Document:

Supplement to the Investment Advisory Management Agreement

 EXHIBIT 10.1(b) 
 SUPPLEMENT TO THE INVESTMENT ADVISORY MANAGEMENT AGREEMENT 
 DATED MARCH 25, 2004 BETWEEN
APOLLO INVESTMENT CORPORATION AND 
 APOLLO INVESTMENT MANAGEMENT, L.P. 
 This Supplement clarifies the Capital Gains Fee calculation set out in Section 3(b)(ii) of the Investment Advisory Management Agreement between AIC
and AIM (the “Advisory Agreement”). Nothing contained in this Addendum modifies any term of the Advisory Agreement. 
 For purposes
of determining any amount due under Section 3(b)(ii) of the Advisory Agreement, the Capital Gains Fee shall incorporate unrealized depreciation on a gross investment-by-investment basis at the end of such year. Capital gains with respect to any
investment will equal the difference between the proceeds from the sale of such investment and the accreted or amortized cost basis of such investment. 
 Examples of Determination of Capital Gains Fee: 
 Alternative 1 
 Assumptions 
  

	 	•	 	Year 1: $20 million investment made in Company A (“Investment A”), and $30 million investment made in Company B (“Investment B”) 

  

	 	•	 	Year 2: Investment A is sold for $50 million and fair market value (“FMV”) of Investment B determined to be $32 million 

  

	 	•	 	Year 3: FMV of Investment B determined to be $25 million 

  

	 	•	 	Year 4: Investment B sold for $31 million 

 The capital
gains portion of the incentive fee would be: 
  

	 	•	 	Year 1: None 

  

	 	•	 	Year 2: Capital gains incentive fee of $6 million ($30 million realized capital gains on sale of Investment A multiplied by 20%) 

  

	 	•	 	Year 3: None 

 $5 million (20% multiplied
by ($30 million cumulative capital gains less $5 million cumulative capital depreciation)) less $6 million (previous capital gains fee paid in Year 2) 
  

	 	•	 	Year 4: Capital gains incentive fee of $200,000 

 $6.2 million ($31 million cumulative realized capital gains multiplied by 20%) less $6 million (capital gains fee taken in Year 2) 
 Alternative
2 
 Assumptions 
  

	 	•	 	Year 1: $20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in
Company C (“Investment C”) 

  

	 	•	 	Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million 

  

	 	•	 	Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million 

	 	•	 	Year 4: FMV of Investment B determined to be $35 million 

  

	 	•	 	Year 5: Investment B sold for $20 million 

 The capital
gains incentive fee, if any, would be: 
  

	 	•	 	Year 1: None 

  

	 	•	 	Year 2: $5 million capital gains incentive fee 

 20% multiplied by $25 million ($30 million realized capital gains on Investment A less unrealized capital depreciation on Investment B) 
  

	 	•	 	Year 3: $1.4 million capital gains incentive fee(1) 

 $6.4 million (20% multiplied by $32 million ($35 million cumulative realized capital gains
less $3 million unrealized capital depreciation)) less $5 million capital gains fee received in Year 2. 
  

	 	•	 	Year 4: None 

  

	 	•	 	Year 5: None 

 $5 million (20% multiplied
by $25 million (cumulative realized capital gains of $35 million less realized capital losses of $10 million)) less $6.4 million cumulative capital gains fee paid in Year 2 and Year 3 
  

	(1)	As illustrated in Year 3 of Alternative 1 above, if the Corporation were to be wound up on a
date other than December 31st of any year, it may have paid aggregate capital gain incentive fees that are more than the amount of such fees that would be payable if it had been wound up on December 31st of such year.PLEDGE AND ESCROW AGREEMENT
                           ---------------------------

         THIS PLEDGE AND ESCROW AGREEMENT (the  "Agreement") is made and entered
into as of January 27, 2006 (the "Effective Date") by and among NEWGOLD, INC., a
corporation  organized and existing under the laws of the State of Delaware (the
"Pledgor"),  CORNELL CAPITAL PARTNERS, LP, (the "Pledgee"),  and DAVID GONZALEZ,
ESQ., as escrow agent ("Escrow Agent").

                                    RECITALS:
                                    --------

         WHEREAS,  in order to  secure  the full  and  prompt  payment  when due
(whether at the stated  maturity,  by  acceleration  or otherwise) of all of the
Company's obligations (the "Obligations") to the Pledgee or any successor to the
Pledgee under this  Agreement,  the Securities  Purchase  Agreement of even date
herewith  between  the  Pledgor  and  the  Pledgee  (the  "Securities   Purchase
Agreement"), the Convertible Debentures (the "Convertible Debentures") issued or
to be issued by the Company to the Pledgee, either now or in the future, up to a
total of One Million  Dollars  ($1,000,000)  of  principal,  plus any  interest,
costs,  fees,  and other  amounts owed to the Pledgee  thereunder,  the Security
Agreement  of even date  herewith  between  the  Pledgor  and the  Pledgee  (the
"Security Agreement") and the Memorandum of Interest dated January 30, 2006 (the
"Memorandum  of  Interest"),  and all other  contracts  entered into between the
parties hereto  (collectively,  the  "Transaction  Documents"),  the Pledgor has
agreed to  irrevocably  pledge to the Pledgee  24,050,025  shares (the  "Pledged
Shares") of the  Pledgor's  common  stock which will be delivered to the Secured
Party along with  medallion  guaranteed  stock  powers no later than January 30,
2006.

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

                              TERMS AND CONDITIONS
                              --------------------

         1.       PLEDGE AND TRANSFER OF PLEDGED SHARES.

                  1.1 The Pledgor  hereby grants to Pledgee a security  interest
in  all  Pledged  Shares  as  security  for  Pledgor's   obligations  under  the
Convertible  Debentures.  Simultaneously  with the execution of the  Transaction
Documents,  the Pledgor  shall  deliver to the Escrow  Agent stock  certificates
representing  the Pledged  Shares,  together with duly executed  stock powers or
other  appropriate  transfer  documents  executed in blank by the  Pledgor  (the
"Transfer Documents"),  and such stock certificates and Transfer Documents shall
be held by the Escrow  Agent  until the full  payment of all  amounts due to the
Pledgee under the  Convertible  Debentures as  proportionately  reduced  through
repayment in accordance  with the terms of the  Convertible  Debentures,  or the
termination or expiration of this Agreement.

         2. RIGHTS RELATING TO PLEDGED  SHARES.  Upon the occurrence of an Event
of Default  (as  defined  herein),  the  Pledgee  shall be  entitled to vote the
Pledged Shares, to receive  dividends

                                                                   Exhibit 10.13
<PAGE>
and other  distributions  thereon,  and to enjoy all other rights and privileges
incident to the ownership of the Pledged Shares.

         3. RELEASE oF PLEDGED SHARES FROM PLEDGE.  Upon repayment in accordance
with the terms of the  Convertible  Debentures  of Six  Hundred  Fifty  Thousand
Dollars  ($650,000) of the principal  amount of the  Convertible  Debentures the
Pledgor shall return the certificates representing one half (1/2) of the Pledged
Shares and corresponding  Transfer Documents to the Pledgee. Upon the payment of
all amounts due to the Pledgee under the Convertible  Debentures by repayment or
conversion  in  accordance  with the terms of the  Convertible  Debentures , the
parties  hereto shall  notify the Escrow  Agent to such effect in writing.  Upon
receipt of such  written  notice for  payment of the  amounts due to the Pledgee
under the Convertible  Debentures,  the Escrow Agent shall return to the Pledgor
the Transfer  Documents  and the  certificates  representing  the balance of the
Pledged Shares,  (collectively the "Pledged  Materials"),  whereupon any and all
rights of Pledgee in the Pledged Materials shall be terminated.  Notwithstanding
anything to the contrary contained herein,  upon full payment of all amounts due
to the Pledgee under the Convertible  Debentures,  by repayment or conversion in
accordance  with the terms of the  Convertible  Debentures,  this  Agreement and
Pledgee's  security  interest  and  rights in and to the  Pledged  Shares  shall
terminate.

         4.  EVENT OF  DEFAULT.  An "Event of  Default"  shall be deemed to have
occurred  under this  Agreement  upon an Event of Default under the  Transaction
Documents.

         5 REMEDIES.  Upon the occurrence and continuance of an Event of Default
for ten (10) business days, the Pledgee shall have the right to provide  written
notice of such Event of Default (the "Default Notice") to the Escrow Agent, with
a copy to the  Pledgor.  As soon as  practicable  after  receipt of the  Default
Notice,  the Escrow Agent shall deliver to Pledgee the Pledged Materials held by
the Escrow Agent hereunder.  Upon receipt of the Pledged Materials,  the Pledgee
shall have the right to (i) sell the Pledged Shares and to apply the proceeds of
such  sales,  net of any selling  commissions,  to the  Obligations  owed to the
Pledgee by the  Pledgor  under the  Transaction  Documents,  including,  without
limitation,  outstanding principal,  interest, legal fees, and any other amounts
owed to the Pledgee, and exercise all other rights and (ii) any and all remedies
of a secured party with respect to such  property as may be available  under the
Uniform  Commercial Code as in effect in the State of New Jersey.  To the extent
that the net proceeds  received by the Pledgee are  insufficient  to satisfy the
Obligations  in full,  the Pledgee  shall be entitled to a  deficiency  judgment
against the Pledgor for such amount.  The Pledgee shall have the absolute  right
to sell or  dispose  of the  Pledged  Shares in any manner it sees fit and shall
have no  liability to the Pledgor or any other party for selling or disposing of
such  Pledged  Shares even if other  methods of sales or  dispositions  would or
allegedly  would result in greater  proceeds than the method  actually used. The
Escrow Agent shall have the absolute right to disburse the Pledged Shares to the
Pledgee in batches not to exceed 9.9% of the outstanding  capital of the Pledgor
(which limit may be waived by the Pledgee providing not less than 65 days' prior
written notice to the Escrow Agent). The Pledgee shall return any Pledged Shares
released to it and  remaining  after the Pledgee has applied the net proceeds to
all amounts owed to the Pledgee.

                  5.1 Each right,  power and remedy of the Pledgee  provided for
in this  Agreement or any other  Transaction  Document  shall be cumulative  and
concurrent and shall be in addition to every other such right,  power or remedy.
The  exercise or  beginning of the exercise

                                                                   Exhibit 10.13
<PAGE>
by the Pledgee of any one or more of the rights, powers or remedies provided for
in this Agreement or any other Transaction Document or now or hereafter existing
at  law  or in  equity  or by  statute  or  otherwise  shall  not  preclude  the
simultaneous  or later exercise by the Pledgee of all such other rights,  powers
or remedies,  and no failure or delay on the part of the Pledgee to exercise any
such right,  power or remedy shall operate as a waiver thereof.  No notice to or
demand on the  Pledgor  in any case  shall  entitle  it to any other or  further
notice or demand in similar or other circumstances or constitute a waiver of any
of the rights of the Pledgee to any other  further  action in any  circumstances
without demand or notice. The Pledgee shall have the full power to enforce or to
assign or contract is rights under this Agreement to a third party.

                  5.2  DEMAND  REGISTRATION  RIGHTS.  In  addition  to all other
remedies  available to the Pledgee,  upon an Event of Default  continuing for at
least ten (10)  business  days,  the Pledgee  may demand and the  Pledgor  shall
promptly,  but in no event  more than  thirty  (30) days  after the date of such
registration  demand  include  the  Pledged  Shares for resale in any  currently
effective  Registration Statement required pursuant to the Investor Registration
Rights Agreement or if no Registration Statement is currently effective,  file a
registration  statement  to  register  with the  United  States  Securities  and
Exchange  Commission  the  Pledged  Shares  for the resale by the  Pledgee.  The
Pledgor shall cause the registration  statement to remain in effect until all of
the Pledged Shares have been sold by the Pledgee.

         6.       CONCERNING THE ESCROW AGENT.

                  6.1 The Escrow Agent undertakes to perform only such duties as
are expressly  set forth herein and no implied  duties or  obligations  shall be
read into this Agreement against the Escrow Agent.

                  6.2 The Escrow  Agent may act in reliance  upon any writing or
instrument  or signature  which it, in good faith,  believes to be genuine,  may
assume the validity and accuracy of any statement or assertion contained in such
a writing or instrument,  and may assume that any person  purporting to give any
writing, notice, advice or instructions in connection with the provisions hereof
has been duly  authorized  to do so. The Escrow Agent shall not be liable in any
manner for the sufficiency or correctness as to form, manner, and execution,  or
validity of any  instrument  deposited in this escrow,  nor as to the  identity,
authority,  or right of any person  executing the same; and its duties hereunder
shall be limited to the safekeeping of such certificates,  monies,  instruments,
or other document received by it as such escrow holder,  and for the disposition
of the same in  accordance  with the written  instruments  accepted by it in the
escrow.

                  6.3  Pledgee  and the  Pledgor  hereby  agree,  to defend  and
indemnify  the  Escrow  Agent  and hold it  harmless  from  any and all  claims,
liabilities,  losses, actions, suits, or proceedings at law or in equity, or any
other  expenses,  fees, or charges of any character or nature which it may incur
or with which it may be threatened by reason of its acting as Escrow Agent under
this  Agreement;  and in  connection  therewith,  to indemnify  the Escrow Agent
against any and all expenses,  including  attorneys' fees and costs of defending
any action,  suit, or proceeding or resisting any claim (and any costs  incurred
by the Escrow Agent  pursuant to Sections  6.4 or 6.5 hereof).  The Escrow Agent
shall  be  vested  with  a  lien  on  all  property  deposited  hereunder,   for

                                                                   Exhibit 10.13
<PAGE>
indemnification   of  attorneys'  fees  and  court  costs  regarding  any  suit,
proceeding  or  otherwise,  or any  other  expenses,  fees,  or  charges  of any
character  or nature,  which may be  incurred  by the Escrow  Agent by reason of
disputes   arising  between  the  makers  of  this  escrow  as  to  the  correct
interpretation  of this  Agreement  and  instructions  given to the Escrow Agent
hereunder,  or otherwise,  with the right of the Escrow Agent, regardless of the
instructions  aforesaid,  to hold said property until and unless said additional
expenses,  fees,  and charges shall be fully paid. Any fees and costs charged by
the Escrow Agent for serving hereunder shall be paid by the Pledgor.

                  6.4 If any of the parties shall be in  disagreement  about the
interpretation  of this Agreement,  or about the rights and obligations,  or the
propriety of any action  contemplated by the Escrow Agent hereunder,  the Escrow
Agent may, at its sole discretion  deposit the Pledged  Materials with the Clerk
of the United  States  District  Court of New  Jersey,  sitting  in Newark,  New
Jersey,  and, upon notifying all parties concerned of such action, all liability
on the part of the Escrow  Agent  shall fully  cease and  terminate.  The Escrow
Agent  shall be  indemnified  by the  Pledgor,  the  Company and Pledgee for all
costs,  including  reasonable  attorneys'  fees in connection with the aforesaid
proceeding,  and shall be fully  protected  in  suspending  all or a part of its
activities  under this Agreement  until a final decision or other  settlement in
the proceeding is received.

                  6.5 The  Escrow  Agent may  consult  with  counsel  of its own
choice (and the costs of such counsel  shall be paid by the Pledgor and Pledgee)
and shall have full and complete  authorization  and  protection  for any action
taken or  suffered  by it  hereunder  in good faith and in  accordance  with the
opinion of such  counsel.  The Escrow Agent shall not be liable for any mistakes
of fact or error of  judgment,  or for any  actions  or  omissions  of any kind,
unless caused by its willful misconduct or gross negligence.

                  6.6 The Escrow  Agent may resign  upon ten (10) days'  written
notice to the  parties in this  Agreement.  If a successor  Escrow  Agent is not
appointed within this ten (10) day period, the Escrow Agent may petition a court
of competent jurisdiction to name a successor.

                  6.7  Dispute  Resolution.  In  the  event  of any  dispute  or
discrepancy,  with regards to the foreclosure or release of the Pledged Property
the parties  hereto  shall  submit such  dispute to an  independent  third party
mutually chosen and agreed upon by the parties. Notwithstanding the foregoing in
the event  that a party  hereto  does not agree with such  determination  by the
independent  third party they shall be free to pursue any and all legal remedies
available  including  but not  limited to a  declaratory  judgment by a court of
competent jurisdiction.

                  6.8 Conflict Waiver. The Pledgor hereby  acknowledges that the
Escrow Agent is general counsel to the Pledgee, a partner in the general partner
of the Pledgee,  and counsel to the Pledgee in connection with the  transactions
contemplated  and referred  herein.  The Pledgor agrees that in the event of any
dispute  arising in  connection  with this  Agreement or otherwise in connection
with any transaction or agreement  contemplated and referred herein,  the Escrow
Agent shall be permitted  to continue to  represent  the Pledgee and the Pledgor
will not seek to disqualify such counsel and waives any objection  Pledgor might
have with respect to the Escrow  Agent  acting as the Escrow  Agent  pursuant to
this Agreement.

                                                                   Exhibit 10.13
<PAGE>
                  6.9 Notices.  Unless otherwise  provided herein,  all demands,
notices,  consents,  service  of  process,  requests  and  other  communications
hereunder  shall be in writing and shall be  delivered in person or by overnight
courier  service,  or  mailed  by  certified  mail,  return  receipt  requested,
addressed:

If to the Pledgor, to:                  Newgold, Inc.
                                        400 Capital Mall - Suite 900
                                        Sacramento, CA 95814
                                        Attention: Scott Dockter
                                        Telephone: (916) 449-3913
                                        Facsimile: (916) 449-8259

With a copy to:                         James W. Kluber
                                        327 Copperstone Trail
                                        Coppell, TX 75019
                                        Telephone: (214) 447-5336
                                        Facsimile: (214) 359-0306

                                        Weintraub Genshlea Chediak
                                        400 Capital Mall - 11th Floor
                                        Sacramento, CA 95814
                                        Attention: Roger Linn, Esq.
                                        Telephone: (916) 558-6000
                                        Facsimile: (916) 446-1611

If to the Pledgee:                      Cornell Capital Partners, LP
                                        101 Hudson Street, Suite 3700
                                        Jersey City, NJ 07302
                                        Attention: Mark A. Angelo
                                        Telephone: (201) 985-8300
                                        Facsimile: (201) 985-8744

With copy to:                           David Gonzalez, Esq.
                                        101 Hudson Street, Suite 3700
                                        Jersey City, NJ 07302
                                        Telephone: (201) 985-8300
                                        Facsimile: (201) 985-1964

Any such notice  shall be  effective  (a) when  delivered,  if delivered by hand
delivery or overnight courier service, or (b) five (5) days after deposit in the
United States mail, as applicable.

         7. BINDING  EFFECT.  All of the  covenants  and  obligations  contained
herein  shall be binding  upon and shall inure to the benefit of the  respective
parties, their successors and assigns.

                                                                   Exhibit 10.13
<PAGE>
         8.   GOVERNING   LAW;   VENUE;   SERVICE  OF  PROCESS.   The  validity,
interpretation  and  performance  of  this  Agreement  shall  be  determined  in
accordance with the laws of the State of New Jersey applicable to contracts made
and to be performed  wholly  within that state except to the extent that Federal
law applies. The parties hereto agree that any disputes, claims,  disagreements,
lawsuits,  actions  or  controversies  of any type or  nature  whatsoever  that,
directly  or  indirectly,  arise  from or relate to this  Agreement,  including,
without limitation, claims relating to the inducement, construction, performance
or termination of this Agreement,  shall be brought in the state superior courts
located  in Hudson  County,  New Jersey or Federal  district  courts  located in
Newark,  New Jersey, and the parties hereto agree not to challenge the selection
of that  venue  in any  such  proceeding  for  any  reason,  including,  without
limitation, on the grounds that such venue is an inconvenient forum. The parties
hereto  specifically agree that service of process may be made, and such service
of process shall be effective if made, pursuant to Section 8 hereto.

         9.  ENFORCEMENT  COSTS.  If any  legal  action or other  proceeding  is
brought for the enforcement of this Agreement, or because of an alleged dispute,
breach,  default or  misrepresentation in connection with any provisions of this
Agreement,  the  successful or prevailing  party or parties shall be entitled to
recover  reasonable  attorneys'  fees,  court costs and all expenses even if not
taxable as court costs (including,  without limitation, all such fees, costs and
expenses  incident  to  appeals),  incurred  in that  action or  proceeding,  in
addition to any other relief to which such party or parties may be entitled.

         10. REMEDIES  CUMULATIVE.  No remedy herein conferred upon any party is
intended to be  exclusive  of any other  remedy,  and each and every such remedy
shall be  cumulative  and  shall be in  addition  to every  other  remedy  given
hereunder  or now or  hereafter  existing  at law,  in equity,  by  statute,  or
otherwise.  No single or partial  exercise  by any party of any right,  power or
remedy hereunder shall preclude any other or further exercise thereof.

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

         12. NO PENALTIES.  No provision of this  Agreement is to be interpreted
as a penalty upon any party to this Agreement.

         13. JURY TRIAL.  EACH OF THE PLEDGEE AND THE PLEDGOR HEREBY  KNOWINGLY,
VOLUNTARILY AND  INTENTIONALLY  WAIVES THE RIGHT WHICH IT MAY HAVE TO A TRIAL BY
JURY OF ANY CLAIM,  DEMAND,  ACTION OR CAUSE OF ACTION BASED HEREON,  OR ARISING
OUT OF,  UNDER OR IN ANY WAY  CONNECTED  WITH THE DEALINGS  BETWEEN  PLEDGEE AND
PLEDGOR, THIS PLEDGE AND ESCROW AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION
HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,  STATEMENTS (WHETHER ORAL
OR WRITTEN) OR ACTIONS OF ANY PARTY  HERETO OR THERETO IN EACH CASE  WHETHER NOW
EXISTING  OR  HEREAFTER  ARISING,  AND  WHETHER  IN  CONTRACT,  TORT,  EQUITY OR
OTHERWISE.

                                                                   Exhibit 10.13
<PAGE>
         IN WITNESS  WHEREOF,  the parties hereto have duly executed this Pledge
and Escrow Agreement as of the date first above written.

                                            CORNELL CAPITAL PARTNERS, LP

                                            By:      Yorkville Advisors, LLC
                                            Its:     General Partner

                                            By:      /s/ MARK ANGELO
                                               ---------------------------------
                                            Name:    Mark Angelo
                                            Title:   Portfolio Manager

                                            NEWGOLD, INC.

                                            By:      /s/ SCOTT DOCTER
                                               ---------------------------------
                                            Name:    Scott Dockter
                                            Title:   Chief Executive Officer

                                            ESCROW AGENT

                                            By:      /s/ DAVID GONZALEZ
                                               ---------------------------------
                                            Name:    David Gonzalez, Esq.

                                                                   Exhibit 10.13

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