Document:

LOAN AGREEMENT

THIS LOAN AGREEMENT (this "Agreement") is made this __ day of _______, 2009 by and between California Gold Corp., a Nevada corporation (“Borrower”), and ____________ (“Lender”).

WITNESSETH:

WHEREAS, to provide Borrower with sufficient working capital to enable Borrower to fulfill its accounting obligations incident to its business, Lender has agreed to provide Borrower with a temporary loan in the principal amount of $2,500.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender, intending to be legally bound, agree as follows:

ARTICLE I – LOAN

1.1. Loan. Lender agrees, on the terms and conditions of this Agreement, to make a loan to Borrower in the amount of Two Thousand Five Hundred Dollars ($2,500) (the “Loan”).

1.2. Repayment. The Loan shall be repaid at the initial closing of a private placement to be conducted by Borrower.  The private placement shall involve the sale of 10,000,000 shares of Borrower’s common stock at a price of $0.125 per share or an aggregate of $1,250,000.

ARTICLE II - MISCELLANEOUS

2.1. Successors and Assigns.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective heirs, legal representatives, successors and assigns of the parties.

2.2. Governing Law/Venue.  This Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements entered into and to be performed entirely within New York.  Any dispute or controversy concerning or relating to this Agreement shall be exclusively resolved in the federal or state courts located in the City, County and State of New York.

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

2.4. Amendments and Waivers. Any term of this Agreement may be amended and the observance of any may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of Seller and Buyer.

  

  

  

IN WITNESS WHEREOF, the undersigned have executed, or caused to be executed on their behalf by an agent thereunto duly authorized, this Agreement as of the date first above written.

	  	
BORROWER:

	  	  
	  	
CALIFORNIA GOLD CORP.

	  	  
	  	
By:  

	
  

	  	
Name:  James Davidson

	  	
Title:  President, Treasurer, Chief Executive

	  	
Officer, Chief Financial Officer and Director

	  	  
	  	
LENDER:

	  	  
	  	
  

	  	
Name:LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”) is made this 16th day of September, 2010 by and between California Gold Corp., a Nevada corporation (“Borrower”) with a principal place of business at 6830 Elm Street, McLean, VA 22101, and _____________________ (“Lender”), an entity with a principal office at __________________________.

 

WITNESSETH:

WHEREAS, to provide Borrower with sufficient working capital to enable Borrower to fulfill certain accounting and other financial obligations incident to its business, Lender has agreed to provide Borrower with a temporary loan in the principal amount of $___________.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender, intending to be legally bound, agree as follows:

ARTICLE I – LOAN

1.1. Loan. Lender agrees, on the terms and conditions of this Agreement, to make a loan to Borrower in the amount of ______________________ Dollars ($_________) (the “Loan”).

1.2. Interest and Repayment. The Loan shall not bear interest and shall be (1) convertible at the option of the Borrower into shares of the Borrower’s common stock at a conversion price of $0.03 per share; (2) mandatorily converted into shares of the Borrower’s common stock, at a conversion price of $0.025 per share, upon the initial closing of the next private placement offering of the Borrower’s common stock (the “PPO”), which initial closing is expected to take place within the next six (6) months; or (3) repaid in full on or before September 15, 2011 (unless otherwise extended), whichever occurs first.

ARTICLE II - MISCELLANEOUS

2.1. Successors and Assigns.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective heirs, legal representatives, successors and assigns of the parties.

2.2. Governing Law/Venue.  This Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements entered into and to be performed entirely within New York.  Any dispute or controversy concerning or relating to this Agreement shall be exclusively resolved in the federal or state courts located in the City, County and State of New York.

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

  

  

  

 

2.4. Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Borrower and the Lender.

2.5. Notices.  All communications under this Agreement shall be in writing and shall be deemed to be duly given and received: (i) upon delivery if delivered personally or upon confirmed transmittal if by facsimile; (ii) on the next Business Day (as hereinafter defined) if sent by overnight courier; or (iii) four (4) Business Days after mailing if mailed by prepaid registered mail, return receipt requested, to the appropriate notice address set forth above or at such other address as any party hereto may have furnished to the other parties in writing by registered mail, return receipt requested.

“Business Day” shall mean any day other than a Saturday, Sunday or any other day on which Citibank is authorized or required by law or executive order to remain closed.

IN WITNESS WHEREOF, the undersigned have executed, or caused to be executed on their behalf by an agent thereunto duly authorized, this Agreement as of the date first above written.

	  	
BORROWER:

	  	  
	  	
CALIFORNIA GOLD CORP.

	  	  
	  	
By:

	
  

	  	
Name:  James Davidson

	  	
Title:  President, Treasurer,

	  	
Chief Financial Officer

	  	  
	  	
LENDER:

	  	  
	  	
  

	  	
Name:

	  	
Title:AMENDMENT TO PROMISSORY NOTES

WHEREAS, California Gold Corp., a Nevada corporation (the “Obligor”), issued those Promissory Notes (the “Notes”) listed on the attached Schedule A to ____________ (the “Payee”); and

WHEREAS, the Obligor and the Payee wish to amend the Notes to require their mandatory conversion, without interest, at a conversion price of $0.025 per share (the “Conversion Price”) upon the initial closing of the private placement offering (the “PPO”) in which the Obligor is currently engaged.

NOW, THEREFORE, in consideration of the mutual promises set forth herein and for other valuable consideration the receipt of which is hereby acknowledged, the Obligor and the Payee hereby agree that the unpaid principal balance of the Notes shall be converted in full upon the initial closing of the PPO at the Conversion Price.  Additionally, the Payee hereby agrees to waive and forfeit any and all interest accrued and accruable on the Notes.  All other terms and conditions of the Notes remain unchanged.

IN WITNESS WHEREOF, this Amendment has been duly executed by the Obligor and acknowledged by the Payee as of the __ day of October 2010.

	  	
CALIFORNIA GOLD CORP.

	  	  	  
	  	
By:

	
  

	  	
Name:

	
James Davidson

	  	
Title:

	
President, Treasurer, Chief Financial Officer

	  	  	
and Director

	  	  	  
	  	  	
  

	  	  	
Payee:

  

  

  

Schedule ACANCELLATION AGREEMENT

CANCELLATION AGREEMENT, dated December __, 2010 (this “Agreement”), by and among, California Gold Corp., a Nevada corporation (the “Company”), and James Davidson (the “Cancelling Party”).

BACKGROUND

WHEREAS, the Cancelling Party is the record and beneficial owner of 35,727,625 shares of the Company's common stock, par value $0.001 per share, including 31,000,000 shares purchased from the Company on November 12, 2007 for a purchase price of $31,000 (the "2007 Shares");

WHEREAS, in an effort to enhance the Company’s ability to raise financing in order to proceed with the implementation of its new business plan, and to induce certain prospective investors to acquire securities of the Company in an ongoing private placement that is expected to close (the “Closing”) no later than December 31, 2010, the Cancelling Party desires to have cancelled and the Company desires to cancel 13,000,000 of the 2007 Shares (the "Subject Shares") in exchange for $13,000 (the "Cash Consideration").

AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.           Consideration. In consideration for cancellation of the Subject Shares, the Company agrees to pay to the Cancelling Party the Cash Consideration, by wire transfer of immediately available funds, concurrently with the Closing.

 

2.           Cancellation of Subject Shares.  The Cancelling Party has delivered to the Company for cancellation stock certificates representing the Subject Shares along with duly executed medallion guaranteed stock powers covering the Subject Shares (or such other documents acceptable to the Company’s transfer agent) and hereby irrevocably instructs the Company and the Company’s transfer agent to cancel the Subject Shares, immediately following the Closing, such that the Subject Shares will no longer be outstanding on the stock ledger of the Company and such that the Cancelling Party shall no longer have any interest in the Subject Shares whatsoever.  The Company shall immediately deliver to the Company’s transfer agent irrevocable instructions providing for the cancellation of the Subject Shares.

 

3.           Release. For and in consideration of the covenants and promises contained herein, the Cancelling Party, together with his heirs, executors, administrators, and assigns, does hereby remise, release and forever discharge the Company, its respective directors, officers, shareholders, employees and agents, and their respective successors and assigns, of and from all claims, causes of action, suits and demands whatsoever which the Cancelling Party ever had, now or may have howsoever arising out of the original purchase and this cancellation of the Subject Shares.

 

  

  

  

 

4.           Representations by the Cancelling Party.

 

(a)           The Cancelling Party owns the Subject Shares, of record and beneficially, free and clear of all liens, claims, charges, security interests, and encumbrances of any kind whatsoever.  The Cancelling Party has sole control over the Subject Shares or sole discretionary authority over any account in which they are held.  Except for this Agreement, no person has any option or right to purchase or otherwise acquire the Subject Shares, whether by contract of sale or otherwise, nor is there a “short position” as to the Subject Shares.

 

(b)           The Cancelling Party has full right, power and authority to execute, deliver and perform this Agreement and to carry out the transactions contemplated hereby.  This Agreement has been duly and validly executed and delivered by the Cancelling Party and constitutes a valid, binding obligation of the Cancelling Party, enforceable against it in accordance with its terms (except as such enforceability may be limited by laws affecting creditor's rights generally).

 

5.           Further Assurances.  Each party to this Agreement will use his or its best efforts to take all action and to do all things necessary, proper, or advisable in order to consummate and make effective the transactions contemplated by this Agreement (including the execution and delivery of such other documents and agreements as may be necessary to effectuate the cancellation of the Subject Shares).

 

6.           Amendment and Waiver.  Any term, covenant, agreement or condition of this Agreement may be amended, with the written consent of the Company and the Cancelling Party, or compliance therewith may be waived (either generally or in a particular instance and either retroactively or prospectively), by one or more substantially concurrent written instruments signed by the Company and the Cancelling Party.

 

7.           Survival of Agreements, Representations and Warranties, etc.  All representations and warranties contained herein shall survive the execution and delivery of this Agreement.

 

8.           Successors and Assigns.  This Agreement shall bind and inure to the benefit of and be enforceable by the Company and the Cancelling Party, and their respective successors and assigns.

 

9.           Governing Law.  This Agreement (including the validity thereof and the rights and obligations of the parties hereunder and thereunder) and all amendments and supplements hereof and thereof and all waivers and consents hereunder and thereunder shall be construed in accordance with and governed by the internal laws of the State of New York without regard to its conflict of laws rules, except to the extent the laws of Nevada are mandatorily applicable.

 

  

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10.           Miscellaneous.  This Agreement embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof.  In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.  This Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts but all such counterparts shall together constitute but one and the same instrument.  This Agreement may be reproduced by any electronic, photographic, photostatic, magnetic, microfilm, microfiche, microcard, miniature photographic, facsimile or other similar process and the original thereof may be destroyed.  The parties agree that any such reproduction shall, to the extent permitted by law, be as admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not the reproduction was made in the regular course of business) and that any enlargement, facsimile or further reproduction shall likewise be admissible in evidence.  Facsimile execution and delivery of this Agreement is legal, valid and binding execution and delivery for all purposes.

 

[Signature Page Follows]

 

  

3

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	  	
CALIFORNIA GOLD CORP.

	  	  	  
	  	
By:

	  
	  	
Name: James Davidson

	  	
Title: President and CEO

	  	  	  
	  	
JAMES DAVIDSON

	 	 
	 	 

[Signature Page to Cancellation Agreement]

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