Document:

Exhibit
10.16

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

Original
Issue Date: November 30, 2021

Conversion
Price: $0.05

 

$42,000.00

 

STAR
GOLD CORP.

 

5%
CONVERTIBLE PROMMISORY NOTE

DUE
APRIL 30, 2025

 

THIS
5% CONVERTIBLE PROMMISORY NOTE is one of a series of duly authorized and validly issued 5% Convertible Notes of Star Gold Corporation,
a Nevada corporation, (the “Company”), having its principal place of business at 1875 N. Lakewood Drive, Suite 200,
Coeur d’Alene, Idaho 83814, designated as its 5% Convertible Note due April 30, 2025 (this Note, the “Note” and, collectively
with the other Notes of such series, the “Notes”).

 

FOR
VALUE RECEIVED, STAR GOLD CORP., a Nevada corporation (the “Company”), hereby unconditionally promises to pay to the
order of Paul B. Coombs and/or assigns (“Coombs”), the principal sum of Forty-two thousand dollars,
in lawful money of the United States of America, together with interest (calculated on the basis of a 365-day year) on the unpaid principal
balance, computed until maturity at the rate of five percent (5%) per annum.

    1

     

    

1.
DEFINITIONS. When used in this Note, the following terms shall have the respective meanings specified herein or in the section referred
to herein:

 

“BUSINESS
DAY” means any day other than a Saturday, Sunday, or other day on which a bank is authorized to be closed under the laws of Idaho.

 

“CHANGE
OF CONTROL” means the consummation of any transaction or series of any related transactions (including without limitation, by way
of merger) the result of which is that any “person” (as defined in Section 13(d) of the Exchange Act) or “group”
(as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13(d)(3)
and 13(d)(5) under the Exchange Act) of more than fifty percent (50%) of the voting power of the Common Stock.

 

“COMMON
STOCK” means the Common Stock, par value $.001 per share, of Company, any successor class or classes of common equity (however designated)
of Company into or for which such Common Stock may hereafter be converted, exchanged, or reclassified and any class or classes of common
equity (however designated) of Company which may be distributed or issued with respect to such Common Stock or successor class or classes
to holders thereof generally.

 

“CONVERSION
PRICE” means five cents ($.05) per share.

 

“EQUITY
ISSUANCE” means the issuance or sale by any Company of any Common Stock or any other shares, options, warrants, or other ownership
interests (regardless of how designated) of or in any Company, or any other security or instrument convertible into, or exchangeable
for, Common Stock.

 

“EVENT
OF DEFAULT” is defined in SECTION 4 hereof.

 

“EXCHANGE
ACT” means the Securities Exchange Act of 1934, as amended.

 

“INTEREST
PAYMENT DATE” means the Maturity Date.

 

“MATURITY
DATE” means April 30, 2025.

 

“MAXIMUM
RATE” means the highest non-usurious rate of interest (if any) permitted from day to day by applicable law.

 

“PERSON”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, charitable
foundation, unincorporated organization, government or any agency or political subdivision thereof, or any other entity.

 

“SEC”
means the Securities and Exchange Commission and any successor thereof.

 

“STOCK”
means all shares, options, warrants, general or limited partnership interests, membership interests, or other ownership interests (regardless
of how designated) of or in a corporation, partnership, limited liability company, trust, or other entity, whether voting or nonvoting,
including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General
Rules and Regulations promulgated by the Securities and Exchange Commission under the Exchange Act).

    2

     

    

2.
ORIGINAL PRINCIPAL AMOUNT; PAYMENT.

 

(a)
ORIGINAL PRINCIPAL AMOUNT.

 

(i)
On the date hereof, Coombs shall lend to Company, in a single advance and in the form of conversion of unpaid and deferred compensation,
the sum of Forty-two thousand and xx/100 dollars ($42,000.00) (the “Original Principal Amount”).

 

(b)
INTEREST AND PRINCIPAL PAYMENTS. The unpaid principal of, and interest on, this Note shall be due and payable, in full, on the Maturity
Date. The Company may, but shall not be obligated to make any payments of principal or interest prior to the Maturity Date.

 

(c)
VOLUNTARY PREPAYMENT. Company reserves the right, upon thirty (30) days’ prior written notice to Coombs, to prepay, without penalty,
the outstanding principal balance, along with interest accrued thereon, of this Note, in whole or in part, at any time and from time
to time.

 

(d)
PAYMENTS GENERALLY. Except as otherwise provided herein, all payments of principal of and interest on this Note shall be made by Company
to Coombs in immediately available United States currency, or other immediately available funds. Should the principal of, or any installment
of the principal of or interest on, this Note become due and payable on any day other than a Business Day, the maturity thereof shall
be extended to the next succeeding Business Day, and interest shall be payable with respect to such extension. Payments made to Coombs
by Company hereunder shall be applied first to accrued interest and then to principal.

 

3.
WAIVER OF PRESENTMENT. Except as provided herein, Company waives presentment, demand, protest, notice of protest and non-payment, or
other notice of default, notice of acceleration and intention to accelerate, or other notice of any kind, and agree that their liability
under this Note shall not be affected by any renewal or extension in the time of payment hereof, or in any indulgences, or by any release
or change in any security for the payment of this Note, and hereby consents to any and all renewals, extensions, indulgences, releases,
or changes, regardless of the number of such renewals, extensions, indulgences, releases, or changes.

 

4.
EVENTS OF DEFAULT AND REMEDIES. An “EVENT OF DEFAULT” shall exist hereunder if any one or more of the following events shall
occur and be continuing: (a) Company shall fail to pay when due any principal of, or interest upon, this Note or the Obligation and such
failure shall continue for three (3) days after such payment became due; or (b) Company shall fail to perform any of the covenants or
agreements contained herein and such failure shall continue unremedied for thirty (30) days after written notice thereof; or (c) any
representation or warranty made by Company to Coombs herein shall prove to be untrue or inaccurate in any material respect; or (d) the
Company shall (1) apply for or consent to the appointment of a receiver, trustee, intervener, custodian, or liquidator of itself or of
all or a substantial part of its assets, (2) be adjudicated bankrupt or insolvent or file a voluntary petition for bankruptcy or admit
in writing that it is unable to pay its debts as they become due, (3) make a general assignment for the benefit of creditors, (4) file
a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy or insolvency laws,
or (5) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any
bankruptcy, reorganization, or insolvency proceeding, or take corporate action for the purpose of effecting any of the foregoing; or
(e) an order, judgment, or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition
seeking reorganization of the Company or appointing a receiver, trustee, intervener, or liquidator of the Company or of all or substantially
all of its assets, and such order, judgment, or decree shall continue unstayed and in effect for a period of thirty (30) days; or (f)
the dissolution or liquidation of the Company; or (g) a Change of Control.

    3

     

    

Upon
the occurrence of any Event of Default hereunder, then the holder hereof may, at its option, (i) declare the entire unpaid principal
balance and accrued interest upon the Note to be immediately due and payable without presentment or notice of any kind which Company
waives pursuant to SECTION 3 herein, and/or (ii) pursue and enforce any of Coombs’s rights and remedies available pursuant to any applicable
law or agreement; provided, however, in the case of any Event of Default specified in PARAGRAPH (d) or (e) of this SECTION 4 without
any notice to Company or any other act by Coombs, the principal balance and interest accrued on this Note shall become immediately due
and payable without presentment, demand, protest, or other notice of any kind, all of which are hereby waived by Company.

 

5.
REPRESENTATIONS AND COVENANTS.

 

(a)
REPRESENTATIONS. Company represents and warrants to Coombs that:

 

(i)
Company is duly organized and in good standing under the laws of the state of its incorporation, formation, or organization and has the
power to own its property and to carry on its business in each jurisdiction in which such Company operates;

 

(ii)
Company has full power and authority to enter into this Note, to execute and deliver the same, and to incur the obligations provided
for herein, all of which have been duly authorized by all necessary action;

 

(iii)
this Note is the legal and binding obligation of the Company, enforceable in accordance with its respective terms;

 

(iv)
neither the execution and delivery of this Note, nor consummation of any of the transactions herein contemplated, nor compliance with
the terms and provisions hereof, will contravene or conflict with any provision of law, statute, or regulation to which the Company is
subject or any judgment, license, order, or permit applicable to the Company or any indenture, mortgage, deed of trust, or other instrument
to which the Company may be subject; no consent, approval, authorization, or order of any court, governmental authority, or third party
is required in connection with the execution, delivery, and performance by Company of this Note or to consummate the transactions contemplated
herein;

    4

     

    

(b)
AFFIRMATIVE COVENANTS. Until payment in full of this Note, Company agrees and covenants that Company shall and shall:

 

(i)
conduct its business in an orderly and efficient manner consistent with good business practices and in accordance with all valid regulations,
laws, and orders of any governmental authority and will act in accordance with customary industry standards in maintaining and operating
its assets, properties, and investments;

 

(ii)
maintain complete and accurate books and records of its transactions in accordance with generally accepted accounting principles;

 

(iii)
furnish to Coombs, immediately upon becoming aware of the existence of any condition or event constituting an Event of Default or event
which, with the lapse of time and/or giving of notice would constitute an Event of Default, written notice specifying the nature and
period of existence thereof and any action which Company is taking or proposes to take with respect thereto.

 

6.
NO WAIVER. No waiver by Coombs of any of its rights or remedies hereunder or under any other document evidencing or securing this Note
or otherwise, shall be considered a waiver of any other subsequent right or remedy of Coombs; no delay or omission in the exercise or
enforcement by Coombs of any rights or remedies shall ever be construed as a waiver of any right or remedy of Coombs; and no exercise
or enforcement of any such rights or remedies shall ever be held to exhaust any right or remedy of Coombs.

 

7.
USURY LAWS. Regardless of any provision contained in this Note, Coombs shall never be deemed to have contracted for or be entitled to
receive, collect, or apply as interest on this Note (whether termed interest herein or deemed to be interest by judicial determination
or operation of law) any amount in excess of the Maximum Rate, and, in the event that Coombs ever receives, collects, or applies as interest
any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of this
Note, and, if the principal balance of this Note is paid in full, then any remaining excess shall forthwith be paid to Company. In determining
whether or not the interest paid or payable under any specific contingency exceeds the highest Maximum Rate, Company and Coombs shall,
to the maximum extent permitted under applicable law, (a) characterize any non-principal payment (other than payments which are expressly
designated as interest payments hereunder) as an expense or fee rather than as interest, (b) exclude voluntary prepayments and the effect
thereof, and (c) spread the total amount of interest throughout the entire contemplated term of this Note so that the interest rate is
uniform throughout such term; provided, that if this Note is paid and performed in full prior to the end of the full contemplated term
hereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, if any, then Coombs or any
holder hereof shall refund to Company the amount of such excess, or credit the amount of such excess against the aggregate unpaid principal
balance of all advances made by the Coombs or any holder hereof under this Note at the time in question.

    5

     

    

8.
CONVERSION RIGHTS.

 

(a)
CONVERSION BY COMPANY. During the period of time commencing on the Original Issue Date and continuing until the payment in full of this
Note, Company, at its option may convert all or any portion of outstanding principal balance of, and all accrued interest on, this Note
into the number of shares of Common Stock obtained by dividing (i) the unpaid principal amount of, and interest through the date of conversion
on, this Note to be converted, by (ii) the Conversion Price. If the Company elects to exercise its conversion rights pursuant to this
SECTION 8 then the Company shall be required to convert all outstanding Notes on a pro rata basis. For the avoidance of doubt: if the
Company elects to convert twenty five percent (25%) of the outstanding principal and interest owed pursuant to this Note, then the Company
must convert, simultaneously, 25% of the outstanding principal and interest owed pursuant to all the Notes.

 

(b)
CONVERSION PROCEDURE. To convert this Note pursuant to this SECTION 8, the Company shall (i) provide Coombs with written notice of the
Company’s intent to convert and the amount to be converted into the Company’s Common Stock, (ii) if the conversion is of only
a portion of the unpaid principal of, and interest on, this Note, then issue a statement to Coombs setting forth the Original Principal
Amount, interest accrued on the outstanding principal to date, and the amount of unpaid and unconverted principal and interest still
payable on the Note, and (iii) issue and deliver to Coombs, a certificate or certificates for the full number of whole shares of Common
Stock issuable upon the conversion of this Note in accordance with the provisions of this SECTION 8.

 

(c)
CASH PAYMENTS IN LIEU OF FRACTIONAL SHARES. No fractional shares of Common Stock or scrip representing fractional shares of Common Stock
shall be issued upon conversion of the principal of, or interest on, this Note. If any fractional share of Common Stock would be issuable
upon the conversion of any portion of this Note, the Company shall round the fractional shares up to the next whole number and issue
such whole share to the Coombs in accordance with the terms hereof.

 

(d)
ADJUSTMENT OF CONVERSION PRICE.

 

(i)
If the Company shall (A) pay a dividend or other distribution, in Common Stock, on any class of capital stock of the Company, (B) subdivide
the outstanding Common Stock into a greater number of shares by any means (including, without limitation, a forward stock split) or (C)
combine the outstanding Common Stock into a smaller number of shares by any means (including, without limitation, a reverse stock split)
(any such event being an “Adjustment Event”), then in each such case the Conversion Price shall be decreased or increased
as follows: the adjusted Conversion Price shall be equal to the Conversion Price in effect immediately prior to the effective date of
the Adjustment Event, multiplied by a fraction whose numerator is the number of shares of Common Stock issued and outstanding immediately
prior to such effective date, and whose denominator is the number of such shares outstanding immediately after such effective date. An
adjustment made pursuant to this SECTION 8(d)(i) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date of such subdivision
or combination, as the case may be.

    6

     

    

(ii)
Whenever the Conversion Price is adjusted as provided herein, the Company shall promptly provide Coombs with written notice of such adjustment
setting forth the Conversion Price in effect after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

(e)
EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER, OR SALE. In the event of (i) any reclassification (including, without limitation,
a reclassification effected by means of an exchange or tender offer by Company) but excluding a change in par value, or from par value
to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any consolidation, merger or
combination of Company with another corporation as a result of which holders of Common Stock shall be entitled to receive securities
or other property (including cash) with respect to or in exchange for Common Stock or (iii) any sale or conveyance of the property of
Company as, or substantially as, an entirety to any other corporation as a result of which holders of Common Stock shall be entitled
to receive securities or other property (including cash) with respect to or in exchange for Common Stock, then Company or the successor
or purchasing corporation, as the case may be, shall enter into an Amended and Restated Note providing that this Note shall be convertible
into the kind and amount of securities or other property (including cash) receivable upon such reclassification, change, consolidation,
merger, combination, sale or conveyance which Company of this Note would have received if this Note had been converted immediately prior
to such reclassification, change, consolidation, merger, combination, sale or conveyance. Such Amended and Restated Note shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this SECTION 8. Whenever
an Amended and Restated Note is entered into as provided herein, the Company shall promptly provide Coombs with an Officer’s Certificate
setting forth a brief statement of the facts requiring such Amended and Restated Note. The provisions of this SECTION 8 shall similarly
apply to all successive events of the type described in this SECTION 8.

 

9.
NOTICE. Whenever this Note requires or permits any notice, approval, request, or demand from one party to another, the notice, approval,
request, or demand must be in writing and shall be deemed to have been given when personally served or when deposited in the United States
mails, registered or certified, return receipt requested, addressed to the party to be notified at the following address (or at such
other address as may have been designated by written notice):

 

	Coombs:	Paul
    B. Coombs
	 	 
	 	15
    Stonebridge Pl.
	 	St.
    Johns, NL, Canada A1A 5W&
	 	 
	Company:	Star
    Gold Corp.
	 	Attn:
    Kelly J. Stopher
	 	1875
    Lakewood Drive, Suite 200
	 	Coeur
    d’Alene, ID 83814

    7

     

    

10.
AMENDMENT. This Note may be amended or modified only by written instrument duly executed by Company and Coombs.

 

11.
COSTS. If this Note is placed in the hands of an attorney for collection, or if it is collected through any legal proceeding at law or
in equity, or in bankruptcy, receivership, or other court proceedings, then Company agrees to pay all costs of collection, including,
but not limited to, court costs and reasonable attorneys’ fees, including all costs of appeal.

 

12.
SUCCESSORS AND ASSIGNS. This Note shall inure to the benefit of Coombs and its successors and assigns; provided, however, Coombs may
not (without the prior written consent of Company, such consent not to be unreasonably withheld or delayed and such consent not to be
required if an Event of Default exists) assign or negotiate this Note to any Person.

 

13.
GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED, INTERPRETED, AND APPLIED IN ACCORDANCE WITH THE LAWS OF IDAHO.

 

14. 
FINAL AGREEMENT. THIS NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[signature
page to Star Gold Corp. 5% Convertible Notes]

 

	 	STAR
    GOLD CORP.
	 	 	 
	 	By: 	
	 	 	Kelly
    J. Stopher, CFO
	 	 	 
	 	PAUL
    B. COOMBS
	 	 	 
	 	By: 	
	 	 	Paul
    B. Coombs

    8Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.30

THIS AGREEMENT is dated November 15,
2021.

 

BETWEEN:

 

	 	I-Minerals Inc., a body
corporate, continued under the laws of Canada, having its head office at Suite 880
– 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6
	 

 

	 	(hereinafter
called the “Company”)
	 

 

OF THE FIRST PART

 

AND:

 

	 	BV Lending, LLC, an Idaho
limited liability company, having its head office at Suite 300, 2194 Snake
River Parkway, Idaho Falls, Idaho, U.S.A. 83402
	 

 

	 	(hereinafter
called “BV”)
	 

 

OF THE SECOND PART

 

WHEREAS:

	A. 
	       Pursuant to an agreement among the parties dated June l, 2016, as amended by an amending agreement dated October 25, 2017 (hereinafter called the "First Amending Agreement"), as further amended by an amending agreement dated January 19, 2018 (hereinafter called the "Second Amending Agreement"), as further amended by an amending agreement dated March 20, 2018 (hereinafter called the “Third Amending Agreement”), as further amended by an amending agreement dated March 27, 2019 (hereinafter called the “Fourth Amending Agreement”), as further amended by an amending agreement dated June 28, 2019 (hereinafter called the “Fifth Amending Agreement”), with the loan agreement dated June 1, 2016, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the Fourth Amending Agreement and the Fifth Amending Agreement hereinafter collectively called the "Loan Agreement", BV agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

 

	B. 
	       Pursuant to an agreement among the parties dated September 11, 2018 (hereinafter called the “2018 Loan Agreement”), BV agreed to advance an additional $2,500,000 to the Company to further advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

 

	C. 
	       The Loan Agreement and the 2018 Loan Agreement are hereinafter collectively referred to as the “Loan Agreements”; 

 

	D. 
	       The Loan Agreements were previously amended by an amending agreement dated October 25, 2019;

 

	E. 
	        Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 4, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until December 15, 2020;

	F. 
	        Pursuant to paragraph 1.01 of an agreement between the Company and BV dated December 3, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until March 15, 2021;

 

	G. 
	       Pursuant to paragraph 1.01 of an agreement between the Company and BV dated March 9, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until April 15, 2021;

 

	H. 
	       Pursuant to paragraph 1.01 of an agreement between the Company and BV dated April 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until May 15, 2021;

 

	I. 
	         Pursuant to paragraph 1.01 of an agreement between the Company and BV dated May 10, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until June 15, 2021;

 

	J. 
	         Pursuant to paragraph 1.01 of an agreement between the Company and BV dated June 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until July 15, 2021;

 

	K. 
	       Pursuant to paragraph 1.01 of an agreement between the Company and BV dated July 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until August 15, 2021;

 

	L. 
	        Pursuant to paragraph 1.01 of an agreement between the Company and BV dated August 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until September 15, 2021;

 

	M. 
	       Pursuant to paragraph 1.01 of an agreement between the Company and BV dated September 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until October 15, 2021;

 

	N. 
	       Pursuant to paragraph 1.01 of an agreement between the Company and BV dated October 13, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, was extended until November 15, 2021; and

	O. 
	       The parties have agreed to further extend the repayment date by which the principal and interest outstanding pursuant to the Loan Agreements is to be made, as provided for herein;

 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of these presents and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged by each of the parties, the parties hereby agree as
follows:

 

1.         Extension for the
repayment of the Indebtedness

 

	1.01 
	    Notwithstanding the provisions for the repayment of the cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, as provided for in the Loan Agreements and pursuant to certain related promissory notes issued pursuant to the Loan Agreements, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, is hereby extended until December 15, 2021.

 

	2. 
	        Notices

 

	2.01 
	    All notices, payments and other communications given in connection with this Agreement shall be in writing, and the respective addresses of the parties for the service of any notice, payment or other communication shall be as follows:

 

	 	(a) 
	       if to the Company:

 

	 	I-Minerals Inc. 

	 	Suite
880 – 580 Hornby Street 

	 	Vancouver,
British Columbia, Canada 

	 	V6C
3B6

 

	 	Attention:  Barry Girling, Director 

	 	Email:
wbg@imineralsinc.com 

 

	 	(b) 
	      if to BV:

 

	 	BV Lending, LLC 

	 	P.O. Box 51298 

	 	Idaho Falls, ID 83405 

	 	2194 Snake River Parkway 

	 	Suite 300 

	 	Idaho Falls, ID 83402

 

	 	Attention:  Cortney Liddiard, Chief Executive Officer 

	 	Email: flyfish@ballventures.com 

	 	with a copy to:

 

	 	Thel W. Casper, Esq. 

	 	General Counsel to Ball Ventures,
LLC

 

	 	P.O. Box 51298 

	 	Idaho Falls, ID 83405

 

	 	2194 Snake River Parkway 

	 	Suite 300 

	 	Idaho Falls, ID 83402

 

	 	Email: tcasper@ballventures.com 

 

	 	Any notice, payment or other communication shall be sufficiently given if
delivered by email or by hand or by reputable courier service, or, absent
postal disruption, if sent by registered mail, postage prepaid, posted within
either Canada or the United States of America, to the parties at their
respective addresses for service as set forth above.  Any notice, payment or other communication
shall be deemed to have been given and received on the first business day on
which it is presented during normal business hours at the address for service
of the addressee.  Any party may change
its address for service by notice in writing to the other parties.

 

	3. 
	        Time of the Essence

 

	3.01 
	    Time shall be of the essence of this Agreement.

 

	4. 
	        U.S. Dollars

 

	4.01 
	    All references herein to dollar amounts are to lawful currency of the United States of America, unless otherwise specifically provided for herein.

 

	5. 
	        Headings

 

	5.01 
	    The headings contained herein are for convenience only and shall not affect the meaning or interpretation hereof.

 

	6. 
	        Singular and Plural, etc.

 

	6.01 
	    Where the context so requires, words importing the singular number include the plural and vice versa, and words importing gender shall include the masculine, feminine and neuter genders.

 

	7. 
	        Entire Agreement

 

	7.01 
	    This Agreement constitutes the only agreement among the parties with respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings.  This Agreement may be amended or modified in any respect by written instrument only.

	8. 
	        Severability

 

	8.01 
	    The invalidity or unenforceability of any particular provision of this Agreement shall not effect or limit the validity or enforceability of the remaining provisions of this Agreement.

 

	9. 
	        Governing Law

 

	9.01 
	    This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.  The parties irrevocably attorn to the jurisdiction of the courts of British Columbia, which will have non-exclusive jurisdiction over any matter arising out of this Agreement.

 

	10. 
	      Dispute Resolution

 

	10.01 
	  If any dispute arises between any of the Parties (the Parties in dispute being the “Participants”) concerning this Agreement or its interpretation or the respective rights, duties or liabilities of the Parties, then a Participant may give to the other Participants notice in writing of the existence of such dispute, specifying its nature and the point at issue and the Participants agree:

 

	 	(a) 
	        to try to resolve the dispute by participating in a structured negotiation with a mediator under the Commercial Mediation Rules of British Columbia International Commercial Arbitration Centre (“BCICAC”);

 

	 	(b) 
	       where a dispute is not resolved by mediation within a period of 30 days after the appointment of a mediator or within such further period of time to which the Participants agree, any Participant may refer the dispute to be finally resolved by arbitration under the BCICAC Rules.  The appointing authority will be the BCICAC, the case shall be administered by the BCICAC in accordance with its “Procedures for Cases under the BCICAC Rules” and the place of arbitration shall be Vancouver, British Columbia. The appointment by the BCICAC is binding upon all of the Participants;

 

	 	(c) 
	       the arbitrator will give his decision in writing within three weeks of his being appointed and the decision, both on the dispute and on the costs of the arbitration will be final and binding upon the Participants;

 

	 	(d) 
	      the arbitrator will have full authority to rule on any question of law in the same manner as any Judge in any Court of the Province of British Columbia and the ruling of the arbitrator on any question of law will be final and binding upon the Participants; and

 

	 	(e) 
	       the failure of any Participant to abide by the decision of the arbitrator is considered a material breach of this Agreement.

 

	 	This paragraph shall survive any termination
of this Agreement and continues in full force and effect notwithstanding any
determination by a court or the Parties that one or more other provisions of
this Agreement are invalid, contrary to law or unenforceable.

	11. 
	      Successors and Assigns

 

	11.01 
	  The terms and provisions of this Agreement shall be binding upon and enure to the benefit of each of the parties and their respective successors and permitted assigns; provided that this Agreement shall not be assignable by any party without the written consent of each of the other parties hereto.

 

	12. 
	      Further Assurances

 

	12.01 
	  Each of the parties hereto shall do or cause to be done all such acts and things and execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement.

 

	13. 
	      Effective Date

 

	13.01 
	  This Agreement is intended to and shall take effect as of the date first set forth above, notwithstanding its actual date of execution or delivery.

 

	14. 
	      Counterparts and Facsimile

 

	14.01 
	  This Agreement may be executed in any number of counterparts by original, facsimile or other form of electronic signature, each of which so executed shall constitute an original and all of which taken together shall form one and the same agreement.

 

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

 

	Executed by
I-Minerals Inc.
in the presence of:

  	 

  	 

  
	/s/ “John Theobald”                                      
Authorized Signatory

  	 

  	 

  

 

	Executed by
BV Lending, LLC
 
By:      Ball Ventures, LLC, an
  Idaho limited
            liability
  company, the Member
 
By:      BV Management Services, Inc.,
  an
            Idaho corporation,
  the Manager
 
 
            Per:      /s/ “Cortney Liddiard”            
                        Cortney
  Liddiard, President

  	 

  	 

  

	 	DATED:         December __, 2021
	 
	 	_____________________________________________________________	 
	 	Between:
	 
	 	 	 
	 	I-Minerals Inc.
	 
	 	 	 
	 	OF THE FIRST PART
	 
	 	 	 
	 	And:
	 
	 	 	 
	 	BV Lending, LLC
	 
	 	 	 
	 	OF THE SECOND PART
	 
	 	_____________________________________________________________	
			 
	 	AGREEMENT
	 
	 	_____________________________________________________________	 
	 	 	 
	 	Tupper Jonsson &
Yeadon 
	 
	 	1710 - 1177 West
Hastings Street 
	 
	 	Vancouver, B. C. 
	 
	 	V6E 2L3 
	 
	 	 	 
	 	Telephone: (604)
640-6355
	 

THIS FOURTEENTH AMENDING AGREEMENT is made as of November
15, 2021.

 

AMONG:

 

	 	I-Minerals Inc., a body corporate,
continued under the laws of Canada, having its head office at
Suite 880 — 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

 

	 	(hereinafter called the
"Company")

 

OF THE FIRST PART

AND: 

	 	i-minerals
USA Inc., an Idaho limited liability company,
having an office c/o the Company, at Suite 880 — 580 Hornby Street, Vancouver,
British Columbia, Canada V6C 3B6

 

	 	(hereinafter
called the "Subsidiary")

 

OF
THE SECOND PART

AND:

 

	 	BV
Lending, LLC, an Idaho limited liability company,
having its head office at Suite 300, 2194 Snake River Parkway, Idaho Falls,
Idaho, U.S.A. 83402

 

	 	(hereinafter called "BV")

 

OF THE THIRD PART

WHEREAS:

 

	A. 
	              Pursuant to an agreement among the parties dated October 25, 2019, as amended by an amending agreement dated November 25, 2019 (hereinafter called the “First Amending Agreement”), as amended by an amending agreement dated January 20, 2020 (hereinafter called the “Second Amending Agreement”), as amended by an amending agreement dated June 4, 2020 (hereinafter called the “Third Amending Agreement”), as amended by an amending agreement dated July 8, 2020 (hereinafter called the “Fourth Amending Agreement”), as amended by an amending agreement dated December 3, 2020 (hereinafter called the “Fifth Amending Agreement”), as amended by an amending agreement dated March 9, 2021 (hereinafter called the “Sixth Amending Agreement”), as amended by an amending agreement dated April 15, 2021 (hereinafter called the "Seventh Amending Agreement"), as amended by an amending agreement dated May 10, 2021 (hereinafter called the “Eighth Amending Agreement”), as amended by an amending agreement dated June 15, 2021 (hereinafter called the “Ninth Amending Agreement”), as amended by an amending agreement dated July 15, 2021 (hereinafter called the “Tenth Amending Agreement”), as amended by an amending agreement dated August 13, 2021 (hereinafter called the “Eleventh Amending Agreement”), as amended by an amending agreement dated September 13, 2021 (hereinafter called the “Twelfth Amending Agreement”), and as amended by an amending agreement dated October 13, 2021 (hereinafter called the “Thirteenth Amending Agreement”), with the agreement dated October 25, 2019, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the Fourth Amending Agreement, the Fifth Amending Agreement, the Sixth Amending Agreement, the Seventh Amending Agreement, the Eighth Amending Agreement, the Ninth Amending Agreement, the Tenth Amending Agreement, the Eleventh Amending Agreement, the Twelfth Amending Agreement and the Thirteenth Amending Agreement hereinafter collectively called the “Loan Agreement”, B.V. agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

	B. 
	               The parties wish to further amend certain of the provisions of the Loan Agreement on the terms and conditions hereinafter set forth;

 

	C. 
	       The Subsidiary is a wholly-owned subsidiary of the Company and is the legal owner of the Helmer Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A., as referred to in Recital A. herein;

 

NOW THEREFORE THIS FOURTEENTH AMENDING AGREEMENT
WITNESSETH that in consideration of these presents and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by each of the parties, the parties hereby agree as follows:

 

	1. 
	        The parties agree that the Loan Agreement is hereby amended as follows.

 

	 	(a) 
	               Paragraph 2.01 is amended by deleting the amount “$2,725,000” and replacing such amount with “$3,225,000”.

 

	 	(b) 
	              Paragraph 6.01 is replaced in its entirety with the following:

 

	 	“6.01   The
parties agree that the Company will repay the Indebtedness on December 15, 2021.”

 

	 	(c) 
	               A new Paragraph 2.08(g) is hereby added to the Agreement, to read as follows:

 

	 	“(g)      With respect to each of the Sixteenth
Advance, Seventeenth Advance, and Eighteenth Advance as set forth on Schedule
A, the Company shall have requested each such Advance in writing and BV shall
have expressly consented in writing to making such Advance in its sole and
absolute discretion.”

 

	 	(d) 
	              Schedule A to the Loan Agreement is amended to read as follows:

 

SCHEDULE
A

	2019

  
	 	 	 	 	 	October
(First Advance)

  	November
(Second Advance

  	December
Third Advance)

  	 
	 	 	 	 	 	$250,000

  	$250,000

  	$200,000

  	 
	2020

  
	 	 	February
(Fourth Advance)

  	March
(Fifth Advance)

  	April
(Sixth Advance)

  	July
(Seventh Advance)

  	August
(Eighth Advance)

  	September
(Ninth Advance)

  	 
	 	 	up to $200,000

  	up to $200,000

  	up to $200,000

  	up to $150,000

  	up to $200,000

  	up to $200,000

  	 
	 	 	 	 	 	 	 	 	 
	 	 	October
(Tenth Advance)

  	November
(Eleventh Advance)

  	December
(Twelfth Advance)

  	 	 	 	 
	 	 	up to $200,000

  	up to $200,000

  	up to $250,000

  	 	 	 	 
	2021

  
	 	 	July
(Thirteenth Advance)

  	August
(Fourteenth Advance)

  	November
(Fifteenth Advance)

  	December
(Sixteenth
  Advance)

  	 	 	 
	 	 	up to $112,500

  	up to $112,500

  	up to $125,000

  	up to $125,000

  	 	 	 
	2022

  
	 	 	January
(Seventeenth
  Advance)

  	February
(Eighteenth Advance)

  	 	 	 	 	 
	 	 	up to $125,000

  	up to $125,000

  	 	 	 	 	 

	2. 
	        Except as amended by this Fourteenth Amending Agreement, all of the other terms and conditions of the Loan Agreement remain in full force and effect.

 

	3. 
	        Each of the parties agrees to do and/or execute all such further and other acts, deeds, things, devices, documents and assurances that may be required in order to carry out the true intent and meaning of this Fourteenth Amending Agreement.

 

	4. 
	        This Fourteenth Amending Agreement and any certificate or other writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of this Fourteenth Amending Agreement or such other writing, as the case may be, taken together, will be deemed to be one and the same instrument. The execution of this Fourteenth Amending Agreement or any other writing by any party hereto will not become effective until each party hereto has executed a counterpart of this Fourteenth Amending Agreement or any other writing, as the case may be.

 

	5. 
	        Each of the parties hereto will be entitled to rely upon delivery by facsimile or by email of executed copies of this Fourteenth Amending Agreement and any certificates or other writings delivered in connection herewith, and such facsimile or emailed copies will be legally effective to create a valid and binding agreement among the parties in accordance with the terms and conditions of this Fourteenth Amending Agreement.

 

	6. 
	        This Fourteenth Amending Agreement shall enure to the benefit of and be binding upon the parties hereto and each of their successors and permitted assigns, as the case may be.

 

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

	Executed by
I-Minerals Inc.
in the
  presence of:

  	 

  	 

  
	

/s/
  “John Theobald”                                        
Authorized
  Signatory
 

  	 

  	 

  
	 
Executed by
i-minerals USA Inc.
in the
  presence of:

  	 

  	 

  
	

/s/
  “John Theobald”                                                    
Authorized
  Signatory
 

  	 

  	 

  

 

	Executed by
BV Lending, LLC
 
By:       Ball
  Ventures, LLC, an Idaho limited 
liability company, the Member
 
By: BV
  Management Services, Inc., an Idaho
corporation,
  the Manager
 
 
            Per:      /s/ “Cortney Liddiard”                                     
                        Cortney Liddiard, President

  	 

  	 

  

	 	DATED:            November 15, 2021	 
	 	_____________________________________________________________  	 
	 	 	 
	 	

Between:
 
I-Minerals Inc.
 
OF THE FIRST PART
 
And:
 
i-minerals USA Inc. 

OF THE SECOND PART
 
And:
 
BV Lending, LLC 

OF THE THIRD PART
	 
	 	_____________________________________________________________	 
	 	
	 
	 	FOURTEENTH AMENDING AGREEMENT
	 
	 	_____________________________________________________________  	 
	 	 	 
	 	 Tupper Jonsson & Yeadon
1710 - 1177 West Hastings Street 
Vancouver, B. C. 
V6E 2L3
	 
	 	 	 
	 	Telephone: (604) 640-6355

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