired Assets, free and clear of all liens, claims, mortgages, security interests, pledges, encumbrances or restrictions on transfer of any kind or nature. 

    3.04  Governmental Approvals.  No consent, approval, waiver, order or authorization of, or registration, declaration or filing with, any federal, state or local governmental authority (including, without limitation, any department, bureau or agency), is required to be obtained or made in connection with the execution and delivery of this Agreement by SELLER or the consummation by SELLER of the transactions contemplated hereby the failure of which to obtain would have a material adverse affect on the Acquired Assets, the BUYER or the BUYER's ability to own, operate or exploit the Acquired Assets.

    3.05  Disclosure.  The representations and warranties contained in this Section 3 do not contain any untrue statement of a fact or omit to state any fact necessary in order to make the statements and information contained in this Section 3 not misleading.

4.   Survival.

    4.01  Survival.  None of the representations and warranties of SELLER and BUYER contained in this Agreement  shall survive the Closing Date, except for 3.03, even if the damaged party knew or had reason to know of any misrepresentation or breach of warranty at the time of the Closing Date.

5.   Conduct and Transactions prior to Closing.

    5.01  Covenants of SELLER.  Between the date of this Agreement and the Closing Date or, if earlier termination of this Agreement:

(a)

SELLER agrees to give the BUYER its agents and representatives, full access to the Acquired Assets and all of SELLER's premises and books and records relating to the Acquired Assets and its operation, and to furnish the BUYER with such financial and operating data and other information with respect to the Acquired Assets and its ownership and operation as the BUYER shall from time to time request; provided, however, that any such investigation shall not affect any of the representations and warranties of SELLER hereunder; and provided further, that any such investigation shall be conducted in such manner as not to interfere unreasonably with the operation of the business of SELLER.  In the event of termination of this Agreement, the BUYER will return to SELLER all documents, work papers, and other material obtained from SELLER in connection with the transactions contemplated hereby and will keep confidential any information obtained pursuant to this Agreement unless such information is ascertainable from public or published information or trade sources.

(b)

SELLER will conduct its business relating to the Acquired Assets only in the ordinary course and will not engage in any practice, take any action or enter into any transaction relating to the Acquired Assets outside the ordinary course of business.

6.   Conditions to Closing.

    6.01  Conditions to Obligations of The BUYER.  The obligation of the BUYER to affect the Closing of the transactions contemplated by this Agreement shall be subject to the following conditions:

    (a)   SELLER shall have furnished the BUYER with certified copies of resolutions duly adopted by its Board of Directors authorizing all necessary and proper corporate action approving the execution, delivery and performance of this Agreement.

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    (b)   Except to the extent waived hereunder, (i) the representations and warranties of SELLER contained herein shall be true and correct in all material respects at the Closing Date with the same effect as though made at such time; and (ii) SELLER shall have performed all obligations and complied with all covenants required by this Agreement to be performed or complied by them prior to the Closing Date.

    (c)   SELLER shall have obtained and delivered to the BUYER all consents required to consummate the transactions contemplated by this Agreement.

    (d)   There shall not have occurred (i) any material adverse change in the Acquired Assets or the business, properties, results of operations or financial condition of SELLER, (ii) any loss of or damage to any of the Acquired Assets (whether or not covered by insurance) of SELLER which will materially affect or impair the ability of the BUYER to own or operate the Acquired Assets.

    (e)   All statutory requirements for the valid consummation by SELLER of the transactions contemplated by this Agreement shall have been fulfilled and all authorizations, consents and approvals of all federal, state or local governmental agencies and authorities required to be obtained in order to permit consummation by SELLER of the transactions contemplated by this Agreement and to permit the business now or previously carried on by SELLER with the Acquired Assets to continue unimpaired to any material degree immediately following the Closing Date shall have been obtained.  Between the date of this Agreement and the Closing Date, no governmental agency, whether federal, state or local, shall have instituted (or threatened to institute) an investigation or other proceeding which is pending at the Closing Date relating to the transactions contemplated by this Agreement and between the date of this Agreement and the Closing Date no action or proceeding shall have been instituted or, to the knowledge of SELLER, shall have been threatened by any party (public or private) before a court or other governmental body to restrain or prohibit the transactions contemplated by this Agreement or to obtain damages in respect thereof.

    (f)   SELLER shall have complied with the delivery requirements set forth in Section 7.03 of this Agreement.

    6.02  Conditions to Obligations of SELLER.  The obligation of SELLER to effect the Closing of the transactions contemplated by this Agreement shall be subject to the following conditions:

    (a)   The BUYER shall have furnished SELLER with certified copies of resolutions duly adopted by its Board of Directors or Trustee, as required, authorizing all necessary and proper corporate action approving the execution, delivery and performance of this Agreement.

    (b)   Except to the extent waived hereunder, (i) the representations and warranties of the BUYER contained herein shall be true in all material respects at the Closing Date with the same effect as though made at such time; and (ii) the BUYER shall have performed all material obligations and complied with all material covenants required by this Agreement to be performed or complied with by it prior to the Closing Date.

   (c)   All statutory requirements for the valid consummation by the BUYER of the transactions contemplated by this Agreement shall have been fulfilled and all authorizations, consents and approvals of all federal, state, local and foreign governmental agencies and authorities required to be obtained in order to permit consummation by the BUYER of the transactions contemplated by this Agreement shall have been obtained.  Between the date of this Agreement and the Closing Date, no governmental agency, whether federal, state or local, shall have instituted (or threatened to institute) in a writing directed to SELLER, the BUYER or any of their subsidiaries, an investigation which is pending at the Closing Date relating to the transactions contemplated by this Agreement and between the date of this Agreement and the Closing Date no action or proceeding shall have been instituted or, to the knowledge of the BUYER, shall have been threatened by any party (public or private) before a court or other governmental body to restrain or prohibit the transactions contemplated by this Agreement or to obtain the damages in respect thereof.

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7.   Actions at Closing.

    7.01  Transactions at the Closing.  At the Closing the following events shall occur, each event under the control of one party hereto being a condition precedent to the events under the control of the other party, and each event being deemed to have occurred simultaneously with the other events.

   7.02 Deliveries by The BUYER. At Closing, The BUYER will deliver to SELLER:

(a)

A restricted common stock certificate of a public company that Duke will merge into, in an amount of 50 shares. And sufficient to vest SELLER with a five percent (5%) equity position in the capital stock of   the public entity in which Duke will merge.

(b)

An assignment, in the form attached hereto as Exhibit “C”, evidencing SELLER’s six percent (6%) net smelter royalty interest as that term is defined herein;

(c)

A copy of any and all bonds posted with the State of Utah, as required by the State, to allow the release of the current bond posted by SELLER for reclamation of the existing claims.

(d)

Certified copies of corporate resolutions and other  corporate  proceedings taken by the   BUYER to authorize the execution, delivery and performance of this Agreement.

    

    7.03  Deliveries by SELLER.  At Closing, SELLER shall deliver to the BUYER:

(a)

A Deed of  Assignment of one hundred percent (100%) interest in and unto the Acquired Assets in the form attached as Exhibit “B” and other instruments of transfer, assignment and conveyance as The BUYER shall reasonably request to vest in The BUYER good and marketable title to the Acquired Assets; and

(b)

Certified copies of corporate resolutions and other corporate proceedings taken by SELLER to authorize the execution, delivery and performance of this Agreement.

8.   Termination.

    8.01  Termination of the Agreement.  The parties may terminate this Agreement as provided below:

(a)

The BUYER and SELLER may terminate this Agreement by mutual written consent at any time prior to the Closing;

(b)

This Agreement shall terminate if not closed on or before the “closing” date indicated above.

8.02

Effect of Termination.  

  

(a)

If either The BUYER or SELLER terminates this Agreement pursuant to Section 8.01(a) above, all rights and obligations of the parties hereunder shall terminate without any liability of any party to any other party.

9.   Miscellaneous.

    9.01  Survival of Covenants, Representations and Warranties.  Except as otherwise specifically provided, the covenants, representations and warranties contained herein shall expire and be terminated and extinguished at the Closing Date  ,except for 3.03.

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    9.02  Governing Law.  This Agreement and the legal relations between the parties shall be governed by and construed in accordance with the laws of the State of Oklahoma.

    9.03  Notices.  Any notices or other communications required or permitted hereunder shall be sufficiently given if sent by registered mail or certified mail, postage prepaid if addressed as follows:

    To:   BUYER:

       

            DUKE MINING COMPANY, INC.

            3001 Knox St. Suite 401 

            Dallas, TX 75205

            Attn. Darren L. Miles, CEO

               

    To:  SELLER:

     

             Premere Resources Corporation

             7463 S. 227th East Avenue

             Broken Arrow, Oklahoma  74014

             (ph:713-540-6541)

             Attention:  Mr. Ben Campbell, President

        

    9.04  No Assignment.  This Agreement may not be assigned by either party or by operation of law or otherwise unless expressly agreed to in advance and in writing by both parties hereto and, in the event of an attempted assignment, this Agreement shall terminate.

    9.05  Entire Agreement.  This Agreement (including the documents referred to herein) constitutes the entire agreement among the parties and supersedes any prior understandings, agreements or representations by or among the parties, written or oral, to the extent they related in any way to the subject matter hereof.

    9.06 Confidentiality. Both BUYER and SELLER further agree that the amounts and contributions described herein, and all terms and conditions of this Agreement, are and shall remain strictly privileged and confidential and shall not be communicated or published in any manner to any person not a party to this Agreement except (i.) as permitted by the parties’ prior written authorization; (ii.) ordered by a court of competent jurisdiction or (iii.) as required in connection with the disclosure guidelines of material events under the Securities Act of 1933, as amended. This Agreement shall not, by itself, be filed in any court of record nor shall it be entered into evidence in any action at any time without the express written consent of all parties to this Agreement or upon court order. The parties each acknowledge that SELLER will be required to file this Agreement as an exhibit to its Form 8-K and Form 10-K reports to the Securities and Exchange Commission and that these filings are exempt from the requirements of this Section. BUYER and SELLER agree to use their best efforts prior to closing to agree upon the contents of a press release to be made by SELLER, as required under the Securities Act of 1933, as amended.

    9.07  Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

    9.08  Headings.  The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

    9.09  Amendments and Waivers.  No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by the BUYER and SELLER.  No waiver by an party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

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    9.10  Severability.  Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.

    9.11  Expenses.  Except as otherwise expressly provided herein, each of the parties will bear his or its own costs and expenses (including legal fees and expenses) incurred in connection with this Agreement and the transactions contemplated hereby.

    9.12  Construction.  The parties have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.  Any reference to any federal, state, local or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.  The word "including" shall mean including without limitation.  The parties intend that each representation, warranty and covenant contained herein shall have independent significance.  If any party has breached any representation, warranty or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which the party has not breached shall not detract from or mitigate the fact that the party is in breach of the first representation, warranty or covenant.

9.13   First Right of Refusal.   Buyer will be granted the first right of refusal to acquire additional claims and rights controlled by Seller before they are offered to other potential acquirers.  Buyer will have 60 days to respond to any first rights of refusal before the claims or rights are offered to any other party.

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

			
	 
	SELLER: 

	 
	 
	 

	 
	PREMERE  RESOURCES  CORPORATION

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	By:

	 

	 
	 
	Ben Campbell, President   

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	BUYER:

	 
	 
	 

	 
	DUKE MINING COMPANY, INC.

	 
	 
	 

	 
	By:

	 

	 
	 
	Darren L. Miles, Chief Executive Officer

	 
	 
	 

8

EXHIBIT “A”

Attached to and made a part of that certain Asset Purchase Agreement dated March ____, 2009 by and between Premere Resources Corporation as Seller and Duke Mining Company, Inc._as Buyer.

									
	State

	 
	County

	 
	Mineral Claim

	 
	Acres

	 
	Legal Description

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Utah

	 
	San Juan

	 
	ML 50719

	 
	640.00

	 
	SEC 36 T29 S R 22E

SLB and M

9

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