Document:

exhibit105.htm

Exhibit 10.5

 

 

 

AMENDMENT NO. 1

TO

CONVERTIBLE PROMISSORY NOTE

This Amendment No. 1 to the Convertible Promissory Note (this "Amendment") is executed as of April 4, 2013, by SOUTH AMERICAN GOLD CORP., a Nevada,  corporation (the “Maker”); and ASHER ENTERPRISES, INC., a Delaware corporation, or its assigns ("Holder") to amend the Convertible Promissory Note dated March 28, 2013 among those parties (the "Note").

The Maker and the Holder desire to amend the Note and further agree as follows:

1.           Capitalized Terms.  Except as expressly provided in this Amendment, all capitalized terms used in this Amendment have meanings ascribed to them in the Note and those definitions are incorporated by reference into this Note.

2.           Section 1.1 of the Note shall be deleted and the following shall be substituted therefor:

 

“Conversion Rights.

The Holder shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount (as defined in Article III) pursuant to Section 1.6(a) or Article III, each in respect of the remaining outstanding principal amount of this Note to convert all or any part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price  (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99% of the outstanding shares of Common Stock.  For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver)..  The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by

 

 

 

 

 

 

  

- 1 -

  

 

 

 

dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the “Conversion Date”).  The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Borrower’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, provided, however, that the Company shall have the right to pay any or all interest in cash plus (3) at the Borrower’s option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof.

3.           Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  This Amendment shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all the parties reflected hereon as the signatories.

4.           Third Parties.  Except as specifically set forth or referred to herein, nothing herein express of implied is intended or shall be construed to confer upon or give to any person other than the parties hereto and their permitted successors or assigns, any claims, rights, remedies under or by reason of this Amendment.

Governing Law.  This Amendment shall be governed and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such State and the federal laws of the United States of America, without regard to the conflict of laws rules thereof.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

 

SOUTH AMERICAN GOLD CORP.

 

By: /s/    Raymond DeMotte                                          

RAYMOND DeMOTTE

                    Chief Executive Officer

 

ASHER ENTERPRISES, INC.

 

By: /s/   Curt Kramer                                                        

Name:    Curt Kramer

Title:      President

1 Linden Pl., Suite 207

Great Neck, NY. 11021

 

 

 

 

  

- 2 -Amendment #1 to Convertible Promissory
Note

Originally Dated November 14, 2012

 

This Amendment to the Convertible Promissory Note originally
entered into between Amarantus Biosciences, Inc. ("Amarantus") and Dominion Capital, LLC ("Dominion") on November
14, 2012 (the "Original Agreement") is entered into on this 4th day of December, 2012.

 

Whereas, the parties desire to amend the Original Agreement
to adjust the Installment Payments (Article 1, Section 1.1), Amortization Payment Schedule, Share Reservation and Events of Default;
all on the terms set forth herein.

 

NOW THEREFORE, the parties agree as follows:

 

Section 1.1 of the Original Agreement is hereby amended in
its entirety to read as follows:

 

"1.1 Purchase Price.

 

The Borrower and Holder agree that the Purchase Price for
the Note shall be $600,000.00. Dominion Capital, LLC will fund installment payments of: $10,000 upon signing; $140,000 within 10
days; $150,000 within 20 days; $150,000 within 45 days; and $150,000 within 60 days.

 

Section 1.2 of the Original Agreement is hereby amended in
its entirety to read as follows:

 

"1.1 Amortization Payments.

 

Starting on May 14, 2013, the Borrower shall begin to redeem
the outstanding principal and interest of this Note (each, an "Amortization Payment") in accordance with the attached
Amortization Schedule (Appendix A.) Each Amortization Payment shall, at the option of the Borrower, be made in cash or, subject
to the Borrower complying with the Equity Conditions described in section 1.3, be made in Common Stock.

 

Appendix A of the Original Agreement is hereby amended in
its entirety to read as follows:

 

	Amortization Payments:	Principal plus (Interest)	Timing
	First Payment:	$150,000.00 + ($15,000.00)	May 14, 2013
	Second Payment:	$150,000.00 + ($15,000.00)	May 21, 2013
	Third Payment:	$150,000.00 + ($15,000.00)	May 28, 2013
	Fourth Payment:	$150,000.00 + ($15,000.00)	June 4, 2013

    	 

    	 

    

 Section 4.17 and 4.18 will be added o Article
IV as follows: 

4.17 Installment Payment Default.

 

It is hereby agreed that, at the sole discretion of the Holder,
if the Holder elects not to make any Installment Payment noted above by Bank transfer within 15 days of any Due Date, for any reason,
then the Debenture will automatically adjust to reflect the monies actually paid. The holder will have no further obligation or
liability.

 

4.18 Default Conversion Price

 

Upon the occurrence and during the continuation of any Event
of Default specified in Article IV, the Holder shall have the right to convert any outstanding principal and interest at a Conversion
Price of fifty percent (50%) of the lowest daily VWAP for the prior fifteen (15) day trading period prior to the applicable Conversion
date.

 

The share reservation with VStock Transfer is to be amended
as follows: An additional 18,000,000 shares are to be immediately added to the current share reservation of 12,000,000 shares for
the Convertible Promissory Note dated 11/14/2012.

 

All other terms and conditions of the Original Agreement
shall remain in full force and effect, unless modified by this Amendment. This amendment shall be governed and construed under
the laws of the State of New York, without regard to its conflict of laws provision.

 

	AMARANTUS Biosciences, INC.	Dominion Capital, LLC
	By: /s/ Gerald Commisiong	By: /s/ Mikhail Gurevich
	Gerald Commisiong, CEO	Mikhail Gurevich, Managing Member
	Date: December 12, 2012	

 

    	2Amendment #2 to Convertible Promissory
Note

Originally Dated November 14, 2012

 

This Amendment to the Convertible Promissory Note originally
entered into between Amarantus Biosciences, Inc. ("Amarantus") and Dominion Capital, LLC ("Dominion") on November
14, 2012 (the "Original Agreement") is entered into on this 25th day of January, 2013.

 

Whereas, the parties desire to amend the Original Agreement
to adjust the Installment Payments (Article 1, Section 1.1), Amortization Payment Schedule, and the Share Reservation; all on the
terms set forth herein

 

NOW THEREFORE, the parties agree as follows:

 

Section 1.1 of the Original Agreement is hereby amended in
its entirety to read as follows:

 

"1.1 Purchase Price.

 

The Borrower and Holder agree that the Purchase Price for
the Note shall be $2,000,000.00. Dominion Capital, LLC will fund installment payments of:

 

	. $10,000 by November 14, 2012;
	. $ 140,000 by November 20, 2012;
	. $150,000 by November 30, 2012;
	. $150,000 by December 14, 2012;
	. $ 150,000 by December 21, 2012;
	. $250,000 by January 30, 2013;
	. $250,000 by February 15, 2013;
	. $250,000 by March 15, 2013;
	. $250,000 by March 29, 2013;
	. $200,000 by April 12, 2013; and
	. $200,000 by April 26, 2013.

 

Section 1.2 of the Original Agreement is hereby amended in
its entirety to read as follows:

 

"1.1 Amortization Payments.

 

Starting on May 14, 2013, the Borrower shall begin to redeem
the outstanding principal and interest of this Note (each, an "Amortization Payment") in accordance with the attached
Amortization Schedule (Appendix A.) Each Amortization Payment shall, at the option of the Borrower, be made in cash or,
subject to the Borrower complying with the Equity Conditions described in section 1.3, be made in Common Stock.

    	 

    	 

    

 Appendix A of the Oiginal Agreement is hereby
amended in its entirety to read as follows: 

	Amortization Payments:	Principal plus (Interest)	Timing
	First Payment:	$10,000.00+ ($1,000.00)	May 14, 2013
	Second Payment:	$140,000.00 + ($14,000.00)	May 20, 2013
	Third Payment:	$150,000.00 + ($15,000.00)	May 30, 2013
	Fourth Payment:	$150,000.00 + ($15,000.00)	June 14, 2013
	Fifth Payment:	$150,000.00 + ($25,000.00)	June 21, 2013
	Sixth Payment:	$250,000.00 + ($25,000.00)	August 1, 2013
	Seventh Payment:	$250,000.00 + ($25,000.00)	August 15, 2013
	Eighth Payment:	$250,000.00 + ($25,000.00)	September 16, 2013
	Ninth Payment:	$250,000.00 + ($25,000.00)	September 30, 2013
	Tenth Payment:	$200,000.00 + ($20,000.00)	October 14, 2013
	Eleventh Payment:	$200,000.00 + ($20.000.00)	October 28, 2013
	Total:	$2,000,000 + $200,000	$2,200,000

 

The share reservation with VStock Transfer LLC is to be amended
as follows:

 

An additional 20,000,000 shares are to be immediately added
to the current share reservation of 30,000,000 shares for the Convertible Promissory Note dated 11/14/2012.

 

All other terms and conditions of the Original Agreement
shall remain in full force and effect, unless modified by this Amendment. This amendment shall be governed and construed under
the laws of the State of New York, without regard to its conflict of laws provision.

 

	AMARANTUS BIOSCIENCE, INC.	Dominion Capital, LLC
	By:/s/ Marc E. Faerber	By:/s/ Mikhail Gurevich
	Marc E. Faerber, CFO on behalf of 	Mikhail Gurevich, Managing Member
	Gerald Commisiong, CEO	
	Date: 1/28/13	

 

    	2

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