Document:

glla_ex104.htm

EXHIBIT 10.4

 

UNANIMOUS CONSENT OF

THE BOARD OF DIRECTORS OF GILLA INC.

A NEVADA CORPORATION

 

The undersigned, being all of the Directors of GILLA Inc., a Corporation incorporated in the State of Nevada, (the “Corporation”), do hereby authorize and approve the actions set forth in the following resolution, and do hereby consent to the following actions of the Corporation, which actions are hereby deemed effective as of the date hereof:

RESOLVED, that the Corporation appoint the following as officers of the Corporation:

 

	Danny Yuranyi  	President and Chief Operating Officer
	Graham Simmonds	Chief Executive Officer
	Ashish Kapoor	Chief Financial Officer
	Ernest “Ernie” Eves	Chairman of the Board of Directors
	Carrie J. Weller 	Corporate Secretary

 

RESOLVED, that CFCC Loan Agreement be terminated and that the Corporation enter into a new loan agreement with CFCC and that a new Credit Note reflecting the terms and conditions set forth in the attachments to this consent document (“Schedule A”) be issued; and,

RESOLVED, that the Corporation advise its banker, TD Bank, 380 South County Road, Palm Beach FL 33480 of the change of signatory and enter into such agreements as may be required by TD Bank to reflect the change.

RESOLVED, that the Corporation open an account in Canada with a Chartered Bank and that the Corporation is hereby authorized to enter into such agreements as may be required to establish and maintain the account.

 

IN WITNESS WHEREOF, the undersigned have executed this consent, this 15th day of November, 2012

 

	By:	
/s/ Ernest “Ernie” Eves

	 	
 

	 	
 

	 	
Name: Ernest “Ernie” Eves

	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Graham Simmonds

	 	
 

	 	
 

	 	
Name: Graham Simmonds

	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Danny Yuranyi

	 	
 

	 	
 

	 	
Name: Danny Yuranyi

	 	 	 	 
	 	 	 	 	 	 
	By:	

/s/ Stanley D. Robinson

	 	 	 	 
	 	Name: Stanley D. Robinson	 	 	 	 

 

 

  

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SCHEDULE A

1. Loan Agreement with Credifinance Capital Corp.

2.   Credit Note Issued to Credifinance Capital Corp.

 

 

 

 

 

 

 2glla_ex105.htm

 

EXHIBIT 10.5

 

LOAN AGREEMENT

This Loan Agreement (“Agreement”) made this 15th day of April 2011 by and between GILLA, INC., a Nevada corporation (“Company”) and CREDIFINANCE CAPITAL CORP., a Delaware corporation (“Noteholder”).

W I T N E S S E T H:

WHEREAS, Noteholder is prepared to make one or more loans or advances to Company in the aggregate principal amount of Two Hundred Thousand Dollars ($200,000) in order to provide working capital and other resources for the business of Company;

WHEREAS, Borrow desires to borrow such funds on the terms and conditions set forth herein;

NOW, THEREFORE, the parties agree as follows:

1. The Loan.  Noteholder has agreed to loan an aggregate of Two Hundred Thousand Dollars ($200,000) to Company from time to time as set forth in an 10% Convertible Revolving Credit Note (“Note”) annexed hereto as Exhibit A (the “Loan”).  The principal amount of the Loan shall be payable at maturity on or before December 31, 2012 (the “Maturity Date”).  The Loan shall bear interest at the rate of 10% per annum payable annually commencing December 31, 2011, all as described in the Note.

2. Use of Proceeds.  The proceeds of the Loan will be used solely to discharge the Company’s property taxes, professional fees associated with preparing the Company’s financial statements and periodic and current reports filed with Securities and Exchange Commission and other regulatory authorities and for acquisitions as may from time to time be determined by the Company.

3. Listing Commitment.  The Company agrees to obtain a listing of its common shares on the Toronto Junior Exchange (TSX V) or Canadian National Stock Exchange (CNSX).  The failure to obtain such listing within 12 months of the date hereof shall be deemed a default under the Note.

4. Fifteen Percent Interest in Certain Gilla Properties.  In addition to the issuance of the Note to the Noteholder and in consideration for the credit facility provided to the Company, the Noteholder or its designee shall receive a 15% non-dilution interest in all real and personal properties held by the Company through its 99% GISOR SA subsidiary in the Democratic Republic of the Congo as of the date hereof, and not as security for the payment of the Note, but subject to any liens or other security interests arising from bona fide indebtedness of the Company and its subsidiaries.

5. Remedies.  Immediately upon an occurrence of any one or more of the below-enumerated events (herein called “Events of Default”), Noteholder may at any time thereafter declare the Loan owed to Noteholder by Company hereunder and all other liabilities and indebtedness owed by Company to Noteholder to be forthwith due and payable, whereupon the Loan owed to Noteholder by Company and all other liabilities and indebtedness owed by Company to Noteholder with accrued interest thereon, whether contingent or direct, shall forthwith become due and payable upon satisfaction of the notice provisions as provided in the Note.  No right, power or remedy conferred upon Noteholder by this Agreement shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law or in equity.

 

  

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6. Events of Default.  The occurrence of any of the following shall constitute “Events of Default,” and upon the occurrence of any of the following Events of Default:  (i) Company shall fail to make any payment of interest or principal or to perform any obligation hereunder or the Note; (ii) any warranty, representation, covenant or statement made or furnished to Noteholder by or in behalf of Company pursuant to this Agreement or the Note shall have been false in any material respect which made or furnished; or (iii) Company becoming insolvent, filing or subject to a petition under the Bankruptcy Law by or against Company, or making a general assignment for the benefit of creditors all as provided in the Note.

7. Enforcement.  Noteholder shall have the right at all times to enforce the provisions of this Agreement in strict accordance with the terms hereof.  The failure of Noteholder at any time or times to enforce its or their rights under such provisions strictly in accordance with the same shall not be construed as having in any way or manner modified or waived the same.  All rights and remedies of Noteholder are cumulative and concurrent, and the exercise of one right or remedy shall not be deemed a waiver or release of any other right or remedy.

8. Term.  The term of this Agreement shall commence with the date hereof and end upon the payment of the Loan in full.

9. Governing Law.  The laws of Delaware shall govern the construction of this Agreement and the rights and duties of the parties hereto except as otherwise provided.

10. Benefit.  This Agreement shall inure to the benefit of Noteholder’s successors and assigns and shall be binding on Company’s successor and assigns.

11. Notices.  Unless otherwise specified in writing, the mailing addresses of both parties of this Agreement shall be as follows:

	
Company:

	Gilla, Inc.
	  	
112 North Curry Street

	  	
Carson, Nevada 89703

	  	
Attention:  President

	  	  
	Noteholder:	
Credifinance Capital Corp.

	  	
1232 North Ocean Way

	  	
Palm Beach FL 33480

	  	
Attention:  Georges Benarroch

 

  

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Any notice or statement given under this Agreement shall be deemed to have been given if sent by registered mail addressed to the other party at the address indicated above or at such other address which shall have been furnished in writing to the addressor.

IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly executed as of the day and year first above written.

 

	 	NOTEHOLDER: 

CREDIFINANCE CAPITAL CORP.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Georges Benarroch	 
	 	Name:   	Georges Benarroch	 
	 	Title:  	President	 
	 	 	 	 
	 	
COMPANY:

GILLA, INC.

	 
	 	 	 	 
	 	
By: 

	/s/ Georges Benarroch	 
	 	Name:   	Georges Benarroch	 
	 	 	 	 
	 	
By: 

	
/s/ Daniel Barrette

	 
	 	Name:   	Daniel Barrette	 
	 	 	 	 
	 	
By: 

	/s/ Linda Kent	 
	 	Name:   	Linda Kent	 
	 	 	 	 
	 	
By: 

	/s/ Stanley Robinson	 
	 	Name:   	Stanley Robinson	 

 

3glla_ex106.htm

 
EXHIBIT 10.6

 

TERMINATION OF LOAN AGREEMENT

 

This Termination of Loan Agreement (“Agreement”) is made this 15th day of November 2012 between GILLA INC, a Nevada corporation (“Company”) and CREDIFINANCE CAPITAL CORP., a Delaware corporation (“Noteholder”).

WITNESSETH:

WHEREAS, the Parties entered into the Loan Agreement dated April 15, 2011 (attached hereto as Schedule “A”) in order to provide working capital and other resources for the business of Company;

WHEREAS, the Parties desire to terminate the Loan Agreement;

NOW, THEREFORE, the parties agree as follows:

1. The Loan.  All amounts owing under the Loan Agreement are now reflected in the New Loan Agreement  (“New Loan Agreement”) dated November 15, 2012 (attached hereto as Schedule “B”)

2. The Loan Agreement is hereby terminated with no further responsibilities to both Parties, other than the New Loan Agreement.  The occurrence of any of the following shall constitute“Events of Default,” and upon the occurrence of any of the following Events of Default:  (i) Company shall fail to make any payment of interest or principal or to perform any obligation hereunder or the Note; (ii) any warranty, representation, covenant or statement made or furnished to Noteholder by or in behalf of Company pursuant to this Agreement or the note shall have been false in any material respect which made or furnished; or (iii) Company becoming insolvent, filing or subject to a petition under the Bankruptcy Law by or against Company, or making a general assignment for the benefit of creditors all as provided in the Note.

3. Governing Law.  The laws of Delaware shall govern the construction of this Agreement and the rights and duties of the parties hereto except as otherwise provided.

 

4. Benefit. This Agreement shall inure to the benefit of Noteholder’s successors and assigns and shall be binding on Company’s successor and assigns.

 

5. Notices.  Unless otherwise specified in writing, the mailing addresses of both parties of this Agreement shall be as follows:

Company:              Gilla, Inc.

112 North Curry Street

Carson, Nevada 89703

Attention:   Georges Benarroch, President

Noteholder:           Credifinance Capital Corp.

1232 North Ocean Way

Palm Beach FL  33480

Attention:  Georges Benarroch, President

 

  

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Any notice or statement given under this Agreement shall be deemed to have been given if sent by registered mail addressed to the other party at the address indicated above or at such other address which shall have been furnished in writing to the addressor.

IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly executed as of the day and year first above written.

 

	 	COMPANY 	 
	 	 	 
	 	GILLA, INC.	 
	 	

A Nevada Corporation

	 
	 	 	 
	
 

	
By: 

	/s/ Georges Benarroch	 
	 	 	Name: Georges Benarroch	 
	 	 	Title: President	 
	 	 	 	 

 

	
 

	

NOTEHOLDER:

	 
	 	 	 
	 	

CREDIFINANCE CAPITAL CORP.

	 
	 	

A Delaware Corporation

	 
	 	 	 
	
 

	
By: 

	/s/ Georges Benarroch	 
	 	 	Name: Georges Benarroch	 
	 	 	Title: President	 
	 	 	 	 

 

 

 

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