Document:

ex10-10.htm

Exhibit 10.10

 

ACTION BY WRITTEN CONSENT

OF THE

BOARD OF MANAGERS

OF

GGCR MINING, LLC

 

 

Pursuant to Section 18-404(d) of the Delaware Limited Liability Company Act, the undersigned, constituting the Board of Managers (the “Board”) of GGCR Mining, LLC, a Delaware Limited Liability Company (the “Company”), hereby consent to and adopt the following resolutions:

Power of Attorney

WHEREAS, the Board deems it advisable and in the best interests of the Company to grant the irrevocable powers of attorney substantially in the form attached hereto as Exhibit A (the “Powers of Attorney”) in connection with the actions contemplated under the MG Assignment and Assumption Agreement, dated as of February 19, 2012 by and between GGC, GGM, CRA and the Company (the “MG Assignment and Assumption Agreement”) and the Getik Assignment and Assumption Agreement, dated as of February 19, 2012 by and between GGC, GGM, CRA and the Company (the “Getik Assignment and Assumption Agreement”); and

WHEREAS, pursuant to Section 6.7(g) of the Company’s Limited Liability Company Operating Agreement, dated November 8, 2011 (the “Operating Agreement”), the managers may designate one or more managers who, pursuant to resolution by the Board, may execute on behalf of the Company all instruments and documents necessary to the business of the Company.

NOW, THEREFORE, BE IT RESOLVED, that the Powers of Attorney substantially in the form attached hereto as Exhibit A are hereby approved, and Van Krikorian, as a manager of the Company be, and hereby is, authorized to grant to the Powers of Attorney.

Guaranty, Security Agreement & Supplemental Letter

WHEREAS, Global Gold Consolidated Resources Limited, a Jersey, Channel Islands private limited company (“GGCRL”) entered into an Instrument made on January 17, 2012 pursuant to which GGCRL has issued and may issue in the future certain convertible notes (the “Notes”) to Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”);

WHEREAS, the Company, as the wholly owned subsidiary of GGCRL will indirectly benefit from the issuance of the Notes by GGCRL to CRA; and

WHEREAS, the Company desires to enter into a guaranty substantially in the form attached hereto as Exhibit B (the “Guaranty”);

WHEREAS, the Company desires to enter into a security agreement between the Company and CRA, substantially in the form attached hereto as Exhibit C (the “Security Agreement”); and

WHEREAS, the Company desires to enter into the supplemental letter between Global Gold Corporation, a Delaware corporation, CRA, GGCRL and the Company, substantially in the form attached hereto as Exhibit D (the “Supplemental Letter”).

 

  

  

  

 

NOW, THEREFORE BE IT RESOLVED, that the form, terms and provisions of the Guaranty be, and hereby is approved and adopted;

FURTHER RESOLVED, that a manager of the Company is authorized to execute and deliver the Guaranty, and that the Company is authorized and empowered to enter into and perform all of its obligations, acts and things in connection with the Guaranty.

FURTHER RESOLVED, that the form, terms and provisions of the Security Agreement be, and hereby is approved and adopted;

FURTHER RESOLVED, that a manager of the Company is authorized to execute and deliver the Security Agreement, and that the Company is authorized and empowered to enter into and perform all of its obligations, acts and things in connection with the Security Agreement.

FURTHER RESOLVED, that the form, terms and provisions of the Supplemental Letter be, and hereby is approved and adopted;

FURTHER RESOLVED, that a manager of the Company is authorized to execute and deliver the Supplemental Letter, and that the Company is authorized and empowered to enter into and perform all of its obligations, acts and things in connection with the Security Agreement.

FURTHER RESOLVED, that a manager, who is also a person nominated to the board of directors of GGCRL by GGC, and a manager, who is also a person nominated to the board of directors of GGCRL by CRA, acting together, are authorized and directed to take all such action and do all such things and to execute and deliver all such instruments and documents and the Board may deem necessary or appropriate in order to fully effectuate the purpose of each of the foregoing resolutions.

IN WITNESS WHEREOF, the undersigned executed this Written Consent as of February 19, 2012.

 

	 	 	 
______________________________

Van Krikorian

______________________________

Caralapati Premraj

 

 

GGCR Mining Board of Managers Consent Signature Page

  

  

  

EXHIBIT A

Powers of Attorney

 

 

Exh. A

  

  

  

EXHIBIT B

Guaranty

 

 

Exh. B

  

  

  

EXHIBIT C

Security Agreement

 

 

Exh. C

  

  

  

EXHIBIT D

Supplemental Letter

 

 

 

Exh. Dex10-11.htm

Exhibit 10.11

 

CERTIFICATE

OF

GLOBAL GOLD CORPORATION

This certificate is being given pursuant to Section 6 of Schedule 1 of the Supplemental Letter, dated as of the date hereof by, among others, Global Gold Corporation, a Delaware corporation (the “Company”), Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”), Global Gold Consolidated Resources Limited, a Jersey, Channel Islands private limited company (“GGCRL”) and GGCR Mining, LLC, a Delaware limited liability company (“GGCR”), in connection with the Joint Venture Agreement dated as of April 27, 2011 (the “JV Agreement”) between the Company, Global Gold Armenia, LLC, a Delaware limited liability company (“GGA”), Global Gold Mining, LLC, a Delaware limited liability company (“GGM”), Mego-Gold, LLC, an Armenian limited liability company (“MG”) and Getik Mining Company, LLC, an Armenian limited liability company (“GMC”).

The undersigned, in his capacity as a Chairman and Chief Executive Officer of the Company, hereby certifies the following on behalf of the Company:

 

	
  

	
1.

	
There has been no modification, suspension, withdrawal, cancellation, termination or failure to be renewed of any of the Company’s interests, including mining and exploration rights, licenses and permits in the Touukhmanuk and Getik deposits (the “Properties”), which has resulted material adverse effect on the mining and exploration activities at the Properties;

	
  

	
2.

	
There has been no material breach by the Company, GGA, GGM, MG and GMC on any of its obligations under the JV Agreement which has not been remedied within 30 days of receipt of formal written notice from CRA of such breach;

	
  

	
3.

	
Except for the transfers pursuant to the MG Assignment and Assumption Agreement dated as of the date hereof by and between the Company, GGM, CRA and GGCR (the “MG Assignment”), and  the Getik Assignment and Assumption Agreement dated as of the date hereof by and between the Company, GGM, CRA and GGCR (the “Getik Assignment”), there has been no actual or proposed change in the direct or indirect legal or beneficial ownership or control of MG or GMC without the prior written consent of CRA;

	
  

	
4.

	
The representations and warranties made by the Company in the JV Agreement are true and not misleading in all material respects;

	
  

	
5.

	
There has been no nationalization, expropriation, insolvency, bankruptcy, dissolution, winding up, liquidation or any similar event with respect to the Company, GGA, GGM, MG and GMC that may prevent MG and GMC from carrying on their business or the mining and exploration activities at the Properties or affecting any substantial part of the Properties, other assets or business perspectives thereof.

 

  

  

  

 

	
  

	
6.

	
Pursuant to Section 2.3.7 of the JV Agreement, except as specified in Part B of Schedule 3 of the MG Assignment and Part B of Schedule 3 of the Getik Assignment, the Company has taken all necessary steps and secured any required approvals, including from any regulatory authorities, to effect the transfer of 100% of the GGM’s interest in MG and GMC, and through them also in the Properties to GGCR Mining, LLC, and such approvals are in full force and have not been suspended, withdrawn or revoked.

	
  

	
7.

	
The full Initial Consideration (as defined in the JV Agreement) has been received.

The undersigned has executed this Certificate as of February 19, 2012.

__________________________________________

Name:     Van Krikorian

Title:       Chairman and Chief Executive Officer of

Global Gold Corporation

 

 

 

GGC Certificate Signature Pageex10-12.htm

Exhibit 10.12

Global Gold Consolidated Resources Limited

Registered Company No 109058

(the Company)

Written resolutions by all of the directors of the Company 

All of the directors of the Company pass the resolutions set out below.

Disclosure of directors’ interests

By signing these resolutions, each of the directors confirms that they have disclosed to the Company all direct or indirect interests which they have in the transaction and documents to be approved under these resolutions which materially conflict or may conflict with the interests of the Company in accordance with article 75 of the Companies (Jersey) Law 1991 and the articles of association of the Company.

 

Directors

 

These resolutions are, among other things, to approve the resignation of certain directors.

 

Accept resignation of Jeffrey Marvin, David Premraj and Ian Hague

 

Letters of resignation dated 1 February 2012 have been received from Jeffrey Marvin, David Premaj and Ian Hague stating that they have resigned as directors of the Company. Copies of these letters have been circulated to the directors.

 

It is resolved that the Company accept the resignations of Jeffrey Marvin, David Premaj and Ian Hague from that office with effect from 1 February 2012.

 

Appointment of directors

 

It is noted that Caralapati Premraj will no longer be an alternate director to David Premraj and has signed a consent letter to act as a director of the Company subject to, and with the benefit of the provisions of, the Company's articles of association.

 

It is resolved that Caralapati Premraj be appointed as director of the Company (the appointment being subject to, and with the benefit of the provisions of, its articles of association) with effect from 1 February 2012.

 

Further appointments

 

These resolutions note that the board will be appointing three further Independent non-executive directors to take the number of directors up to five in accordance with Article 5 of the shareholder agreement (the SHA) to be entered into by the Company on 18 February 2012. ("Independent" having been defined in the SHA), GGC and CRA shall have the authority to individually appoint one Independent non-executive director each with CRA and GGC endeavouring to make such appointments by 15 March 2012 to replace Messrs. Hague and Marvin.

 

  

  

  

 

It is resolved that any one director nominated by GGC and any one director nominated by CRA, acting together, are authorised to agree the terms of such non-executive directors appointment with the Company and agree the terms of, approve and execute any documents necessary for such appointments.

Further Business

These resolutions are to approve the Company entering into the following documents (the Documents):

	
  

	
●

	
The Getik assignment and assumption agreement to be entered into between the Company, GGC, Global Gold Mining LLC and GGCR Mining, LLC;

	
  

	
●

	
The MG assignment and assumption agreement entered into between the Company, GGC, Global Gold Mining LLC and GGCR Mining, LLC;

	
  

	
●

	
The supplemental letter to be entered into between the Company, GGC, GGCR Mining and CRA;

	
  

	
●

	
The security agreement to be made by the Company and GGCR Mining to CRA.

	
  

	
●

	
The SHA.

Drafts of the Documents were circulated to the directors together with these resolutions.

Approval of the Documents

After consideration of the substance of the transaction contemplated by the Documents, it was resolved that:

 

	
1

	
each of the Documents is on bona fide commercial terms (and such as could be reached by parties dealing at arms’ length) and in the best interests of the Company;

 

	
2

	
each of the Documents is approved in the form circulated to the directors together with these resolutions;

 

	
3

	
the execution of the Documents on behalf of the Company by any one director (or his alternate) or, where necessary or appropriate, under the common seal of the Company affixed in the presence of any two directors (or their alternates) or one director (or his alternate) and the secretary is approved;

 

	
4

	
any one director (or his alternate) is authorised to agree the terms of, approve and execute any documents, notes, deeds, agreements, letters, notices, certificates, acknowledgements and instructions (the Ancillary Documents) considered by him, in his absolute discretion, necessary or expedient in connection with the transaction contemplated by the Documents (execution of any such Ancillary Documents, whether signed by any one director (or his alternate) or, where necessary or appropriate, under the common seal of the Company affixed in the presence of any two directors (or their alternates) or one director (or his alternate) and the secretary, to be conclusive evidence of the approval of the directors to the form thereof); and

 

  

2

  

 

	
5

	
any one director nominated by GGC and any one director nominated by CRA, acting together, are authorised to do all other such acts and things as might in their opinion and absolute discretion be necessary or desirable for the purposes of the transaction contemplated by the Documents.

 

Share Certificates

 

It was noted that at the inaugural meeting dated 4 November 2011, approval was given for the issue of share certificates showing 1 share each to Ogier Nominees (Jersey) Limited and Reigo Nominees (Jersey) Limited to subsequently be cancelled.  It was further noted that this was an error and it was never the intention for share certificates to be issued to the nominee shareholders.

 

After due consideration it was resolved that the requirement for issue of share certificates 1 and 2 be waived.

 

Share Register

 

It was noted that the inaugural minutes dated 4 November 2011 stated that 49 further shares were to be issued to Consolidated Resources Armenia, however it is noted that this was a typographical error and this should have stated that a further 47 shares were to be issued to Consolidated Resources Armenia.  It is further noted that the share register was updated to reflect the correct position and share certificate 3 was issued showing 49 shares in favour of Consolidated Resources Armenia.

 

It is resolved to note this error and confirm that the share holding in the company is as follows:

 

	
Consolidated Resources Armenia

Maples Corporate Services Limited

P.O. Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

	
49 Ordinary Shares of no par value

	
Global Gold Corporation

2711 Centerville Road

Suite 400

Wilmington

Delaware, 19808

USA

	
51 Ordinary Shares of no par value

 

It was resolved that share certificates be produced evidencing the above share issuances of 49 ordinary no par value shares to Consolidated Resources Armenia and 51 ordinary no par value shares to Global Gold Corporation and that such share certificated be executed by any one director and where necessary the company secretary.

 

  

3

  

 

These written resolutions may be signed in any number of counterparts, all of which taken together constitute one and the same document, and these written resolutions are effective when the last signatory signs them.

 

	
...............................................................

Caralapati Premraj

 

 

	
...............................................................

Van Krikorian

 

 

	
...............................................................

Ian Hague

 

 

	
...............................................................

Jeffrey Marvin

 

 

	
...............................................................

David Premraj

 

 

 

 

 

GGCRL Written Resolutions Signature Page

 

 

4

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