Document:

PROMISSORY NOTE

 

	$5,000.00	January 29, 2018

 

FOR VALUE RECEIVED,
the undersigned, Magna-Lab Inc., a New York corporation (“Borrower”), HEREBY PROMISES TO PAY to
the order of Magna Acquisition LLC or its registered assigns ( “Lender”), in lawful money of the United
States of America, in the manner and at the times provided hereinafter, the principal sum of Five Thousand Dollars (US$5,000),
together with Interest (as hereinafter defined) and Default Interest (as hereinafter defined) and all other amounts due and payable
pursuant to and in accordance with terms of this Note.

 

Interest shall accrue
on the unpaid principal amount of this Note from the date hereof until such principal amount is paid in full. “Interest”
shall mean twelve percent (12%) per annum. Interest shall be computed on the actual number of days elapsed, predicated on a year
consisting of three hundred and sixty (360) days.

 

Default Interest, if
any, shall be payable on demand. “Default Interest” shall mean interest computed at fifteen percent (15%) per
annum, on (i) the entire principal balance of this Note from time to time unpaid from and after such amounts becomes due and payable
(whether upon maturity, by acceleration or otherwise), and (ii) any and all other unpaid amounts due pursuant to the terms and
provisions of this Note (including, but not limited to, accrued and unpaid Interest) from and after the respective date(s) on which
those amounts become due and payable, whether upon maturity, by acceleration or otherwise; in each case from and after the expiration
of any applicable grace period. Default Interest shall be computed on the actual number of days elapsed, predicated on a year consisting
of three hundred and sixty (360) days. Notwithstanding anything to the contrary contained herein, for any period in which Default
Interest is accruing on the entire unpaid principal balance hereunder, Interest shall not accrue. Default Interest shall compound
on an annual basis.

 

Unless otherwise accelerated
pursuant to the terms hereof, this Note shall mature and all outstanding and unpaid principal and Interest shall be due and payable
on the date that is 120 days from and after the date hereof.

 

This Note may be prepaid,
in whole or in part, at any time by Borrower without premium or penalty. Any prepayment of this Note shall be accompanied by payment
of any Interest accrued and unpaid through the date of such prepayment, and all Default Interest, if any, accrued and unpaid through
the date of such prepayment.

 

Notwithstanding anything
to the contrary contained herein, upon the occurrence of any one or more of: (i) a default in the payment of any amounts due hereunder
and a failure to cure such default within five (5) business days, or (ii) a default hereunder, and the expiration of any grace
period applicable to any default as set forth herein, then at the sole option and discretion of Lender, and without further demand
or notice of any kind, the following shall become immediately due and payable:

 

		1.	the aggregate principal amount of this Note outstanding and remaining unpaid hereunder;

 

		2.	unpaid Interest;

 

		3.	Default Interest; and

 

		4.	all other indebtedness evidence by this Note.

 

     

     

    

 

The following shall constitute events of
default hereunder: (i) the assignment for the benefit of creditors by Borrower; (ii) the application for the appointment of a receiver
for Borrower or for the property of Borrower; (iii) the filing of a petition in bankruptcy by or against Borrower; (iv) the issuance
of an attachment or the entry of a judgment against Borrower; (v) a default by Borrower with respect to any other indebtedness
due to Lender; (vi) the making or sending of a notice of an intended bulk sale by Borrower; (vii) the merger, consolidation, termination
of existence, dissolution or insolvency of Borrower; (viii) the good faith determination by Lender that it deems itself insecure
or that a material adverse change in the financial condition of Borrower has occurred since the date hereof and that Lender’s
prospect of payment hereunder has been impaired; or (ix) any breach or default under any indebtedness of Borrower to any banking
or financial institution, and the expiration of any grace period applicable to such breach or default.

 

If Borrower fails to
pay any amounts when due hereunder, whether at maturity, by acceleration or otherwise, or if there occurs any event which entitles
Lender to accelerate the indebtedness due under this Note and any grace period applicable to any such failure to pay or event as
set forth herein expires, then Lender shall have all of the rights and remedies provided to it hereunder, and at law or in equity.
The remedies of Lender, as provided herein, shall be cumulative and concurrent, and may be pursued singularly, successively, or
otherwise, at the sole discretion of Lender, and may be exercised as often as occasion therefor shall arise. Lender may resort
for payment hereunder to any of security for, or any guaranty of, this Note whether or not Lender shall have resorted for payment
hereunder to any other security for or guaranty of this Note. No act or omission of Lender, including specifically any failure
to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be
effected only through a written document executed by Lender and then only to the extent specifically recited therein. A waiver
or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any
subsequent right, remedy, or recourse as to a subsequent event. If this Note is placed in the hands of an attorney for collection
or is collected on advice of counsel or through any legal proceeding, Borrower promises to pay, to the extent permitted by law,
court costs and reasonable attorneys’ fees incurred by Lender. Borrower hereby waives presentment, demand, notice of dishonor
or nonpayment, protest and notice of protest in connection therewith.

 

If any provision of
this Note is unenforceable, invalid or contrary to law, or its inclusion herein would affect the validity, legality or enforcement
of this Note, such provision shall be limited to the extent necessary to render the same valid or shall be excised from this Note,
as the circumstances require, and this Note shall be construed as if said provision had been incorporated herein as so limited
or as if said provision had not been included herein, as the case may be.

 

Time is of the essence
of this Note.

 

Upon maturity or following
the occurrence of any event which entitles Lender to accelerate the indebtedness evidenced hereby, all payments received on account
of the indebtedness evidenced hereby shall be applied, in whatever order, combination and amounts as Lender, in its sole and absolute
discretion, decides, to all costs, expenses and other indebtedness, if any, owing to Lender by reason of this Note; Default Interest,
Interest; and principal.

 

This Note, and the
terms and provisions hereof, shall be binding upon Borrower and its successors, administrators, and assigns, and shall inure to
the benefit of any holder hereof.

 

All amounts due hereunder
shall be paid without deduction, set-off or counterclaim, Borrower expressly waiving any such rights to deduction, set-off or counterclaim.

 

    2

     

    

 

Notwithstanding any
provisions to the contrary contained in this Note or in any of the other documents or instruments referred to in this Note, if
at any time or times the interest and any sums considered for such purposes to be interest, payable under or by reason of this
Note or any such other documents or instruments, should exceed the maximum which, by the laws of the State having jurisdiction,
may be charged with respect to the loan evidenced hereby, given the nature and all of the pertinent circumstances of such loan,
than all such sums in excess of such maximum shall be deemed not to be interest, but rather to be payments on account of principal,
and without further agreement of the parties shall be so applied without regard to any other provision of this Note, provided that
Lender may elect instead that no sums shall be payable in excess of such maximum, whereupon this Note, and such other documents
and instruments hall be deemed amended accordingly without further action by any party.

 

This Note shall inure
to the benefit of Lender and its successors and assigns and shall be governed by, and construed in accordance with, the laws of
the State of Delaware.

 

	 	MAGNA-LAB INC., a New York corporation
	 	 
	 	By /s/ Lawrence A Minkoff
	 	      Name: Lawrence A. Minkoff
	 	      Title: Chairman and President

 

 

3Investment
Evolution Coin Ltd.

 

MRAL
Blockchain, LLC

 

Loan
Agreement

 

    	 

    	 

    

 

Table
of Contents

 

	1
    Definitions and Interpretation	1
	 	 
	2
    Conditions Precedent	1
	 	 
	3
    Loan	1
	 	 
	4
    Repay Loan	1
	 	 
	5
    Interest	2
	 	 
	6
    Default	2
	 	 
	7
    Pay Costs and Duties	3
	 	 
	8
    General	3
	 	 
	SCHEDULE
    1	6
	Part
    1 – Definitions	6
	Part
    2 - Interpretation	6
	 	 
	SCHEDULE
    2	8

 

    	 

    	 

    

 

	DATED	8th
    of June	2018

 

parties

 

Investment
Evolution Coin Ltd. (the “Lender”)

 

MRAL
BLockchain, llc (the “Borrower”)

 

BACKGROUND

 

	A.	The
    Borrower has requested the Lender to lend to the Borrower the Loan on repayment terms referred to in this Agreement.
	 	 
	B.	The
    Lender has agreed to this request on the condition, amongst other things, that this Agreement is entered into.

 

OPERATIVE
PROVISIONS

 

	1.	Definitions
    and Interpretation
	 	 
	 	In
    the interpretation of this clause 1, unless inconsistent with the subject or context each of the expressions defined in Part
    1 of Schedule 1 shall have the meaning there assigned to it and the provisions of Part 2 of Schedule 1 shall apply.
	 	 
	2.	Conditions
    Precedent
	 	 
	 	The
    Lender shall not be required to make the Loan to the Borrower until the Lender has received this Agreement duly executed to
    the Lender’s satisfaction.
	 	 
	3.	Loan
	 	 
	3.1	Subject
    to the terms of this Agreement, the Lender commits to make the Loan available to the Borrower for drawdown upon receipt of
    Drawdown Notices.
	 	 
	3.2	To
    make a drawdown under the Loan the Borrower must deliver to the Lender a completed Drawdown Notice on the proposed Drawdown
    Date.
	 	 
	3.3	The
    Borrower may cancel the Loan offered under this Agreement at any time after the date of this Agreement by notice in writing
    to the Lender. Should the Borrower cancel the Loan under this clause 3.3, then the Borrower must repay to the Lender that
    portion of the Loan that has been drawn down and is outstanding as well as any outstanding interest at the cancellation date.
	 	 
	4.	Repay
    Loan
	 	 
	 	In
    consideration of the payment of the Loan by the Lender to the Borrower (the receipt of which the Borrower acknowledges) the
    Borrower agrees to repay the Loan to the Lender by the Repayment Date.

 

    	1 

    	 

    

 

	5.	Interest
	 	 
	5.1	Interest
    Rate

 

	 	(a)	The
    Borrower also agrees to pay to the Lender interest on any drawdown made under the Loan (or on so much of the Loan that has
    been drawn down and remains outstanding or on any judgment or order in which the same may become merged) calculated on daily
    balances at the Interest Rate from the Drawdown Date up to and including the date of repayment of the particular drawdown
    of the Loan.
	 	 	 
	 	(b)	For
    the avoidance of doubt, if the Loan is not drawn down by the Borrower, the Borrower is not required to pay any interest on
    the Loan.

 

	5.2	Date
    of Payment
	 	 
	 	Interest
    will be paid in arrears on each Interest Payment Date while the Loan or any part of it shall remain outstanding, and also
    on the Repayment Date. The first of such interest payments shall be made on the Interest Payment Date next occurring after
    the Loan (or any part thereof) is paid to the Borrower.
	 	 
	6.	Default
	 	 
	6.1	Events
    of Default – Consequences
	 	 
	 	If
    any of the events and circumstances referred to in Clauses 6.2 to 6.9 occur (each constituting an Event of Default) THEN
    the Borrower shall be and shall be deemed to be in default under this Agreement and the Loan shall at the option
    of the Lender but only at such option (the Lender not being bound to notify the exercise or non-exercise of such option to
    the Borrower) become and be payable to and recoverable by the Lender immediately as if the time for repayment of the same
    had arrived notwithstanding anything in this Agreement to the contrary and if there is any outstanding commitment upon the
    Lender in respect of any of the Loan the Lender may decline to meet such commitment.
	 	 
	6.2	Default
    in Other Provisions/Agreements
	 	 
	 	It
    shall be an Event of Default if default shall be made in the strict observance or performance of any term covenant or condition
    in this Agreement or any default occurs under any agreement contained or referred to or implied in this Agreement.
	 	 
	6.3	Execution
	 	 
	 	It
    shall be an Event of Default if any execution or other process of any Court or other authority or any distress is issued out
    against or levied upon any of the Borrower’s assets.
	 	 
	6.4	Agreement
    Becomes Unenforceable
	 	 
	 	It
    shall be an Event of Default if any Agreement is terminated or is liable to be terminated or is or becomes void, voidable,
    illegal, invalid or otherwise unenforceable or, in the reasonable opinion of the Lender is likely to become void, voidable,
    illegal, invalid or otherwise unenforceable.
	 	 
	6.5	Material
    Adverse Change
	 	 
	 	It
    shall be an Event of Default if, in the reasonable opinion of the Lender, there has been a material adverse change in the
    financial position of the Borrower, or the Lender’s security for the Loan is materially diminished or is in jeopardy.
	 	 
	6.6	Receiver/Liquidator
    Appointed
	 	 
	 	It
    shall be an Event of Default if a liquidator, provisional liquidator, official manager or a receiver or a receiver and manager
    is appointed of any of the assets of the Borrower, or if any event or circumstance occurs whereby, in the reasonable opinion
    of the Lender, any of the foregoing could or is likely to occur.

 

    	2 

    	 

    

 

	6.7	Unable
    to Pay Debts
	 	 
	 	It
    shall be an Event of Default if, in the reasonable opinion of the Lender, the Borrower is unable to pay its debts from its
    own money as they fall due. 
	 	 
	6.8	Judgments
	 	 
	 	It
    shall be an Event of Default if a judgment for an amount of $50,000 or 10% of the Loan (which ever is the lesser) is signed
    or entered against the Borrower, and remains unsatisfied or is not appealed against for a period of 7 days.
	 	 
	6.9	Representation/Warranty
    Incorrect
	 	 
	 	It
    shall be an Event of Default if any representation or warranty made by the Borrower or if the answers to the Lender’s
    requisitions, or if any other representation warranty or statement made in writing by the Borrower to the Lender in connection
    with this Agreement or the financial accommodation made under it shall be proved to have been incorrect in any material respect
    when made.
	 	 
	7.	Pay
    Costs and Duties
	 	 
	 	The
    Borrower shall pay all costs and expenses (including legal fees and stamp duty payable upon or arising out of this Agreement
    or the advancing of the Loan) incurred by the Lender in the negotiation, preparation, execution, implementation and enforcement
    of this Agreement.
	 	 
	8.	General
	 	 
	8.1	Confidentiality

 

	 	(a)	Subject
    to clause 8.1(b), the contents of this Loan Agreement and all books accounts records documents and information made available
    to any party for the purposes of entering into this Loan Agreement or in the course of the performance of this Loan Agreement
    shall be kept confidential and shall not be disclosed to any other person without the written consent of the other parties.
	 	 	 
	 	(b)	Clause
    8.1(a) shall not apply to any disclosure:

 

	 	(i)	required
    by law;
	 	 	 
	 	(ii)	required
    by any applicable stock exchange listing rules;
	 	 	 
	 	(iii)	made
    in good faith to officers employees legal and other advisors and auditors of any party under a duty of confidentiality;
	 	 	 
	 	(iv)	by
    a party to its bankers or other financial institutions to the extent required for the purpose of raising funds or maintaining
    compliance with credit arrangements;
	 	 	 
	 	(v)	required
    by this Loan Agreement or necessary for or incidental to the performance of the obligations and duties contained in this Loan
    Agreement including in connection with an exercise of rights or a dealing with rights or obligations under this Loan Agreement;
    and
	 	 	 
	 	(vi)	of
    information in the public domain otherwise than due to a breach of clause 8.1(a).

 

	 	(c)	Each
    party consents to disclosures made in accordance with this clause 8.1. This clause supersedes any pre-existing agreements
    between the parties about confidentiality.

 

    	3 

    	 

    

 

	8.2	Notices

 

	 	(a)	All
    notices and other communications provided for or permitted under this Loan Agreement or otherwise shall be sent by certified
    or registered mail with postage prepaid, by hand delivery or by email transmission as follows:

 

	 	(i)	if
    to the Borrower, to it at:
	 	 	 	 
	 	 	Name:	MRAL
    Blockchain, LLC
	 	 	Address:	3960
    Howard Hughes Parkway, Suite 490, Las Vegas, NV 89169 USA
	 	 	Email:	mral@mramazingloans.com
	 	 	 	 
	 	(ii)	if
    to the Lender, to it at:
	 	 	 	 
	 	 	Name:	Investment
    Evolution Coin Ltd.
	 	 	Address:	8
    Marina Boulevard #05-02, Marina Bay Financial Centre, Singapore 018981
	 	 	Email:	info@investmentevolution.com

 

	 	 	or
    to the party’s lawyer or to such other address or person as either party may specify by notice in writing to the other.
	 	 	 	 
	 	(b)	All
    such notices or communications shall be deemed to have been duly given or made:
	 	 	 	 
	 	 	(i)	3
    Business Days after being deposited in the mail with postage prepaid; or
	 	 	 	 
	 	 	(ii)	when
    delivered by hand; or
	 	 	 	 
	 	 	(iii)	if
    sent by facsimile transmission, on production of a report from the sending machine which indicates that the facsimile was
    sent in its entirety to the facsimile number of the recipient.

 

	 	(c)	Despite
    clause 8.2(b) notices received after 5.00pm in the place of receipt or on a non-Business Day are taken to be received at 9.00am
    on the next Business Day.
	 	 	 
	 	(d)	Notices
    or other written communications by a party’s lawyer (for example, varying a date for the payment of money) will be treated
    as given with that party’s authority.

 

	8.3	Deemed
    Service

 

	 	All
    such notices or communications shall be deemed to have been duly given or made:
	 	 	 
	 	(a)	7
    days after being deposited in the mail with postage prepaid;
	 	 	 
	 	(b)	When
    delivery by hand; and
	 	 	 
	 	(c)	If
    sent by facsimile transmission, when receipt acknowledged.

 

	8.4	Counterparts

 

	 	This
    Agreement may be signed in any number of counterparts with the same effect as if the signatures to each counterpart was on
    the same instrument.

 

	8.5	Waiver
    and Variation

 

	 	(a)	A
    party’s failure or delay to exercise a power, right or remedy pursuant to this Agreement does not operate as a waiver
    of that power, right or remedy.
	 	 	 
	 	(b)	The
    exercise of a power or right does not preclude:

 

    	4 

    	 

    

 

	 	(i)	its
    future exercise; or
	 	 	 
	 	(ii)	the
    exercise of any other power or right.

 

	 	(c)	A
    provision of or a right created under this Agreement may not be:
	 	 	 	 
	 	 	(i)	waived
    except in writing signed by the party granting the waiver; or
	 	 	 	 
	 	 	(ii)	varied
    except in writing signed by the parties.
	 	 	 	 
	 	(d)	The
    waiver of a power or right is effective only in respect of the specific instance to which it relates and for the specific
    purpose for which it is given.

 

	8.6	Assignment
	 	 
	 	No
    party can assign its interest in this Agreement without the prior written consent of the other.
	 	 
	8.7	Governing
    Law
	 	 
	 	This
    Agreement shall be governed by and construed in accordance with the law of Singapore and the parties to this Agreement submit
    to the non-exclusive jurisdiction of the Singapore Courts.

 

    	5 

    	 

    

 

SCHEDULE
1

 

Part
1 – Definitions

 

In
this Loan Agreement, unless the context otherwise indicates, each of the following expressions shall have the meaning assigned
to it below:

 

	Agreement	means
    this agreement as it may be varied from time to time.
	 	 
	Borrower	means
    each person named in this Agreement as the Borrower; the expression includes the successors and assigns of each Borrower.
	 	 
	Drawdown
    Date	means
    the initial drawdown date of the Loan and each subsequent date on which a drawdown of the Loan occurs.
	 	 
	Drawdown
    Notice	means
    a drawdown notice in the form contained in Schedule 2.
	 	 
	Event
    of Default 	means
    each of the events or circumstances defined in this Agreement as constituting an Event of Default.
	 	 
	Interest
    Payment Date	means
    the last business day of each month and the Repayment Date. 
	 	 
	Interest
    Rate	means
    12% per annum.
	 	 
	Lender	means
    each person named in this Agreement as the Lender; the expression includes the successors and assigns of each Lender.
	 	 
	Loan	means
    the sum of up to $20,000,000 agreed to be advanced by the Lender to the Borrower on the conditions set out in this Agreement.
	 	 
	Repayment
    Date	means
    7 June 2023.
	 	 
	Term	means
    the period from 8 June 2018 up to and including 7 June 2023.

 

Words
or expressions that are defined in this Loan Agreement appear throughout this Loan Agreement with the same initial capital letters,
however if the initial capital letters are omitted they have the same meaning unless the context otherwise requires.

 

Part
2 - Interpretation

 

In
this Loan Agreement:

 

	1.	headings
    are for convenience only and do not affect the interpretation of this Loan Agreement;
	 	 
	2.	reference
    to any statute or statutory provision shall include any modification or re-enactment of, or any legislative provisions substituted
    for, and all legislation and statutory instruments issued under such legislation or such provision;
	 	 
	3.	words
    denoting the singular shall include the plural and vice versa;

 

    	6 

    	 

    

 

	4.	words
    denoting individuals shall include corporations, associations, trustees, instrumentalities and partnerships and vice versa;
	 	 
	5.	words
    denoting any gender shall include all genders;
	 	 
	6.	references
    to Parties, Parts, clauses, Annexures and Schedules are references to Parties, Parts, clauses, Annexures and Schedules to
    this Loan Agreement as modified or varied from time to time;
	 	 
	7.	references
    to any document, deed or agreement shall include references to such document or agreement as amended, novated, supplemented,
    varied or replaced from time to time;
	 	 
	8.	a
    party includes the party’s representatives, administrators and permitted assigns;
	 	 
	9.	all
    references to dates and times are to Singapore time;
	 	 
	10.	all
    references to “$” and “dollars” are to the lawful currency of USA unless otherwise expressly
    stated;
	 	 
	11.	if
    a party consists of more than one person this binds them jointly and each of them severally;
	 	 
	12.	“including”
    and similar expressions are not words of limitation;
	 	 
	13.	where
    a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression
    have a corresponding meaning;
	 	 
	14.	reference
    to any body other than a party to this document (including, without limitation, an institute, association or authority), whether
    or not it is a statutory body:

 

	 	(a)	which
    ceases to exist, or
	 	 	 
	 	(b)	whose
    powers or function are transferred to any other body,
	 	 	 
	 	refers
    to the body which replaces it or which substantially succeeds to its powers or functions.

 

    	7 

    	 

    

 

SCHEDULE
2

 

Drawdown
Notice

 

	TO:	Investment
    Evolution Coin Ltd. (“LENDER’)
	 	 
	FROM:	MRAL
    BLOCKCHAIN, LLC (“BORROWER”)
	 	 
	LOAN
    FACILITY DATED:	8th
    June 2018 (“Agreement”)

 

The
Borrower gives notice to the Lender that it requires a drawdown under the Loan Facility:

 

	A	The
    amount required to be drawn down is $________________.
	 	 
	B	The
    purpose of the drawdown is to provide working capital and consumer loan capital for the Borrower’s business.
	 	 
	C	The
    Drawdown Date is ________________________________.
	 	 
	D	You
    are authorised and directed to pay the proceeds to MRAL Blockchain, LLC or as directed by it.

 

The
Borrower represents and warrants that at the date of this notice all representations and warranties given by the Borrower in this
Agreement remain true and correct and that no Event of Default subsists and no event has occurred which by the giving of notice
or lapse of time or both would be an Event of Default.

 

Dated:

 

For
and on behalf of the Borrower:

 

	 	 
	MRAL
    BLOCKCHAIN, LLC	 

 

    	8 

    	 

    

 

EXECUTION
PAGE

 

	EXECUTED
    by INVESTMENT EVOLUTION COIN LTD.	)

        )

        )
	 
	/s/
    Paul Mathieson	 	 
	Director/Chief
                                         Executive Officer

         

        PAUL
        MATHIESON
	 	 
	Name
    	 	 

 

	EXECUTED
    by MRAL BLOCKCHAIN, LLC	)

        )

        )
	 
	/s/
    Carla Cholewinski	 	 
	Chief
                                         Operating Officer

         

        CARLA
        CHOLEWINSKI
	 	 
	Name	 	 

 

    	9

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