Document:

exh10-23.htm

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.23

 

 

 

 

 

  

  

  

NOTE AND TRUST DEED MODIFICATION AGREEMENT

OF JANUARY 2009

I.           BACKGROUND:  Effective August 5, 2005, the undersigned Calais Resources, Inc, a British Columbia corporation (“Calais-BC”), and Calais Resources Colorado, Inc, a Nevada corporation (“Calais-CO”) (collectively, the “Calais Companies”) executed a promissory note (the “Note”) in which Calais-BC and Calais-CO promised to pay Duane A. Duffy, Glenn E. Duffy, James Ober, and Luke Garvey (Holders herein) the sum of $807,650.11.  Concurrently, the Calais Companies and the Holders entered into a Security Agreement, pursuant to which the Calais Companies executed a deed of trust encumbering certain real property located in Boulder County, Colorado.  On or about December 15, 2005, the Calais Companies made a principal payment due under the Note in the amount of $166,000.  In March 2007, following a default by the Calais Companies on further payments, the Note was modified and extended to require monthly installment payments of $75,000.00 on the fifteenth (15th) day of each month, beginning April 15, 2007 and continuing until the entire Note balance was paid.  No monthly payments were made by the Calais Companies.  On or about March 31, 2007, the Calais Companies made a further payment of $200,000 on the amount due and payable.  In November 2007, the Calais Companies and the Holders agreed to a further modification of the Note to extend repayment terms through April 1, 2008, pending the expected resolution by the Calais Companies of certain financial issues.  Subsequent to the April Agreement on April 1, 2008 Calais made a payment of $100,000, an additional payment of $50,000 on May 1, 2008, and an additional payment of $25,000 on June 20, 2008.  As of August 1, 2008 the agreed to balance is $816,800.07.  A payment in the amount of $12,500 was made on August 5, 2008.

In the interest of assuring full payment of all principal and interest due under the Note as modified, the Calais Companies and the Holders now agree to revise and amend the terms of the Note further, as follows:

II.           AGREEMENTS OF THE PARTIES:

	
A.     

	
The balance due under the Note as of January 1, 2009 shall be $861,725.19 as set forth on attached Exhibit 1.  Commencing January 1, 2009, interest on the unpaid balance shall accrue at a rate of 15.9 percent per annum through the date on which the unpaid balance is paid in full.

	
B.     

	
The Calais Companies shall make an initial payment of $20,000 on May 1, 2009, and shall thereafter pay, on or before the first day of each of the (7) seven succeeding months, commencing June 1, 2009, the sum of $50,000 per month.  Commencing January 1, 2010 the monthly payment will be increased to $100,000 per month and will be paid until the loan balance including all interest and fees is paid in full.

  

  

  

	
C.     

	
The Calais Companies shall issue new warrants to the Duffy Group as summarized below with an exercise price of $0.12 and expiration date of January 1, 2020.

Name                                                Number of New Warrants

Duane Duffy                                                           1,656,064

Glenn Duffy                                                           1,806,064

James Ober                                                              297,184

Luke Garvey                                                              297,184

Previously issued warrant documents for Calais Resources will be returned to the Company.

	
D.     

	
All payments to Holders by the Calais Companies, shall be delivered to each Holder directly in accordance with the following allocation:

	
 

	 	
Duane A. Duffy – 40.3746 %

	
  

	
Glenn E. Duffy  – 40.3746 %

	
  

	
James Ober       --   9.6254 %

	
  

	
Luke Garvey     --   9.6254 %

 

Cash payments shall be delivered by wiring the respective funds to each Holder in accordance with instructions to be furnished by electronic mail to David K. Young at DYoung1619@aol.com.

 

All modifications of the Note described herein shall also modify the terms of the deed of trust and security agreement referenced herein.. All other terms of the Note and such deed of trust and security agreement shall remain in full force and effect.

Executed on the dates shown below by:

  

  

  

 

	CALAIS RESOURCES, INC.	 	 	CALAIS RESOURCES COLORADO, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	
By:  _______________________________

	 	 	
By: __________________________

	 
	
        David K. Young

	 	 	
       David K. Young

	 
	
        President and Chief Executive Officer

	 	 	
       President and Chief Executive Officer

	 

STATE OF COLORADO                  )

) ss.

COUNTY OF ____________         ) 

On this ____ day of _______________, 2009, before the undersigned officer, personally appeared David K. Young, who acknowledged himself to be the President and Chief Executive Officer of Calais Resources, Inc. and Calais Resources Colorado, Inc., and who, as such, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing on behalf of each such corporation.

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

My Commission Expires:                                                                           ___________________________________

                                                                                                                        Notary Public

_______________________

Duane A. Duffy

________________                                                                      ___________________________________

Date                                                                          Duane A. Duffy

STATE OF COLORADO                  )

) ss.

COUNTY OF ____________         )

The foregoing instrument was acknowledged before me on this _____ day of ________, 2008, by Duane A. Duffy.

My Commission Expires:                                                                           ___________________________________

                                        Notary Public

_____________________

  

  

  

Glenn E. Duffy

__________________________________

Date                                                                       Glenn E. Duffy

 

STATE OF FLORIDA                       )

) ss.

COUNTY OF ____________         ) 

The foregoing instrument was acknowledged before me on this _____ day of ________, 2008, by Glenn E. Duffy.

My Commission Expires:                                                                           ___________________________________

                                       Notary Public

_______________________

Luke Garvey

__________________________________

Date:                                                                           Luke Garvey

 

STATE OF______________          )

) ss.

COUNTY OF ____________         )

The foregoing instrument was acknowledged before me on this _____ day of ________, 2008, by Luke Garvey.

My Commission Expires:                                     ___________________________________

Notary Public

_______________________

  

  

  

James Ober

__________________________________

Date:                                                                           James Ober

 

STATE OF______________          )

) ss.

COUNTY OF ____________         )

The foregoing instrument was acknowledged before me on this _____ day of ________, 2008, by James Ober.

My Commission Expires:                                   ___________________________________

Notary Public

_________________________

  

  

  

Exhibit 1

 

Calculation of Note Principal as of January 1, 2009

 

 

 

	
Item

	
Interest / Day

	
Days

	
Amount

	
New Principal

	
Principal and interest due as of August 1, 2008:

	  	  	  	
$816,800.07

	
Payment - $12,500 on August 5, 2008

	  	  	
$12,500.00

	
804,300.07

	
Per Diem Interest Accruing since August 1, 2008 to Sept 1, 2008 at 15.9% APR

	
$350.37

	
31

	
10,861.36

	
$815,161.43

	
Per Diem Interest Accruing since Sept 1, 2008 to Dec 31, 2008 at 15.9% APR

	
$355.10

	
122

	
$43,321.92

	
858,483.35

	
Late Fees for Sept, Oct, Nov, Dec 2008 with interest

	  	  	
$3,241.84

	
861,725.19

	
Total Amount Due – Dec 31, 2008

	  	  	  	
$861,725.19exh10-24.htm

 

 

 

 

 

 

 

 

 

EXHIBIT 10.24

 

 

 

 

 

 

  

  

  

NOTE AND TRUST DEED MODIFICATION AGREEMENT

OF MAY 2009

I.           BACKGROUND:  Effective August 5, 2005, the undersigned Calais Resources, Inc, a British Columbia corporation (“Calais-BC”), and Calais Resources Colorado, Inc, a Nevada corporation (“Calais-CO”) (collectively, the “Calais Companies”) executed a promissory note (the “Note”) in which Calais-BC and Calais-CO promised to pay Duane A. Duffy, Glenn E. Duffy, James Ober, and Luke Garvey (Holders herein) the sum of $807,650.11.  Concurrently, the Calais Companies and the Holders entered into a Security Agreement, pursuant to which the Calais Companies executed a deed of trust encumbering certain real property located in Boulder County, Colorado.  On or about December 15, 2005, the Calais Companies made a principal payment due under the Note in the amount of $166,000.  In March 2007, following a default by the Calais Companies on further payments, the Note was modified and extended to require monthly installment payments of $75,000.00 on the fifteenth (15th) day of each month, beginning April 15, 2007 and continuing until the entire Note balance was paid.  No monthly payments were made by the Calais Companies.  On or about March 31, 2007, the Calais Companies made a further payment of $200,000 on the amount due and payable.  In November 2007, the Calais Companies and the Holders agreed to a further modification of the Note to extend repayment terms through April 1, 2008, pending the expected resolution by the Calais Companies of certain financial issues.  Subsequent to the April Agreement on April 1, 2008 Calais made a payment of $100,000, an additional payment of $50,000 on May 1, 2008, and an additional payment of $25,000 on June 20, 2008.  As of August 1, 2008 the agreed to balance is $816,800.07.  A payment in the amount of $12,500 was made on August 5, 2008.  Subsequent to the new note Agreement of January 2009 – no payments have been made.  A new note agreement was subsequently entered into date May 1, 2009 with the following agreement between the parties.

In the interest of assuring full payment of all principal and interest due under the Note as modified, the Calais Companies and the Holders now agree to revise and amend the terms of the Note further, as follows:

II.           AGREEMENTS OF THE PARTIES:

	
A.     

	
The balance due under the Note as of May 1, 2009 shall be US$906,770.99 as set forth on attached Exhibit 1.  Commencing May 1, 2009, interest on the unpaid balance shall accrue at a rate of 15.9 percent per annum through the date on which the unpaid balance is paid in full.  The new note settlement date has been set as December 31, 2009 with all payments due at that time.  However, if Calais Resources, Inc. is successful in securing outside funding prior to December 31, 2009, the Company agrees to settle the note balance with the Duffy Group within 10 days of sufficient funding for Calais.

 

  

  

  

 

	
B.     

	
The Calais Companies shall make a note extension payment of $100,000 effective as of May 1, 2009, in the form of Calais shares and full warrants.  The share price will be set at US$ 0.08 per share and the warrant price will be set at US$ 0.12 with an expiration date of January 1, 2020.  The 1,250,000 shares will be issued as per the distribution as shown below.  These shares will be restricted with the normal legend as required under Rule 144.

 

	
C.     

	
Calais shall also issue the shares and warrants to the Duffy Group as summarized below.

Name                                      New Shares                                                       New Warrants

Duane Duffy                                          504,683                                               504,683

Glenn Duffy                                          504,683                                               504,683

James Ober                                          120,317                                                120,317

Luke Garvey                                          120,317                                                120,317

 

	
D.     

	
All payments to Holders by the Calais Companies, shall be delivered to each Holder directly in accordance with the following allocation:

	
  

	 	
Duane A. Duffy – 40.3746 %

	
  

	
Glenn E. Duffy  – 40.3746 %

	
  

	
James Ober       --   9.6254 %

	
  

	
Luke Garvey     --   9.6254 %

 

All modifications of the Note described herein shall also modify the terms of the deed of trust and security agreement referenced herein.  All other terms of the Note and such deed of trust and security agreement shall remain in full force and effect.

Executed on the dates shown below by:

  

  

  

 

	CALAIS RESOURCES, INC.	 	 	CALAIS RESOURCES COLORADO, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	
By:  _______________________________

	 	 	
By: __________________________

	 
	
        David K. Young

	 	 	
       David K. Young

	 
	
        President and Chief Executive Officer

	 	 	
       President and Chief Executive Officer

	 

STATE OF COLORADO                  )

) ss.

COUNTY OF ____________         ) 

On this ____ day of _______________, 2009, before the undersigned officer, personally appeared David K. Young, who acknowledged himself to be the President and Chief Executive Officer of Calais Resources, Inc. and Calais Resources Colorado, Inc., and who, as such, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing on behalf of each such corporation.

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

My Commission Expires:                                                                           ___________________________________

                                                                                                                        Notary Public

_______________________

Duane A. Duffy

________________                                                                      ___________________________________

Date                                                                          Duane A. Duffy

STATE OF COLORADO                  )

) ss.

COUNTY OF ____________         )

The foregoing instrument was acknowledged before me on this _____ day of ________, 2009, by Duane A. Duffy.

My Commission Expires:                                                                           ___________________________________

                                        Notary Public

_____________________

  

  

  

Glenn E. Duffy

__________________________________

Date                                                                       Glenn E. Duffy

 

STATE OF FLORIDA                       )

) ss.

COUNTY OF ____________         ) 

The foregoing instrument was acknowledged before me on this _____ day of ________, 2009, by Glenn E. Duffy.

My Commission Expires:                                                                           ___________________________________

                                       Notary Public

_______________________

Luke Garvey

__________________________________

Date:                                                                           Luke Garvey

 

STATE OF______________          )

) ss.

COUNTY OF ____________         )

The foregoing instrument was acknowledged before me on this _____ day of ________, 2009, by Luke Garvey.

My Commission Expires:                                     ___________________________________

Notary Public

_______________________

  

  

  

James Ober

__________________________________

Date:                                                                           James Ober

 

STATE OF______________          )

) ss.

COUNTY OF ____________         )

The foregoing instrument was acknowledged before me on this _____ day of ________, 2009, by James Ober.

My Commission Expires:                                   ___________________________________

Notary Public

_________________________

  

  

  

Exhibit 1

 

Calculation of Note Principal as of May 1, 2009

 

 

 

	
Item

	
Interest / Day

	
Days

	
Amount

	
New Principal

	
Principal and interest due as of August 1, 2008:

	  	  	  	
$816,800.07

	
Payment - $12,500 on August 5, 2008

	  	  	
$12,500.00

	
804,300.07

	
Per Diem Interest Accruing since August 1, 2008 to Sept 1, 2008 at 15.9% APR

	
$350.37

	
31

	
10,861.36

	
$815,161.43

	
Per Diem Interest Accruing since Sept 1, 2008 to Dec 31, 2008 at 15.9% APR

	
$355.10

	
122

	
$43,321.92

	
858,483.35

	
Late Fees for Sept, Oct, Nov, Dec 2008 with interest

	  	  	
$3,241.84

	
861,725.19

	
Total Amount Due – Dec 31, 2008

	  	  	  	
$861,725.19

	
Per Diem Interest Accruing from December 31, 2008 to May 1, 2009 at 15.9 % APR

	
375.38

	
120

	
45,045.80

	
$906,770.99

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]