Document:

exh10-33.htm

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.33

 

 

 

 

 

 

 

 

 

  

  

  

 

STOCK PLEDGE AGREEMENT

 

THIS STOCK PLEDGE AGREEMENT (the "Agreement") is entered into as of as of March 23, 2009, by and between WALSH ENVIRONMENTAL SCIENTISTS AND ENGINEERS, LLC, a Colorado limited liability company, with a principal place of business located at 4888 Pearl East Circle, Suite 108, Boulder, Colorado 80301 ("Secured Party”) and CALAIS RESOURCES, INC., a Canadian corporation, with a principal place of business located at 4415 Caribou Road. P.O. Box 653, Nederland, Colorado 80466 ("Pledgor") in connection with that certain Promissory Note (the "Note”) of even date herewith between Walsh and Debtor in order to secure the payment obligations of Debtor under the Note.

 

WHEREAS, Pledgor owns 511,000 shares of restricted capital stock (the "Shares") issued by Calais Resources Inc. (the "Company").

 

WHEREAS, to induce Secured Party to accept the Note in payment of Pledgor's liabilities to the Secured Party, Pledgor desires to pledge to Secured Party all of the Shares and grant to Secured Party a continuing first priority, perfected security interest in the Collateral (as defined below) to secure Pledgor's payment obligations under the Note.

 

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

 

1.  PLEDGE. To secure Pledgor's payment obligations under the Note, Pledgor hereby assigns, transfers, pledges, sets over and delivers to Secured Party, and grants Secured Party a security interest in the items of personal property described in Section 2 below (collectively, the "Collateral”).

 

2.  COLLATERAL. The Collateral shall consist of the following:

 

(a)  The Shares, including without limitation, (i) any certificates representing the Shares (the "Share Certificates”); (ii) any certificate representing a distribution to Pledgor, as a holder of the Shares, or issued in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of interests, spin-off, split-off or the like; and (iii) any opinion, warrant, or right whether as an addition to or in substitution of or in exchange for any of the Shares; (iv) any distribution or dividend issued with respect to the Shares payable in property, including securities issued by any party including Secured Party: distribution or dividend issued with respect to the Shares payable in property, including securities issued by any party including the Company; and

 

(b)  Any and all proceeds of the foregoing.

 

3.  STOCK CERTIFICATES. The Share Certificates shall be endorsed in blank and made subject, to the power of attorney granted to Secured Party in Section 9 below and shall be held by Secured Party until the Collateral is released as provided in Section 8 below.

 

4.  REPRESENTATIONS AND WARRANTIES OF PLEDGOR. Pledgor represents and warrants that it (a) is the sole owner of the Shares free and clear of all liens and encumbrances of any nature whatsoever; and (b) has the full power, right and authority to execute and deliver this Agreement,

 

5.  STATUS OF PLEDGE. The Collateral is and shall be at all times free of all tax and other liens, security interests, encumbrances and claims of any kind except for the security interest created by the pledge granted herein. Pledgor shall not, so long as any payments due to Secured Party under the Note remain unpaid, pledge to any individual or entity other than Secured Party any interest in the Collateral that is senior to the security interest created by the pledge granted to Pledgor herein. Pledgor shall defend the Collateral against all claims and demands of all persons at any time claiming any interest therein,

 

6.  SALE OF COLLATERAL. Pledgor shall not assign, convey, lease, sell or transfer any of the Collateral to any third party without the prior written consent of Secured Party.

  

  

  

7.  RIGHT TO VOTE. Unless and until the occurrence of an Event of Default (as defined below) hereunder, Pledgor shall be entitled to vote the Shares in connection with all matters upon which the stockholders of the Company are entitled to vote.

 

8.  RELEASE OF COLLATERAL. Upon the Secured Party's receipt of payment in full of all sums due under the Note, including without limitation the entire Principal Balance thereof and all Interest accrued thereon, the Secured Party shall release the Collateral from the security interest granted herein and this Agreement shall terminate.

 

9.  APPOINTMENT OF SECURED PARTY. Effective as of the occurrence of an Event of Default, Pledgor hereby constitutes and appoints Secured Party as its true and lawful attorney, with full power of substitution, to ask, demand, collect, receive, and give acquittance for any and all amounts that may be or become due or payable under the Shares; to endorse the name of Pledgor on any instrument given in evidence, payment, or partial payment thereof; and in its discretion, to file any claim or take any other action or proceeding, either in its own name or in the name of Pledgor or otherwise, that Secured Party may deem necessary or appropriate to protect and preserve its right, title and interest hereunder.

 

10. EVENTS OF DEFAULT. Pledgor shall be in default (each an "Event of Default”) under this Agreement and the Note in the event that Pledgor:

 

(a)  defaults in the performance of its payment obligations or any other obligations as set forth in the Note, any Security Instrument (as defined in the Note), or any other agreement between the Pledgor and Secured Party, the failure of which would have a materially negative effect on Pledgor's ability to pay the amounts due under the Note or in any way materially reduce or impair the value of the Collateral and/or Secured Party's perfected, first priority security interest in the Collateral;

 

(b)  fails to make any payment due to Secured Party under this Agreement or any other promissory notes or agreement between Pledgor and Secured Party evidencing indebtedness owed by Pledgor to Secured Party;

 

(c)  fails to perform any obligation or defaults with respect to any warranty or covenant to Secured Party set forth in this Agreement or any other present or future written agreement regarding this or any other indebtedness, the failure of which would have a materially negative effect on Pledgor's ability to pay the amounts due under the Note or in any way materially reduce or impair the value of the Collateral and/or Secured Party's perfected, first priority security interest in the Collateral; or

 

(d)  is dissolved or terminated, ceases to operate its business, becomes insolvent, fails to generally pay its obligations as they become due, makes an assignment for the benefit of creditors or becomes the subject of any bankruptcy, insolvency or debtor rehabilitation proceeding.

 

11.            REMEDIES.  Upon the occurrence of an Event of Default hereunder, Secured Party may, at its option and without notice to or demand on Pledgor, exercise any and all rights and remedies available to Secured Party, at law or in equity or otherwise, including with limitation, foreclosing upon the Collateral. In the event Secured Party exercises its right to foreclose on the Collateral and takes ownership of the Shares, Pledgor acknowledges and agrees that Secured Party shall have all the rights and privileges appurtenant to the ownership of the Shares, subject to applicable law. The rights, powers, and remedies of Secured Party under this Agreement shall be in addition to all rights, powers, and remedies given to Secured Party by virtue of any statute or rule of law or any other agreement, all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently without impairing Secured Party's security interest in the Collateral.

 

12.            NOTICES. All notices to be delivered in connection with this Agreement shall be in writing and shall be deemed to have been given when personally delivered, sent by overnight delivery service, mailed by first class mail return receipt requested, or delivered by facsimile when transmitted and

  

  

  

the appropriate confirmation of delivery is received. Notices, demands and communications shall, unless another address is specified in writing, be sent to the addresses for the parties as set forth above.

 

13.          TRANSFER OR ASSIGNMENT. Secured Party or any holder hereof may at any time, with

or without notice to Pledgor, assign or otherwise transfer its rights and obligations hereunder to any third party, provided, however, that any such assignment or transfer shall also be deemed to include assignment or transfer of Lender's rights under the Note to such third party in such event such third party shall have and may exercise all of Secured Party's rights hereunder, and Pledgor shall not assert against such third party any defense, counterclaim or offset that Pledgor may have against Secured Party, except that Debtor may assert by way of affirmative defense or offset any legal theory asserting that Debtor has partially or fully satisfied its obligations hereunder or that Secured Party has violated the terms of this Agreement or the Note. Pledgor shall, upon Pledgor's receipt of written notice of any such transfer or assignment, acknowledge receipt thereof in writing and shall comply with the reasonable directions and demands of such third party. Pledgor may not assign, delegate or otherwise transfer any of its rights and obligations hereunder without the prior written consent of Secured Party.

 

14.  GOVERNING LAW; VENUE; JURISDICTION; JURY TRIAL WAIVER.  The validity and interpretation of this Agreement shall be governed by the laws of the State of Colorado. The parties agree that any action or proceeding commenced under or with respect to this Agreement shall be brought only in the county or district courts of Boulder County, Colorado, and the parties irrevocably consent to the jurisdiction of such courts and waive any right to alter or change venue, including by removal. EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY SUIT, CLAIM, CAUSE OF ACTION OR OTHER ACTION TO ENFORCE ANY TERM OR CONDITION OF THIS AGREEMENT OR OTHERWISE ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

15.  ENTIRE AGREEMENT; SEVERABILITY; AMENDMENTS. This Agreement together with the Note, constitutes the entire understanding or agreement between the parties, and there is no understanding or agreement, oral or written, which is not set forth herein or therein. In the event any provision of this Agreement shall be prohibited or unenforceable in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law; or if for any reason it is not deemed so modified, it shall be ineffective only to the extent of such prohibition or unenforceability without affecting the remaining provisions hereof and any such prohibition or unenforceability shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement may not be amended, modified, or changed, nor shall any waiver by Secured Party of any provision of this Agreement be effective, except by written instrument signed by the party against whom enforcement of such amendment, modification, or waiver is sought.

 

16.  LEGAL EXPENSES. In the event that either party institutes any legal action to enforce or construe any provision of this Agreement, including arbitration or mediation, the non-prevailing party shall pay to the prevailing party reasonable costs and expenses, including legal fees, incurred by the prevailing party as a result of such legal action.

 

17.  COUNTERPARTS. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and which taken together shall constitute one and the same agreement.

 

[Signature Page Follows]

 

  

  

  

IN WITNESS WHEREOF, Pledgor and Secured Party have caused this Agreement to be executed as of the date first above written.

 

	PLEDGOR:  CALAIS RESOURCES, INC.	 	 	SECURED PARTY:  WALSH ENVIRONMENTAL	 
	 	 	 	                          SCIENTISTS AND ENGINEERS, LLC	 
	 	 	 	 	 
	
By:  /s/ David K. Young

	 	 	
By:  /s/ 

	 
	
Name:  David K. Young

	 	 	
Name: 

	 
	
Title:  President and CEO

	 	 	
Title:exh10-34.htm

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.34

 

 

 

 

 

 

 

  

  

  

AGREEMENT BY CALAIS RESOURCES COLORADO, INC. TO PURCHASE

PERPETUAL INDEPENDENT ROYALTY INTEREST DATED JUNE 1, 1988

IN FAVOR OF TUSCO, INCORPORATED

This "Agreement to Purchase Perpetual Independent Royalty Interest Dated June 1, 1988 in Favor of Tusco, Incorporated" (the "Agreement", or "Purchase Agreement") is dated and effective this 4th day of April, 2008.

This Purchase Agreement is entered into by and between Calais Resources Colorado, Inc., a Nevada corporation doing business in Colorado, successor in title to Hendricks Mining Co. a/k/a Hendricks Mining Company ("Hendricks"), a dissolved Colorado corporation, P.O. Box 653, Nederland, CO 80466, and Tusco, incorporated, a Nevada corporation and successor to Columbine Minerals Company, Inc., a Colorado corporation, (hereinafter, "Tusco") 5310 Ward Road, Suite G-07, Arvada, CO 80002.

WHEREAS on June 1, 1988, Hendricks granted to Tusco a perpetual Independent royalty interest (hereinafter, the "royalty interest") in production from the properties described at Exhibit A hereto at gold settlement prices of $800.00 per troy ounce (US$) and above, all as fully described in that certain "Grant of Perpetual Independent Royalty Interest" recorded on June 1,1988 at Film 1530, RN 921374 of the records of Boulder County Colorado; and

WHEREAS the parties have agreed to the terms upon which Calais Resources Colorado, Inc. (hereinafter, "Calais") shall purchase the royalty interest from Tusco;

NOW THEREFORE in consideration of the initial payments to Tusco, Inc. of cash and shares from Calais, and in further consideration of the mutual promises and covenants of the parties, the receipt and sufficiency of which are hereby acknowledged and confirmed, the parties hereby agree as follows:

1.       In addition to the consideration provided for at 2(A) and (B) below, the final purchase price for the purchase of the royalty interest shall be $150,000.00 US (the, "Final Payment") payable at any time during the next twenty (20) years from the date hereof (the "Final Payment Period"). Calais, or any successor in title to the properties described at Exhibit A hereto, may exercise its' right to make the final payment by giving written notice of final payment to Tusco at the above address, or at any successor address to which notice is to be given. The final

  

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payment shall be made in the form of cash or certified funds. Each party shall notify the other during the term of this Agreement of any change of address to which notice is to be given, which notice of change shall be in writing and sent by certified or registered mail, return receipt requested.

2.       A. Contemporaneously with the execution of this Agreement and on or before April 15th, 2008, Calais shall pay to Tusco, Inc. the sum of fifteen hundred dollars ($1500.00) US (the "monthly payment"), which monthly payment shall continue to be made by Calais to Tusco on or before the 15th day of each calendar month beginning on May 15, 2008, and continuing on the 15th day of each month thereafter during the life of J. P. LaFollette, during the term of this Agreement and the Final Payment Period. Monthly payments may be made in the form of cash or ordinary commercial check drawn upon an account with sufficient balances to pay the check.

 

B. As additional consideration for the execution of this Purchase Agreement, Tusco, Inc. shall receive 250,000 of the common shares of Calais Resources, Inc., the parent of Calais Resources Colorado, Inc. Said shares shall be delivered to Tusco, Inc. after appropriate processing, and the execution by Tusco, Inc. of a subscription agreement and compliance certification of a form prepared by and approved by securities counsel for Calais. The compliance certificate shall warrant in appropriate language that Tusco, Inc. is an accredited investor such that the issuance of un-registered securities can be accomplished under one or more exemptions contained in the state and federal securities laws. Tusco will warrant the specific facts that qualify Tusco, Inc. for the exemption or exemptions. The documentation for such issuance will be prepared by Calais Resources, Inc. and forwarded to Tusco, Inc. within thirty (30) days after the execution of this agreement.

The address of J.P. LaFollette a/k/a  J.P.  LaFollette is:

5310 Ward Road  Suite G-07

Arvada, CO  80002

Colo. Drivers License     95-137-1692                                           

3.       The payment of the monthly payment shall relieve Calais and the Exhibit A properties of the burden of the royalty interest, and such royalty need not be paid upon production during the calendar month after the monthly payment is made (for example, the payment made on July 15, 2008 shall be deemed to relieve Calais of the burden to pay royalty (at any settlement price for gold, or upon any and all minerals mined and processed from the Exhibit A properties) for production during the calendar month of August, 2008). Payment of the Final

  

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Payment shall immediately relieve Calais and the Exhibit A properties of the burden of the royalty interest, and the royalty interest shall be re-conveyed to Calais as provided for below.

4.       Calais shall have a grace period until the 25th of each calendar month in which to make the monthly payment, during which grace period the payment shall not be considered overdue or in default. Tusco, inc. shall have the right to declare Calais in default by giving notice in writing of the failure to make a monthly payment prior to the end of the grace period, the effect of such a notice of default, which shall be sent certified, return receipt requested to the address given above, with a copy to:

John R. Henderson

Attorney at Law

Law Offices of John R. Henderson, P.C.

2960 Diagonal Hwy.-Suite 207

Boulder, CO 80301

In the event that a written notice of default is received, Calais shall have a period of ten (10) business days (Monday through Friday, excluding national holidays) after receipt of such notice within which to pay any payment or payments then in arrears.

In the event of a failure of Calais to timely make any monthly payment or payments in arrears after a notice of default, Tusco may deliver to Calais a written notice of demand for final payment (the "demand for final payment"). Upon the delivery of a demand for final payment, Calais shall have a period of ninety (90) days after the date of receipt of such demand for final payment to make any monthly payments in arrears pursuant to the notice of default previously issued, together with the final payment of $150,000.00 US. Such payment shall be made by Calais within ninety days after the date of receipt (or on the next business day next succeeding the ninetieth day if a weekend or national holiday.)

If Calais fails to make the final payment, Tusco, Inc. may serve upon Calais, and may record in the records of Boulder County, Colorado, a Notice of Termination of this Agreement, at which point this Agreement shall be terminated, and the Grant of Perpetual Independent Royalty Interest recorded at Film 1530, RN 921374 shall once again be in full force and effect, and payable on production as per its written terms.

  

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5.  Calais shall not be obligated to make monthly payments upon the fifteenth day of any month, or any month thereafter, succeeding the death of J.P. LaFollette. Tusco, Inc. shall give to Calais written notice of the death of J.P. LaFollette accompanied by a copy of the death certificate of J.P. LaFollette in recordable form within thirty (30) days after the demise of J.P. LaFollette. Tusco, Inc. shall provide an appropriate procedure on its corporate books such that this obligation will be timely carried out in the due course of business.

6.  In the event of the death of J.P. LaFollette, Calais shall have a period of thirty six (36) calendar months after receiving notice of the death of J. P. LaFollette during which to make the final payment of $150,000.00 US to Tusco, Inc. In the event of the failure of Calais Resources Colorado, Inc. or its successor in title to the Exhibit A properties to make such payment within the 36 month period provided, Calais may be served with a Notice of Default by Tusco, Incorporated. If Calais fails to make the payment, Calais shall be contractually liable to Tusco, Inc. for the Final Payment amount, plus simple interest at eight percent (8.0%) from the date of the Notice of Default. Calais shall be further liable for the costs of collection of the Final Payment amount, including reasonable attorney fees. The deed from Tusco, Inc. to Calais shall not be recorded until payment to Tusco, Inc. of the final payment and any associated costs and fees for collection of the final payment.

7.     Calais may prepay any part of the Final Payment in advance, Upon such payment, Tusco shall tender to Calais in recordable form, as approved by the attorney for Calais, written notice of partial payment, which notice shall recite the recordation information for this Agreement, which shall be recorded in the real estate property records of Boulder County, Colorado. The making of a partial Final Payment shall not relieve Calais of the burden of making the monthly payments during the life of J.P. LaFollette.

8.     Contemporaneously with the execution of this Agreement, Tusco shall execute the general warranty deed conveying the royalty interest, a copy of which general warranty deed is attached hereto as Exhibit B.

The executed general warranty deed shall be placed in escrow with the Law Offices of John Henderson     , who shall release it to Calais upon tender of the Final Payment.

9.     Tusco, Inc. shall make no assignment or conveyance of the royalty interest until informing Calais in writing of a proposed assignment or conveyance. Such assignment or conveyance shall be deemed ineffective until such time as the assignee or grantee agrees in writing to be bound by the terms of this agreement and, in a form to be approved by counsel to Calais, and, further, deposits into the

  

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escrow established at Section 8 above a document of conveyance (the "further deed") of the royalty interest to Calais. Attached to any document of conveyance shall be a copy of the agreement to be bound hereunder, and a certificate that the further deed has been deposited into escrow, which certificate shall be countersigned by Calais.

10.  This agreement shall be binding upon the parties hereto, and their heirs, successors and assigns to the property described at Exhibit A, and to the Royalty Interest described in the preamble hereto.

11.  This Agreement shall be interpreted and construed under the laws of the State of Colorado.

12.      This Agreement shall be construed as a partially executory contract to purchase an interest in real estate.

13.      Upon purchase of the royalty interest by Calais by making the final payment, and the subsequent recordation of the deed of conveyance, said royalty interest shall be deemed merged into the title of Calais Resources Colorado, Inc. in and to the properties described at Exhibit A hereto.

14.      The parties hereto agree and stipulate that no royalty was payable on any production from the Exhibit A properties Pursuant to the Grant of Perpetual Independent Royalty Interest from June 1, 1988 through the date of this agreement, as no ore or concentrates were produced and sold from said properties at gold settlement prices of $800.00 US per troy ounce or above. The parties further agree and stipulate that no defaults under the June 1, 1988 grant exist as of the date of this Agreement.

15.      Should any provision or provisions of this Agreement, or any application or amendment thereof, be found invalid or unenforceable by any law, statute, legislation, ordinance or decision of any jury, judge or other tribunal or arbitrator, then that provision which is found invalid or unenforceable is severed herefrom and the remainder of this Agreement and any other application of such provision shall not be affected thereby, and shall be carried out in accord with the stated intent of the parties hereto.

Dated and effective this 4th day of April, 2008.

  

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CALAIS RESOURCES COLORADO, INC.

	 	 	TUSCO, INC.	 
	a Nevada corporation	 	 	 	 
	 	 	 	 	 
	
By:  /s/ Thomas S. Hendricks

	 	 	
By /s/ John P. La Follette 

	 
	
President

	 	 	
President

	 
	
 

	 	 	
 

	 
	 	 	 	 	 
	By:  /s/ David Young	 	 	By:	 
	Secretary	 	 	Secretary	 
	 	 	 	 	 

STATE OF COLORADO

COUNTY OF JEFFERSON

 

The foregoing instrument was acknowledged before me this 4th day of April 2008, by Thomas Hendricks, President of Calais Resources Colorado, Inc., a Nevada Corporation doing business in Colorado, on behalf of the corporation.

 

	 	 	 	 
	
 

	
 

	/s/ Daniel S. Duggan	 
	 	 	 	 
	 	 	11/4/2008	 
	 	 	Commission expiration date	 

 

STATE OF COLORADO

COUNTY OF JEFFERSON

 

The foregoing instrument was acknowledged before me this 4th day of April 2008, by David Young, Secretary of Calais Resources Colorado, Inc., a Nevada Corporation doing business in Colorado, on behalf of the corporation.

 

	 	 	 	 
	
 

	
 

	/s/ Daniel S. Duggan	 
	 	 	 	 
	 	 	11/4/2008	 
	 	 	Commission expiration date	 

 

 

  

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STATE OF COLORADO

COUNTY OF JEFFERSON

 

The foregoing instrument was acknowledged before me this 4th day of April 2008, by John P. La Follette, President of Tusco, Inc., a Nevada Corporation doing business in Colorado, on behalf of the corporation.

 

	 	 	 	 
	
 

	
 

	/s/ Daniel S. Duggan	 
	 	 	 	 
	 	 	11/4/2008	 
	 	 	Commission expiration date	 

 

 

 

 

 

 

 

 

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