Document:

Unassociated Document

 

 

Exhibit 10.16

AMENDMENT TO

SERIES B

COMMON STOCK PURCHASE WARRANT

OF

TRANS-PACIFIC AEROSPACE COMPANY, INC.

January 31, 2013

WHEREAS, on February __, 2010, Trans-Pacific Aerospace Company, Inc., a Nevada corporation (the “Company”), issued to Cardiff Partners, LLC (“Holder”) that certain Series B Common Stock Purchase Warrant (the “Warrant”) to purchase up to Two Million (2,000,000) shares of common stock, par value $0.001 per share of the Company (“Common Stock”);

WHEREAS, the Company, the Holder, and other parties have entered into a Settlement Agreement and General Release (the “Settlement Agreement”) of even date herewith;

WHEREAS, the Company and the Holder are entering into this Amendment pursuant to Section 2.1 of the Settlement Agreement;

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound hereby, the Company and the Holder hereby agree as follows:

 

1.    Section 1 of the Warrant shall be amended to read as follows:

“1.           Vesting of Warrant.  This Warrant shall vest and become exercisable on the date that the Company recognizes revenue, in accordance with U.S. GAAP, equal to or exceeding $100,000,000 for any consecutive twelve-month period following the Closing Date (as defined in the Acquisition Agreement) (“Vesting Date”).  Notwithstanding the foregoing, this Warrant shall immediately vest and become exercisable upon a “change of control” (meaning any of the following:  (a) any person (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company representing more than 50% of the Company’s outstanding voting securities or rights to acquire such securities except for any voting securities issued or purchased under any employee benefit plan of the Company or its subsidiaries; or (b) any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of the Company; or (c) a plan of liquidation of the Company or an agreement for the sale or liquidation of the Company is approved and completed; or (d) the Board of Directors of the Company determines in its sole discretion that a change in control has occurred, whether or not any event described above has occurred or is contemplated; or (e) any consolidation or merger of the Company (including, without limitation, a triangular merger) where the shareholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own, directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the combined voting power of all the outstanding securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any).”

 

  

  

  

  

	

2.     Section
2 of the Warrant shall be amended to read as follows: 

“2.           Expiration of Warrant.    This Warrant shall expire at 5:00 p.m., New York local time, on March 20, 2021 (the “Expiration Date”).”

3.           The Company and the Holder hereby acknowledge and agree that this Amendment constitutes a valid amendment of the Warrant.  This Amendment may be executed and delivered (including by facsimile or .PDF transmission) in any number of counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.  Except to the extent necessary to implement the change set forth above, the Warrant shall remain unmodified and in full force and effect.  This Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Nevada, without giving effect to the conflict of law provisions thereof.

IN WITNESS WHEREOF, the Company and the Holder have caused this Amendment to be signed on the date first set forth above.

 

 

 

	 	

“COMPANY”

	 
	 	 	 
	 	

TRANS-PACIFIC AEROSPACE COMPANY, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ William McKay	 
	 	 	Name: William McKay	 
	 	 	Title: President and CEO	 
	 	 	 	 

	 	

“HOLDER"

	 
	 	 	 
	 	

CARDIFF PARTNERS, LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ David Walters	 
	 	 	Name: David Walters 	 
	 	 	Title: President and CEOExhibit 10.24

 

SHARE PURCHASE AGREEMENt

 

THIS SHARE PURCHASE AGREEMENT
(this “Agreement”) dated as of February 8, 2013,

BETWEEN:

 

Santiago Leon Avaleyra, Eduardo
Zayas Dueñas and Carmen Leticia Calderon Leon

 

(hereinafter referred to as “Buyers”)

 

- and –

 

FOCUS GOLD CORPORATION

4695 MacArthur Court, Suite 143,

Newport Beach, CA 92660-1869

 

(hereinafter referred to as “Focus
Gold”)

 

- and –

 

FOCUS GOLD MEXICO LIMITED

Company number: 116751

c/o 4695 MacArthur Court, Suite
1430,

Newport Beach, CA 92660-1869

 

(hereinafter referred to as “Focus
Mexico” and, collectively, with Focus Gold referred to as the “Focus Entities”)

 

Recitals:

 

1.          Focus Gold is the sole shareholder
of Focus Mexico, and in turn Focus Mexico is the registered and beneficial owner of 50 (fifty) shares in the common stock of Fairfields
Gold, S.A. de C.V.. (“Fairfields”) (the “Purchased Shares”).

 

2.          Focus Mexico is willing to sell and
Buyers are willing to purchase the Purchased Shares in accordance with the terms and conditions set forth herein.

 

NOW THEREFORE this Agreement witnesses
that in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of all of which is hereby irrevocably acknowledged by the parties, the parties agree with each other as
follows:

 

article
1

DEFINITIONS AND INTERPRETATION

 

1.1          Currency. All amounts referred to in this Agreement
are intended to be in lawful money of the United States of America unless otherwise specified in this Agreement.

 

1.2          Computation of Time Periods. In this Agreement, in the computation
of periods of time from a specified date to a later specified date, unless otherwise expressly stated, the word “from”
means “from and including” and the words “to” and “until” each mean “to but excluding”
and all references to “day” or “days” shall mean calendar days unless designated as “Business Days”.

 

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1.3          Construction. In this Agreement:

 

		(a)	all words and personal pronouns relating
thereto shall be read and construed as the number and gender of the party or parties require and the verb shall be read and construed
as agreeing with the required word and pronoun;
	 	 	 

		(b)	unless the context otherwise requires, words
importing a particular gender shall include the other gender;
	 	 	 

		(c)	the division of this Agreement into Articles
and sections and the use of headings is for convenience of reference only and shall not modify or affect the interpretation or
construction of this Agreement or any of its provisions;
	 	 	 

		(d)	unless otherwise indicated, references to
Articles, Sections, Subsections or Schedules should be construed as references to the applicable Articles, Sections, Subsections
or Schedules of this Agreement;
	 	 	 

		(e)	any reference to a statutory provision shall
include that provision as from time-to-time modified or re-enacted providing that in the case of modifications or re-enactments
made after the date of this Agreement the same shall not have effective substantive change to that provision;
	 	 	 

		(f)	the recitals set out in the face page of
this Agreement are true in substance and in fact;
	 	 	 

		(g)	references to, or to any particular provision
of, a document shall be construed as references to that document as amended to the extent permitted by this Agreement and in force
at any time; and
	 	 	 

		(h)	“in writing” or “written”
mean and include printing, typewriting or any electronic means of communication capable of being permanently reproduced in alphanumeric
characters at the point of reception.

 

article
2

Purchase price; APPROVAL OF TRANSACTION

 

2.1          Transaction. Buyers
has agreed to purchase the Purchased Shares and Focus Mexico has agreed to sell the Purchased Shares for the aggregate purchase
price of USD$1’900,000.00 (one million nine hundred thousand dollars 00/100 United States of America legal currency) (the
“Purchase Price”).

 

2.2          Payment of the Purchase Price. In payment of the Purchase Price,
the Parties agree that Buyers shall pay $1,900,000 (One Million Nine Hundred Thousand United States Dollars) to Focus Gold on the
Closing Date. The Purchase Price can be paid in cash or with securities of Focus Gold. The Parties agree that Buyers can deliver
512,501 post reverse common shares (the “New Shares”) to Focus Mexico as Payment of the Purchase Price. Therefore,
Focus Mexico accepts the New Shares as payment of the Purchased Shares.

 

2.3          Approval
of the Transaction. No consent or approval of any other person
or entity is required to complete the transactions contemplated in this Agreement.

 

article
3

Representations and warranties of FOCUS GOLD AND FOCUS MEXICO

 

Focus Gold and Focus
Mexico, jointly and severally, represents and warrants to Buyers as follows, and acknowledges that Buyers is relying upon these
representations and warranties in connection with the purchase of the Purchased Shares, despite any investigation made by or on
behalf of Buyers.

 

3.1          Corporate Existence. Each of Focus Gold, Focus Mexico and Fairfields
is a corporation duly incorporated and validly existing under the laws of the jurisdiction of its incorporation.

 

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3.2          Capacity to Enter Agreement. Each Focus Entity has all necessary
corporate power, authority and capacity to enter into and perform its obligations under this Agreement.

 

3.3          Binding Obligation. The execution and delivery of this Agreement
and the completion of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate action
on the part of the Focus Entities and Fairfields, as the case may be. This Agreement has been duly executed and delivered by the
Focus Entities and constitutes a valid and binding obligation of each Focus Entity, enforceable against each Focus Entity in accordance
with its terms, subject to applicable bankruptcy, insolvency and other laws of general application limiting the enforcement of
creditors’ rights generally and to the fact that equitable remedies, including specific performance, are discretionary and
may not be ordered in respect of certain defaults.

 

3.4          Title to Purchased Shares. Focus Mexico is the legal and beneficial
owner of the Purchased Shares and has good title to them, free and clear of any lien or encumbrance of any nature whatsoever. Focus
Mexico has the absolute and exclusive right to sell the Purchased Shares to Buyers as contemplated by this Agreement and no other
person or entity has any right, option, or other entitlement of any nature whatsoever to the Purchased Shares or any part thereof.

 

3.5          Absence of Undisclosed Liabilities. Except in respect of normal
trade payables arising in the ordinary course of the Fairfield’s business, Fairfield does not have any outstanding indebtedness
or any liabilities (whether accrued, absolute, contingent or otherwise) nor any outstanding commitments or obligations of any kind.

 

3.6          Litigation. There are no actions, suits or proceedings, judicial
or administrative, pending or to the best knowledge of Focus Gold and Focus Mexico, threatened, by or against or affecting Fairfield,
at law or in equity, or before or by any governmental authority. There are no grounds on which any such action, suit or proceeding
might be commenced with any reasonable likelihood of success. There is not presently outstanding against Fairfield any judgment
or, to the best knowledge of Focus Gold or Focus Mexico, injunction or other order, of any governmental authority.

 

article
4

Closing arrangements

 

4.1          Deliveries by Focus Gold. Focus Mexico will forthwith thereafter
deliver to Buyers:

 

		(a)	certificates representing the Purchased
Shares duly endorsed in blank for transfer or accompanied by duly executed blank stock transfer powers completed to reflect the
number of Purchased Shares being purchased by Buyers, with all security, transfer, medallions, and other similar taxes or charges,
if any, paid; and
	 	 	 

		(b)	all documentation and other evidence reasonably
requested by Buyers in order to establish the due authorization and completion of the transactions contemplated by this Agreement,
including the taking of all corporate proceedings by the boards of directors of each Focus Entity and Fairfields, as the case may
be, required to effectively carry out the obligations of the Focus Entities hereunder and to complete the transfer and sale of
the Purchased Shares to Buyers pursuant to this Agreement.

 

4.2          Title to New Shares. Buyers are the legal and beneficial owner
of the New Shares and have good title to them, free and clear of any lien or encumbrance of any nature whatsoever. Buyers have
the absolute and exclusive right to assign the New Shares to Focus Mexico as contemplated by this Agreement and no other person
or entity has any right, option, or other entitlement of any nature whatsoever to the New Shares or any part thereof.

 

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4.3          Deliveries by Buyers., Buyers will forthwith thereafter deliver
to Focus Mexico:

 

		(a)	certificates representing the New Shares
duly endorsed in blank for transfer or accompanied by duly executed blank stock transfer powers completed to reflect the number
of New Shares being acquired by Focus Mexico, with all security, transfer, medallions, and other similar taxes or charges, if any,
paid; and
	 	 	 

		(b)	all documentation and other evidence reasonably
requested by Focus Mexico in order to establish the due authorization and completion of the transactions contemplated by this Agreement,
including the taking of all corporate proceedings by the board of directors and shareholders of Buyers required to effectively
carry out their obligations pursuant to this Agreement.

 

4.4          Termination. In the event the transactions contemplated in this
Agreement are not completed on or prior to February 20, 2013. Thereafter, this Agreement shall be deemed terminated and become
null and void in its entirety. 

 

4.5          Release. Each of Focus Gold and Focus Mexico and each of its
subsidiaries does hereby fully and finally remise, release and forever discharge Fairfields from all actions, applications, claims,
complaints, proceedings, causes of action, liabilities, suits, debts, dues, demands, accounts, bonds, covenants, contracts, complaints,
claims of every kind and nature which have existed, now exist or may in the future exist with respect to any matter or thing existing
up to the present time or that may exist in the future, including without limitation all business, relationships, contracts, claims
arising which hereto may have been or may hereafter be sustained, directly or indirectly, whether now known or unknown (collectively,
the “Claims”), which either Focus Gold or Focus Mexico or any of its subsidiaries or affiliates had, now has
or may have in the future. Nothing herein shall serve to release Buyers from its obligations to Focus Gold or Focus Mexico, as
the case may be, arising under this Agreement.

 

article
5

GENERAL

 

5.1          Further Assurances. The parties shall sign such further and other
documents, cause such meetings to be held, cause such resolutions to be passed and such by-laws to be enacted, exercise their vote
and influence and do and perform (and cause to be done and performed) such further and other acts or things as may be necessary
or desirable in order to give full effect to this Agreement and every part of it. 

 

5.2          Notices. All notices, requests, demands or other communications
required or permitted to be given by one party to another pursuant to this Agreement shall be given in writing by personal delivery,
courier service, registered mail (postage prepaid), or facsimile transmission, addressed or delivered to such other party set out
on the face page of this Agreement, as may be amended by notice of address change by one party to the other.

 

5.3          Applicable Law. This Agreement and all other documents
provided for in this Agreement and the rights and obligations of the parties thereto shall be governed by and construed and enforced
in accordance with the laws of the State of Nevada applicable therein and the parties hereto attorn to the jurisdiction of the
courts of the State of Nevada.

 

5.4          Amendments. No amendment to this Agreement shall be valid or
binding unless set forth in writing and duly executed by parties hereto.

 

5.5          Waiver. No party to this Agreement shall be deemed or taken to
have waived any provision of this Agreement unless such waiver is in writing, and then such waiver shall be limited to the circumstances
set forth in such written waiver. No failure or delay on the part of a party in exercising any right, power or remedy shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. No waiver by a party of a default shall operate against such
party as a waiver of such default unless made in writing and signed.

 

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5.6          Enurement and Assignment. This Agreement shall be binding upon
and enure to the benefit of the parties, their respective heirs, executors, administrators and other legal representatives, and,
to the extent permitted, their respective successors and permitted assigns. No party to this Agreement may assign, transfer or
otherwise dispose of all or any part of its rights or obligations or any interest in this Agreement without the prior consent of
the parties.

 

5.7          Severability. If any provision of this Agreement or the application
of such provision to any Person or circumstances shall be held illegal, invalid or unenforceable, the remainder of this Agreement,
or the application of such provision to Persons or circumstances other than those as to which it is held illegal, invalid or unenforceable
shall not be affected thereby. Each provision of this Agreement is intended to be severable, and if any provision is illegal, invalid
or unenforceable in any jurisdiction, this will not affect the legality, validity or enforceability of such provision in any other
jurisdiction or the validity of the remainder of this Agreement.

 

5.8          Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the
same instrument. Delivery by facsimile of any executed counterpart of this Agreement shall be equally as effective as delivery
of a manually executed counterpart thereof. Any party delivering an executed counterpart by facsimile shall also deliver a manually
executed counterpart of this Agreement, but failure to do so shall not affect the validity, enforceability or binding effect of
this Agreement. 

 

5.9          Confidentiality; Publicity. Except as may be required by law,
rule, regulation, or pursuant to a stock exchange listing agreement or as otherwise permitted or expressly contemplated herein,
no party hereto and none of their respective affiliates, employees, agents, and representatives shall disclose to any third party
this Agreement, the subject matter or terms hereof or any confidential information or other proprietary knowledge concerning the
business or affairs of any other party which it may have acquired from such party in the course of pursuing the transactions contemplated
by this Agreement without the prior written consent of the other parties hereto; provided, that any information that is otherwise
publicly available, without breach of this provision, or has been obtained from a third party without a breach of such third party’s
duties, shall not be deemed confidential information. No press release or other public announcement related to this Agreement or
the transactions contemplated hereby shall be issued by Focus Gold without the prior written approval of Buyers.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK. SIGNATURE PAGE FOLLOWS.]

 

 

 

 

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IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date first written above.

 

BUYER

 

/s/ Santiago Leon Aveleyra

Santiago Leon Aveleyra

 

 

BUYER

 

/s/ Eduardo Zayas Duenas

Eduardo Zayas Dueñas

 

 

BUYER

 

/s/ Carmen Leticia Calderon Leon

Carmen Leticia Calderon Leon

 

	 	 
	
        FOCUS
        GOLD CORPORATION

        Per/s/ Richard O. Weed

        Richard O. Weed

        Secretary

         

         
	 
	
        FOCUS
        GOLD MEXICO LIMITED

        Per/s/ Richard O. Weed

        Richard O. Weed

        Secretary

         
	 

 

 

 

 

 

 

6

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