Document:

Unassociated Document

 

AMENDMENT NO. 1 TO

ASSET PURCHASE AGREEMENT

This Amendment No. 1 to the Asset Purchase Agreement (the “Agreement”) dated as of July 22, 2011, is entered into to be effective as of this 15th day of August 2012, by and among Pershing Gold Corporation f/k/a Sagebrush Gold Ltd (“Pershing”), Continental Resources Acquisition Sub, Inc. (“Acquisition Sub”) and Continental Resources Group, Inc. (“Continental”).

WHEREAS, Pershing, Continental and Acquisition Sub entered into the Agreement whereby Pershing and Acquisition Sub purchased substantially all of the assets of Continental in consideration for, among other things, shares of Pershing’s common stock (the “Pershing Shares”), which were subject to certain registration rights obligations by Pershing;

WHEREAS, Pershing, Continental and Acquisition Sub have agreed to amend the Agreement to remove Section 8.4(a) (ii) of the Agreement which will have the effect of removing any liquidated damages associated with the registration of the Pershing Shares.

NOW THEREFORE, in consideration of the above, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

	
  

	
1.

	
Section 8.4(a)(ii) shall be removed in its entirety.

	
  

	
2.

	
All other terms and provisions of the Agreement in direct conflict with the amendments specifically set forth herein are hereby amended to conform to these amendments; and except for these amendments, all other terms and conditions of the Agreement shall remain un-amended hereby and in full force and effect.

 

	
  

	
3.

	
This Amendment, together with the Agreement, embodies the entire agreement and understanding between the Pershing, Acquisition Sub and Continental relating to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter.

 

	
  

	
4.

	
If any provision of this Amendment, or the application of such provisions to any person or circumstance, shall be held invalid, the remainder of this Amendment, or the application of such provision to Persons or circumstances other than those to which it is held invalid, shall not be affected thereby.

 

	
  

	
5.

	
This Amendment may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed an original, but all of which taken together shall constitute one and the same agreement.  A facsimile transmission of this signed Amendment shall be legal and binding on all parties hereto.

 

[Signature Page Follows]

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have duly caused this Amendment to be executed and delivered on the date first written above.

 

PERSHING GOLD CORPORATION

/s/ Stephen Alfers________________________

By: Stephen Alfers

Title: President and Chief Executive Officer

CONTINENTAL RESOURCES ACQUISITION SUB, INC.

/s/ John Stetson ________________________

By: John Stetson

Title: Chief Executive Officer

CONTINENTAL RESOURCES GROUP, INC.

/s/ Joshua Bleak________________________

By: Joshua Bleak

Title: Chief Executive Officerex102.htm

Exhibit 10.2

LINE OF CREDIT AGREEMENT

THIS AGREEMENT made July 20, 2012, between QUARRY BAY CAPITAL LLC (the “Lender”), a Delaware limited liability company, of 1201 Orange Street, Suite 600, Wilmington, DE 19899-0511; and MARINE DRIVE MOBILE CORP. (the “Borrower”), a Nevada company having an office at 1278 Indiana #301, San Francisco, CA 94107;

WITNESSES THAT in consideration of the Lender providing a line of credit to the Borrower, the parties agree as follows:

1.           Line of Credit.  The parties acknowledge the Lender has provided a line of credit to the Borrower in the principal amount of up to $1,000,000.00 United States currency.  The Lender shall advance funds up to the aforesaid maximum amount when and as directed by the Borrower.

2.           Payment.  The Borrower shall pay to the Lender the amount of all indebtedness owing by the Borrower to the Lender in respect of this Agreement on demand, and shall pay interest thereon annually at the rate of six per cent per annum calculated annually.

3.           Evidence of Indebtedness.  The Borrower shall deliver to the Lender from time to time, in form and substance satisfactory to the Lender, promissory notes or other acknowledgement of debt evidencing the amount of all indebtedness owing by the Borrower to the Lender in respect of this Agreement.  In the absence of promissory notes, the Borrower agrees that the statement of account prepared by the Lender shall be conclusive evidence of the amount of indebtedness owing by the Borrower to the Lender in respect of this Agreement.

4.           Interpretation.  All words denoting the singular shall be pluralized throughout this Agreement as the context requires and all words denoting gender shall be construed at the context requires and will include a body corporate where the context requires.

5.           Notices.  Any notice or statement may be delivered or mailed by prepaid ordinary mail to the Borrower at the address set out above, and the Borrower shall be deemed to have received such notice or statement on the date of delivery if delivered, and five days after mailing if mailed.

6.           Enurement.  This Agreement is in addition to any other debt instrument, security or agreement between the Lender and the Borrower, and shall enure to the benefit of the Lender, its successors and assigns, and shall be binding on the Borrower, its successors and assigns.

7.           Proper Law.  This Agreement shall be governed by and construed in accordance with the laws of Delaware.

8.     Share Conversion.  The Lender shall have the right to convert all or any part of the unpaid indebtedness into shares of common stock of the Borrower at the price of $0.25 per share.

9.     Share Warrants.  a) The lender shall be granted cashless warrants to buy the same number of shares as those converted, on the January 20, 2012 agreement and this agreement, at an exercise price of $0.25 per share.

                     b) If the Company shall at any time after the date hereof subdivide its outstanding shares of Common Stock by recapitalization, reclassification or split-up thereof, or if the Company shall declare a stock dividend or distribute shares of its Common Stock to its shareholders, the number of shares of Common Stock subject to this warrant immediately prior to such subdivision shall be proportionately increased, and if the Company shall at any time after the date hereof combine the outstanding shares of Common Stock by recapitalization, reclassification or combination thereof, the number of shares of Common Stock subject to this warrant immediately prior to such combination shall be proportionately decreased.

IN WITNESS WHEREOF the parties have executed this Agreement as of the day and year first above written.

	
QUARRY BAY CAPITAL LL

	
MARINE DRIVE MOBILE CORP.

	  	  
	
Per:                                                     

	
Per:                                                     

	
Authorized Signatory

	
Authorized Signatoryex103.htm

Exhibit 10.3

AMENDMENT TO

LINE OF CREDIT AGREEMENTS

THIS AMENDMENT TO LINE OF CREDIT AGREEMENTS (this “Amendment”), dated as of August 16, 2012, is entered into by and between Marine Drive Mobile Corp., a Nevada corporation (the “Borrower”) and Quarry Bay Capital LLC, a Delaware limited liability company (the “Lender”).

RECITALS

WHEREAS, the Borrower and Lender have entered into that certain Line of Credit Agreement, dated January 20, 2012 (the “First LOC Agreement”) and that certain Line of Credit Agreement, dated July 20, 2012 (the “Second LOC Agreement”, and together with the First LOC Agreement, the “LOC Agreements”).

WHEREAS, the Borrower and Lender have agreed to make certain changes to the LOC Agreements as set forth herein, including changes to the conversion price and warrant exercise price of the notes and warrants issuable pursuant to the LOC Agreements.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

AGREEMENT

1.           Change to Conversion Price.  Section 8 of each of the LOC Agreements is hereby amended and restated to read in its entirety as set forth below:

8.     Share Conversion.  The Lender shall have the right to convert all or any part of the unpaid indebtedness into shares of common stock of the Borrower at the price of $0.10 per share (subject to adjustment for stock splits, stock dividends, recapitalizations and similar transactions)

2.           Change to Warrant Exercise Price.  Section 9(a) of the Second LOC Agreement is hereby amended and restated to read in its entirety as set forth below:

9.     Share Warrants.  a) The lender shall be granted cashless warrants to buy the same number of shares as those converted, on the January 20, 2012 agreement and this agreement, at an exercise price of $0.15 per share (subject to adjustment for stock splits, stock dividends, recapitalizations and similar transactions).

3.           Effect on LOC Agreements.  Except as specifically amended and modified by this Amendment, all terms, conditions, covenants and agreements set forth in the LOC Agreements shall remain in full force and effect.

4.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of Delaware.

5.           Counterparts.   This Amendment may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute one agreement.

[Remainder of Page Intentionally Blank – Signature Page Follows]

  

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IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date and year first written above.

 

BORROWER:

	
Marine Drive Mobile Corp.

By:                                                              

Name:                                                               

Title:                                                               

LENDER:

	
Quarry Bay Capital LLC

By:                                                               

Name:                                                               

Title:                                                               

[Signature Page to Amendment to Line of Credit Agreements]

 

  

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