Document:

exh10-36.htm

 

 

 

 

 

 

 

 

 

EXHIBIT 10.36

 

 

 

 

 

 

  

  

  

Stringtown Mill Bill of Sale

 

This Bill of Sale is entered into as effective this 21st day of December 2007, by and between SNH Investments, LLC ('Seller"), a Colorado limited liability company with offices at 6200 S. Vivian St., Littleton, CO 80127 and Calais Resources Inc. (Buyer) a British Columbia corporation with the address of PO Box 653 Nederland, CO 80444.

 

For and in consideration of the payment of the Purchase Price provided herein and the terms and conditions of this Bill of Sale, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

1.   Seller agrees to sell and Buyer agrees to buy all of the Seller's rights, title and interest in and to all personal property, fixtures, equipment, machinery, buildings, structures and improvements at and in the Stringtown Mill located near Leadville, CO, including, but not limited to, all of the items on the list attached hereto as Exhibit A and by this reference incorporated herein and all agreements relating thereto, including, without limitation, any warranties, service agreements or guarantees from any manufactures, distributors, vendors or other third parties concerning any such item (hereinafter collectively referred to as the "Mill and Equipment").

2.   Buyer agrees to pay Seller for the Mill and Equipment, only a partial list of which is attached as Exhibit A, the equivalent of Sixty Thousand Dollars (US$ 60,000) through the issuance by Buyer to Seller of 750,000 shares of the Buyer's common stock priced at US$0.08 per share (the "Shares"). In addition the Buyer agrees to issue 750,000 warrants with a strike price of US$0.12 / share to expire in each case 5 years from the effective date. Seller acknowledges and understands that the Shares, the warrants described above and any shares obtained upon exercise of such warrants will be restricted securities subject to the limitations on transfer provided by the Securities Act of 1933 and the rules and regulations promulgated thereunder. As a precondition to the issuance of the Shares, Seller will be required to review and execute the Calais Resources subscription agreement attached as Exhibit B. This Bill of Sale and the attached subscription agreement shall be executed at or prior to a closing scheduled for a time and location mutually agreed to by the parties, but no later than Friday December 14, 2007. Buyer shall have access to and full right and authority to remove the Mill and Equipment from its present location at any time or from time to time after the payment of the Purchase Price to Seller; provided.

  

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however, that Buyer agrees to remove all of the Mill and Equipment no later than August 31, 2008.

3.   Notwithstanding any other provisions herein to the contrary, it is expressly understood and agreed that the Buyer shall have the right, but not the obligation, to remove any foundation of any building or other structure at or constituting part of the Stringtown Mill, It is, moreover, agreed that Buyer is purchasing only the Mill and Equipment and shall be in no way responsible for the operation of the Mill or for any remediation or reclamation activity at or in the vicinity of the Mill. Buyer shall make reasonable efforts to clean up any debris or trash that Buyer creates during the removal of the Mill and Equipment.

4.   Seller makes no representation or warranties whatsoever, either express or implied, as to the maintenance, repair, condition, design, workmanship, suitability, utility or marketability of the Mill and Equipment or any portion thereof; including without limitation, any implied or express warranty of merchantability or fitness for any particular purpose, it being the express understanding of Buyer that it is purchasing the Mill and Equipment in its present condition and state of repair on an "as is" and "where is" with "all faults" basis.

5.   As a precondition to Buyer's obligations under this Agreement, Seller hereby warrants and represents to Buyer that neither the Mill nor the Equipment nor the site thereof has been designated as contaminated or is otherwise the subject of any current or threatened environmental claims by any local, state or federal governmental authority, and that Seller is not aware of any contamination or environmental hazard that might lead to such designation. Seller agrees to indemnify and hold the Buyer harmless from and against any and all claims, demands, actions and losses which: (a) arise out of or are in anyway related to the ownership and operation of the Mill and Equipment prior to removal of the Mill and Equipment by the Buyer from their present location; (b) arise out of or are in any way related to claims made by third parties with respect to which the Buyer gives or may give notice to the Seller at any time or from time to time after the effective date of this Bill of Sale; or (c) constitute or are alleged to constitute violations of any Environmental Laws. As used herein, the term "Environmental Laws" shall mean any and all laws, statues, regulations, rules, orders, ordinances, permits or determinations of any governmental authority pertaining to health or to conservation or protection of the environment, wildlife, or natural resources in effect in any and all jurisdictions in which the Mill and Equipment is located or otherwise having jurisdiction over any matters related thereto, including, without limitation, the Clean Air Act, as amended, the Federal Water Pollution Control Act, as amended, the Safe Drinking Water Act, as amended,

  

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the Comprehensive Environmental Response Compensation n and Liability Act ("CERCLA"), as amended, the Superfund Amendments and Reauthorization Act of 1986 ("SARA"), as amended, the Resource Conservation and Recovery Act ("RCRA"), as amended, the Hazardous and Solid Waste Amendments Acts of 1984, as amended, the Toxic Substances Control Act, as amended, the Federal Mine Safety and Health Act of 1977 ("FMSHA"), as amended, and the Occupational Safety and Health Act ("OSHA") as amended. In the context of actions threatened or initiated against the Buyer under any Environmental Laws, terms such as "hazardous substances", "Release", and "threatened release" shall have the meanings specified in CERCLA; provided, however, that to the extent that the laws of the State of Colorado in the Mill and Equipment is located are applicable and have statues, definitions, rules and regulations that are broader or more stringent than that specified in CERCLA, RCRA, SARA, FMSHA and/or OSHA, that broader or more stringent scope, meaning or definition shall apply with respect thereto in the context of this Bill of Sale.

6.   If Buyer receives a complaint or notice of the commencement of any action or proceeding or the assertion of any claim or demand by any third-party or of the imposition of any penalty or assessment against Buyer for which indemnity may be sought and is sought by the Buyer under this Bill of Sale, the Buyer shall promptly provide the Seller with notice thereof. As and if requested by Buyer, Seller shall participate in and assume the defense, appeal or settlement of any such claims through counsel selected by Seller and approved by Buyer which approval shall not be unreasonably withheld or delayed. Buyer and Seller shall fully cooperate in connection with the defense, appeal or settlement of any claims within thirty (30) days after receipt of notice thereof from the Buyer, the Buyer shall have the right to undertake the defense, appeal or settlement of any such claim at the expense of and for the account of the Seller. The Buyer shall be entitled, to participate in the defense of any such claim provided that the Seller shall pay the attorneys' fees and costs of the Buyer if the employment of separate counsel is deemed necessary or advisable by the Buyer. The Seller shall obtain the prior written approval of the Buyer for any settlement, which shall not unreasonably withheld or delayed.

7.   The obligations of the Seller pursuit to this Bill of Sale shall survive indefinitely the closing of the purchase of the Mill and Equipment.

8.   This Bill of Sale shall be interpreted and enforced pursuant to the laws of the State of Colorado and any applicable federal laws. The parties agree that any action brought to enforce or interpret any terms and provisions of this Bill of Sale or for any claim or

  

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cause of action arising out of or relating to this Bill of Sale shall be brought by either party in federal or state court in the State of Colorado.

 

9.   This Agreement contains the entire agreement between the parties and supersedes any prior written or oral agreements or understanding concerning the same subject manner. This Bill of Sale may be signed in counterparts and counterparts taken together shall be considered by the parties as constituting one agreement as though both parties had signed the same document.

 

IN WITNESS WHEREOF, Buyer and Seller have executed this Bill of Sale as effective on the date first above written.

 

SELLER:

 

SNH INVESTMENTS, LLC

/s/ Nicholas Michael                                

Nicholas Michael 

Manager

 

BUYER:

 

Calais Resources, Inc.

 

/s/ David K. Young                                

David K. Young 

President and CEO

  

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ACKNOWLEDGEMENTS

 

STATE OF COLORADO

 

COUNTY OF JEFFERSON

 

The foregoing Bill of Sale was acknowledged before me on this 21 day of December 2007 by Nickolas Michael, as manager of SNH Investments LLC, a Colorado LLC on behalf of that LLC.

 

Witness my hand and official seal,

 

/s/

My Commission expires:  01/26/2010

 

 

STATE OF COLORADO

 

COUNTY OF JEFFERSON

 

The foregoing Bill of Sale was acknowledged before me on thisday of December 2007 by David K. Young, as President and CEO of Calais Resources Inc. a British Columbia, Canada corporation, on behalf of the corporation.

 

Witness my hand and official seal,

 

My Commission expires:

 

  

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Stingtown Mill

 

	

Number

	

Description

	  	  	  
	

1

	

Water Truck. Diesel

	  	  	  
	

2

	

Marcy Ball Mill, 5'x 6'

	  	  	  
	

3

	

Shaft and pulley drive for ball mill

	  	  	  
	

4

	

100 hp motor for ball mill

	  	  	  
	

5

	

Bull Gear for Marcy Mill & pallet of liners

	  	  	  
	

6

	

Amalgamation Drum

	  	  	  
	

7

	

Denver Mineral Jig, 12" x 18"

	  	  	  
	

8

	

Laboratory concentrating table

	  	  	  
	

9

	

Six inch x 15 foot conveyor

	  	  	  
	

10

	

Dump truck, 20 ton, dual axle, Intemation H

	  	  	  
	

11

	

Steel building

	  	  	  
	

12

	  	

Model and/or Serial Number

	

13

	  	  	  	  
	

14

	

Coarse Ore Bin, wood, with flow gate

	  	  	  
	

15

	

Small vibrating screen

	  	  	  
	

16

	

Jaw Crusher

	  	  	  
	

17

	

Roll Crusher, 16" x 10" face,

	  	  	  
	

18

	

take-away conveyor

	  	  	  
	

19

	

Bucket elevator

	  	  	  
	

20

	

transfer conveyor 18"

	  	  	  
	

21

	

Fine ore bin, 25-30 ston capacity

	  	  	  
	

22

	

Feeder conveyor

	  	  	  
	

23

	

Marcy Ball Mill, 5'x 6'

	  	  	  
	

24

	

Denver Mineral Jig, 12" x 18"

	  	  	  
	

25

	

Spiral classifier

	  	  	  
	

26

	

Magnetic separator

	  	  	  
	

27

	

Denver Mineral Jig, 12" x 18"

	  	  	  
	

28

	

Denver Mineral Jig, 12" x 18"

	  	  	  
	

29

	

Diester concentrating table full size

	  	  	  
	

30

	

Wiffley concentrating table

	  	  	  
	

31

	

Concentrating bowl - Neffco

	  	  	  
	

32

	

Concentrating bowl • Neffco

	  	  	  
	

33

	

Flotation cells one bank of 6,24"x24"

	  	  	  
	

34

	

Flotation cells one bank of 6,24"x24"

	  	  	  
	

35

	

Conditioning tank

	  	  	  
	

36

	

Reagent addition machines

	  	  	  
	

37

	

Concentrate Filter

	  	  	  
	

38

	

Vacuum pump

	  	  	  
	

39

	

5000 gallon water tank

	  	  	  
	

40

	

5000 gallon water tank

	  	  	  
	

41

	

1000 gallon water tank

	  	  	  
	

42

	  	  	  	  
	

43

	

Gasoline powered Welder

	  	  	  
	

44

	

CAT 931 track loader, arrange#653600

	

sn 7803743

	  
	

45

	

engine for the above loader, #4N169

	

sn45V15073

	  
	

46

	

3 Mine Phones, #465177

	

sn 005384,005378

	  
	

47

	

Fire Extinguishers

	

various sizes

	  
	

48

	  	  	  	  
	

49

	  	  	  	  
	  	

Total

	  	  	  

 

12/21/2007                                         GenerallnventoryofEquipmentAugust232004exh10-38.htm

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.39

 

 

 

 

 

  

  

  

FORBEARANCE AGREEMENT

 

This Forbearance Agreement (this "Agreement") is dated as of January 15, 2011 and is made by and among Brigus Gold Corp., a Yukon Territory corporation ("BGC"), Brigus Gold, Inc., a Delaware corporation ("BGI and, together with BGC, "Brigus"), Calais Resources Inc., a British Columbia corporation ("CRI-, and Calais Resources Colorado, Inc .a Nevada corporation ("CRCI" and, together with CRI, "Borrowers").

 

WITNESSETH:

 

WHEREAS, Brigus is the holder of the indebtedness evidenced by the promissory notes set forth on Exhibit A hereto and issued by Borrowers (the "Promissory Notes");

 

WHEREAS, in connection with the issuance of the Promissory Notes and Brigus' acquisition thereof, each of Brigus and Borrowers entered into certain endorsements, assignments, security documents and other instruments, documents and agreements, including, without limitation, the Purchase Agreement dated February 1, 2010, among Elkhorn Goldfields, LLC, CRI, CRCI and BGI (the "Montana Tunnels Purchase Agreement") and the Purchase Agreement, dated March 12, 2010, among BGC, CRCI, CRI, Duane Duffy, Glenn Duffy, Luke Garvey and James Ober (the "Duffy Purchase Agreement" and together with the Montana Tunnels Purchase Agreement, the "Purchase Agreement") (collectively, the Promissory Notes, the Purchase Agreements and such other endorsements, assignments, security documents and other instruments, documents and agreements entered into in connection therewith, the "Financing Agreements");

 

WHEREAS, Borrowers are and have been in default under the Promissory Notes for, among other things, failure to pay principal and interest when due (the "Existing Defaults"):

 

WHEREAS, pursuant to the (i) Montana Tunnels Purchase Agreement, Brigus agreed to forbear from enforcing its rights with respect to the Additional Unsecured Note (as defined in the Montana Tunnels Purchase Agreement) until February 1, 2011 and (ii) the Duffy Purchase Agreement, Brigus agreed to forbear from enforcing its rights with respect to the promissory note dated August 11, 2005 in the original principal amount of $807,650 (the "Duffy Note") until March 12, 2011;

 

WHEREAS, Borrowers have requested that Brigus agree to forbear from exercising its rights and remedies as a result of the Existing Defaults, which are continuing, notwithstanding such Existing Defaults; and

 

WHEREAS; Brigus is willing to agree to forbear from exercising certain of its rights and remedies for the period and on the terms and conditions specified herein;

 

NOW, THEREFORE, in consideration of the foregoing, and the respective agreements, warranties and covenants contained herein, the parties hereto agree, covenant and warrant as follows:

SECTION 1. ACKNOWLEDGMENT

 

  

  

  

1.1. Acknowledgment of Obligations. Each Borrower hereby acknowledges, confirms, affirms and agrees that Borrowers are indebted to Brigus in respect of the Promissory Notes. The indebtedness evidenced by the Promissory Notes, together with interest accrued and accruing thereon, and all fees, costs, expenses and other charges now or hereafter payable by Borrowers to Brigus, are unconditionally owing by Borrowers to Brigus, without offset, defense or counterclaim of any kind, nature or description whatsoever. Borrowers further hereby acknowledge, confirm, agree and reaffirm that the Promissory Notes and the other Financing Agreements are valid and enforceable against Borrowers and their respective affiliates.

 

1.2. Acknowledgment of Liens. Each Borrower hereby acknowledges, confirms and agrees that Brigus has and shall continue to have valid, enforceable and perfected liens upon and security interests in the collateral heretofore granted to Brigus pursuant to the Financing Agreements or otherwise granted to or held by Brigus.

 

1.3. Binding Effect of Documents. Each Borrower hereby acknowledges, confirms and agrees that: (a) each of the Financing Agreements to which it is a party has been duly executed and delivered to Brigus by such Borrower, and each is in full force and effect as of the date hereof, (b) the agreements and obligations of each Borrower contained in such documents and in this Agreement constitute the legal, valid and binding obligations of such Borrower, enforceable against such Borrower in accordance with their respective terms, and such Borrower has no valid defense to the enforcement of such obligations, and (c) Brigus is and shall be entitled to the rights, remedies and benefits provided for in the Financing Agreements and applicable law.

 

SECTION 2. FORBEARANCE IN RESPECT OF CERTAIN EVENTS OF DEFAULT

 

2.1. Acknowledgment of Default. Each Borrower hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which entitles Brigus to exercise its rights and remedies under the Financing Agreements, applicable law or otherwise. Brigus has not waived, presently does not intend to waive, and may never waive such Existing Defaults and nothing contained herein or the transactions contemplated hereby shall be deemed to constitute any such waiver. Each Borrower hereby acknowledges and agrees that Brigus has the presently exercisable right to declare the obligations to be immediately due and payable under the terms of the Financing Agreements.

 

2.2. Forbearance.

 

(a) In reliance upon the representations, warranties and covenants of each Borrower contained in this Agreement, and subject to the terms and conditions of this Agreement and any documents or instruments executed in connection herewith, Brigus agrees (1) to forbear from exercising its rights and remedies under the Promissory Notes, applicable law or otherwise in respect of or arising out of the Existing Defaults for the period (the "Forbearance Period") commencing on the date hereof and ending on the date which is the earliest to occur of: (i) June 30, 2011, (ii) execution of a definitive agreement between Borrower and Brigus that retires or transfers the Promissory Notes from Brigus to Borrower, (iii) a breach by any Borrower of this Agreement, (iv) insolvency of, appointment of a receiver for any part of the property of, or assignment for the benefit of creditors by, any Borrower; (v) the commencement of any proceedings  under  any  bankruptcy  or  insolvency  laws  by   any  Borrower;   or  (vi)   the

  

  

  

commencement of any involuntary proceedings under any bankruptcy or insolvency laws against Borrower if the same have not been fully discharged within thirty days after the commencement thereof and(2) that the interest rate payable under the Original Caribou Note (as defined in the Montana Tunnels Purchase Agreement), the Congo Note (as defined in the Montana Tunnels Purchase Agreement) and the Duffy Note shall be eight percent (8%) for the Forbearance Period, with such interest rates reverting to such rate as is set forth in such notes automatically upon the expiration of the Forbearance Period.

 

(b) Upon the termination of the Forbearance Period, the agreement of Brigus to forbear and reduce the applicable interest rates shall automatically and without further action terminate and be of no force and effect, it being expressly agreed that the effect of such termination will be to permit Brigus, to exercise immediately all rights and remedies under the Financing Agreements and applicable law, including, but not limited to, the acceleration of all of the obligations; in either case without any further notice, passage of time or forbearance of any kind and enforcing its rights with respect to the collateral.

 

2.3.     No Other Waivers; Reservation of Rights.

 

(a) Brigus has not waived, is not by this Agreement waiving, and has no intention of waiving, any events of default under the Financing Agreements ("Events of Default") which may be continuing on the date hereof or any Events of Default which may occur after the date hereof (whether the same or similar to the Existing Defaults or otherwise), and Brigus has not agreed to forbear with respect to any of its rights or remedies concerning any Events of Default (other than, during the Forbearance Period, the Existing Defaults to the extent expressly set forth herein), which may have occurred or are continuing as of the date hereof or which may occur after the date hereof. Nothing contained in this Agreement, nor any action by Brigus, nor any failure to act by Brigus, shall be deemed to constitute or shall be construed as (i) a course of dealing obligating Brigus to take, or not to take, any action, including without limitation to provide any accommodations, financial or otherwise, to any Borrower at any time, (ii) a commitment or an agreement to make a commitment with respect to any possible restructure of the indebtedness evidenced by the Promissory Notes or (iii) an agreement to forbear from exercising any rights or remedies following the termination of the Forbearance Period.

 

(b) Subject to Section 2.2(a) above, Brigus reserves its right, in its discretion, to exercise any or all of its rights and remedies under the Promissory Notes and the other Financing Agreements as a result of any Events of Default which may be continuing on the date hereof or any Event of Default which may occur after the date hereof; and Brigus has not waived any of such rights or remedies, and nothing in this Agreement, and no delay on its part in exercising any such rights or remedies, should be construed as a waiver of any such rights or remedies.

 

SECTION 3. REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Each Borrower hereby represents, warrants and covenants with and to Brigus as follows:

  

  

  

3.1. Binding Effect of Documents. This Agreement and the other Financing Agreements have been duly authorized, executed and delivered to Brigus by Borrowers, are enforceable in accordance with their terms and are in full force and effect, as modified hereby.

 

3.2. No Conflict, Etc. The execution, delivery and performance of this Agreement by Borrowers will not violate any laws, rules, regulations or orders of any governmental authority or any contractual obligation of any Borrower and will not result in, or require, the creation or imposition of any lien on any of a Borrower's properties or revenues.

 

3.3 Brigus Consent Rights. In addition, from the date hereof until the expiration of the foregoing Forbearance Period, each Borrower shall operate and carry on its business and shall cause each of its affiliates to operate and carry on its business only in the ordinary course and substantially as presently operated. Consistent with the foregoing, each Borrower shall keep and maintain its assets and shall cause each of its affiliates to keep and maintain its assets in good operating condition and repair and shall use its best efforts consistent with good business practice to maintain the business organization of such Borrower intact and to preserve the goodwill of the suppliers, contractors, licensors, employees, customers, distributors and others having business relations with such Borrower. In connection therewith, except with the express written approval of Brigus, no Borrower shall, nor shall it permit any of its affiliates to: (i) amend its organizational documents; (ii) issue, grant, sell or encumber any shares of its capital stock or other securities (except in connection with a financing transaction that is on terms acceptable to Brigus in its sole discretion); issue, grant, sell or encumber any security, option, convertible security, put, call, subscription or other right of any kind, fixed or contingent, that directory or indirectly calls for the acquisition, issuance, sale, pledge or other disposition of any shares of capital stock or other securities or make any other changes in capital structure; (iii) make any material change to its business or operations; (iv) sell, lease (as lessor), transfer or otherwise dispose of (including any transfers from Borrower to its affiliates), or mortgage or pledge, or impose or suffer to be imposed any Encumbrance on, any of the capital stock or the assets or properties of any Borrower; (v) make any payment of cash or distribution of assets to any of its affiliates; (vi) create, incur or assume any indebtedness for borrowed money, enter into, as lessee, any capitalized lease obligations or declare, set aside or pay any cash dividends on or make any other cash distributions in respect of any capital stock; (vii) declare, set aside or pay any dividends on or make any other distributions (whether in cash, equity securities or property) in respect of any capital stock or split, combine or reclassify any capital stock or issue or authorize the issuance of any securities in respect of, in lieu of or in substitution for any capital stock; or (viii) authorize, agree or enter into any agreement to do any of the foregoing actions.

 

SECTION 4.  PROVISIONS OF GENERAL APPLICATION

 

4.1. No Further Amendments: Ratification of Liability. Each Borrower hereby agrees that except as amended hereby, the Promissory Notes and each of the other Financing Agreements shall remain in full force and effect in accordance with their respective terms. Each Borrower hereby ratifies and confirms its liabilities, obligations and agreements under the Promissory Notes and the other Financing Agreements to which such Borrower is a party, subject to the terms of this Agreement, and acknowledges that (i) as of the date of this Agreement, no Borrower has any defenses, claims or set-offs to the enforcement by Brigus of

  

  

  

such liabilities, obligations and agreements, (ii) other than as specifically set forth herein, Brigus does not waive, diminish or limit any term or condition contained in the Promissory Notes or any of the other Financing Agreements and (iii) the passage of time created by any forbearance by Brigus shall not be used as a defense by any Borrower against the payment of indebtedness, interest and fees owing to Brigus and represented by the Promissory Notes. Brigus' agreement to the terms of this Agreement shall not be deemed to establish or create a custom or course of dealing between Brigus and Borrowers. To the extent of conflict between the terms of this Agreement and the other Financing Agreements, the terms of this Agreement shall control

 

4.2. Binding Effect. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

 

4.3. Survival of Representations and Warranties. All representations and warranties made in this Agreement or any other document furnished in connection with this Agreement shall survive the execution and delivery of this Agreement and the other documents, and no investigation by Brigus or any closing shall affect the representations and warranties or the right of Brigus to rely upon them.

 

4.4. Severability. Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Agreement.

 

4.5. Reviewed by Attorneys. Each Borrower represents and warrants to Brigus that it (a) understands fully the terms of this Agreement and the consequences of the execution and delivery of this Agreement, (b) has been afforded an opportunity to have this Agreement reviewed by, and to discuss this Agreement and document executed in connection herewith with, such attorneys and other persons as such Borrower may wish, and (c) has entered into this Agreement and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress or other coercion of any kind by any Person. The parties hereto acknowledge and agree that neither this Agreement nor the other documents executed pursuant hereto shall be construed more favorably in favor of one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation and preparation of this Agreement and the other documents executed pursuant hereto or in connection herewith.

 

4.6. Governing Law and Jurisdiction.

 

THE DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF COLORADO WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED BY THIS AGREEMENT. EACH OF THE PARTIES SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN DENVER, COLORADO, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND AGREES THAT ALL CLAIMS IN RESPECT OF THE ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT.    EACH PARTY ALSO AGREES NOT TO

 

  

  

  

BRING ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY OTHER COURT. EACH OF THE PARTIES WAIVES ANY DEFENSE OF INCONVENIENT FORUM TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT AND WAIVES ANY BOND, SURETY OR OTHER SECURITY THAT MIGHT BE REQUIRED OF ANY OTHER PARTY WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING. THE PARTIES AGREE THAT EITHER OR BOTH OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED AGREEMENT BETWEEN THE PARTIES IRREVOCABLY TO WAIVE ANY OBJECTIONS TO VENUE OR TO CONVENIENCE OF FORUM.

 

4.7. Counterparts. This Agreement may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement.

 

4.8 Currency All references in this Agreement to "$" are references to United States dollars.

 

4.9 Time of Essence..With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.4.10 No Third-Party Beneficiaries.Nothing expressed or referred to in this Agreement confers any rights or remedies upon any person that is not a party or permitted assign of a party to this Agreement.[Signature Pages Follow]

 

  

  

  

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

	 	CALAIS RESOURCES, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ David K. Young	 
	 	Title:	President	 
	 	 	 	 

	 	CALAIS RESOURCES COLORADO, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ Thomas S. Hendricks	 
	 	Title: 	President	 
	 	 	 	 

	 	BRIGUS GOLD CORP.	 
	 	 	 	 
	
 

	
By: 

	/s/ M. Williams	 
	 	Title:	C.F.O.	 
	 	 	 	 

	 	BRIGUS GOLD, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ M. Williams	 
	 	Title:	Officer

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