Document:

f8k100913ex10i_hotelout.htm

Exhibit 10.1

 

 
 

	 		 
	 
 
Execution Copy

	 	 

 

Loan Agreement

Dated as of October 9, 2013

	
By and between:

	
Hotel Outsource Management International, Inc., a Delaware corporation whose address for the purposes of notices sent under this Agreement shall be One Embarcadero Center, Suite 500, San Francisco CA 94111, Fax: +1-415-433 5994, e-mail: jackronnel@my-homi.com; with a copy to Reif & Reif Law Offices, 72/2 Gibstein Street, Rishon LeZion 7531364, Israel, Fax: +972-3-7444479, e-mail: Mail@ReifLaw.com (the “Borrower”);

	
And:

	
Daniel Cohen, of 10 Iris Street, PO Box 4591, Caesarea 3088900, Israel (the “Lender”);

	
Whereas:

	
Borrower requires immediate funds, which, in the current economic climate, it has not been able to obtain in a timely manner from banking institutions, as medium term financing until its business becomes cash-flow positive; and

 

	
Whereas:

	
Borrower has requested that Lender, who holds office as President of Borrower, assist Borrower by agreeing to loan such funds to Borrower in the amount and under the terms set forth in this Agreement below; and

 

	
Whereas:

	
Lender is willing to make a loan to Borrower, all subject to and in accordance with the terms of this Agreement;

 

Therefore, the parties have made condition and agreed as follows:

 

	
1.

	
The Loan

 

 

	
  

	
1.1

	
Upon the terms and conditions set forth in this Agreement, Lender agrees to loan to Borrower the principal amount of USD 50,000 (fifty thousand USD) (the “Loan”).

 

	
  

	
1.2

	
The Loan has already been wired to Borrower, via its subsidiary, HOMI Israel Ltd, in September 2013. The loan date will be deemed to be October 1, 2013 (the “Loan Date”).

 

	
2.

	
Interest

 

Interest will accrue on the entire outstanding balance of the Loan, commencing as of the Loan Date, at the rate of 8% per annum (the “Interest”).

 

	
3.

	
Repayment

 

	
  

	
3.1

	
Borrower shall repay the entire Loan, with all accrued Interest in 16 (sixteen) consecutive, quarterly payments, commencing as of January 1, 2014 and thereafter on the first day of each calendar quarter, ending with the final payment on October 1, 2017.

 

	
  

	
3.2

	
Notwithstanding the foregoing, as of the Loan Date, there will be a two year grace period prior to commencement of repayment of the principal of the Loan. Accordingly, for each of the first eight quarterly repayments, the repayment will comprise of accrued Interest, without principal. Accordingly, the principal of the Loan will be repaid in eight equal installments over the subsequent eight quarters, together with accrued Interest, commencing January 1, 2016.

 

	
4.

	
Conversion

 

	
  

	
4.1

	
Notwithstanding Lender’s declaration that, as at the date hereof, he would prefer for the Loan to be repaid in cash, Lender nevertheless agrees that Borrower may elect, within 30 days of closing an equity investment for the investment of at least $600,000 in Borrower, if at all, to effect repayment of any part, or all, of the outstanding Loan and/or accrued Interest, by means of the issue to the Lender of shares of Borrower’s common stock. The purchase price of each share so issued shall be deemed to be the same price per share as in said equity investment (the “Price Per Share”), such that the outstanding balance of the Loan plus accrued Interest shall be reduced, at the time of issue of such shares, by the quantity of shares so issued multiplied by the Price Per Share.

 

	 	 	 	 
	 
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Loan Agreement

HOMI – Cohen

Execution Copy

	 

 

	
  

	
4.2

	
Conversion will be by means of written notice by Borrower to Lender, stating the amount of outstanding Loan and accrued Interest which is being converted. Promptly, after issuing a conversion notice, Borrower shall issue to Lender, or to Lender’s order, the applicable quantity of shares of Borrower’s common stock.

 

	
  

	
4.3

	
Any and all amounts of the outstanding Loan and accrued Interest which are so converted by Borrower will be deemed repaid by Borrower upon the issue to Lender, or to Lender’s order, of the applicable quantity of shares of Borrower’s common stock.

 

	
5.

	
Late Payment

 

Without derogating from any statutory remedies and/or other remedies available under the terms of this Agreement, any sums not paid by Borrower at the appointed time under this Agreement shall be subject to interest at the highest rate of interest then charged by Bank Leumi of Israel in respect of Dollar sums overdrawn beyond an agreed credit facility, such interest to accrue from the date payment was originally due until the date of actual payment; this interest rate shall initially be determined on the date payment was originally due, and thereafter monthly until the date of actual payment. Nothing in this Section ‎5 may be construed in any way as derogating from Borrower’s undertaking and obligation to repay the Loan and pay the Interest as set forth above. Arrears interest accruing pursuant to the terms of this Section ‎5 shall, for all intents and purposes, be deemed part of the Interest, as defined herein.

 

	
6.

	
Specified Purpose of Loan

 

	
  

	
6.1

	
The Parties hereby confirm and agree that Borrower requested the Loan for the sole purpose of using all of said Loan to finance its activity in the ordinary course of business, including making financing available to one or more of its subsidiaries, to finance their activity in the ordinary course of business (the “Specified Purpose”).

 

	
  

	
6.2

	
Borrower hereby undertakes to use the Loan solely for the Specified Purpose and not to use any part of the Loan for any purpose other than the Specified Purpose.

 

	
  

	
6.3

	
Borrower hereby recognizes and acknowledges that Lender’s consent to make the Loan to Borrower in accordance with the terms hereof is inter alia subject to and in reliance upon Borrower’s undertaking as set forth in Section ‎6.2 above, which is a fundamental condition of this Agreement.

 

	
7.

	
Borrower’s General Covenants

 

	
  

	
7.1

	
Borrower shall keep proper records and books of account in accordance with generally accepted accounting principles consistently applied, and shall maintain, preserve and keep all of its properties and assets in good working order and condition, subject to ordinary wear and tear.

 

	
  

	
7.2

	
Borrower shall conduct its affairs in such manner as is appropriate for a public company whose shares are traded on the New York OTCQB, and in accordance with all laws and regulations by which it is bound.

 

	
  

	
7.3

	
Other than in the ordinary course of business or otherwise as agreed to in writing by the Lender, on a case by case basis, Borrower shall not create, incur, or assume any indebtedness, nor shall it create incur, assume or suffer any mortgage, pledge, lien, security interest, charge or encumbrance of any kind or nature in or upon any of its property or assets, whether now owned or hereafter acquired, nor shall it sell, lease, assign, transfer or otherwise dispose of any of its assets, including its accounts receivable.

 

	 	 	 	 
	 
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Loan Agreement

HOMI – Cohen

Execution Copy

	 

 

	
8.

	
Representations and Warranties

 

Borrower hereby represents and warrants to Lender as follows:

 

	
  

	
8.1

	
that it is duly organized and existing under the laws of the jurisdiction in which it was incorporated, with the requisite corporate or other power to own and operate its properties and assets, and to carry on its business as presently conducted and to execute and perform its obligations under this Agreement;

 

	
  

	
8.2

	
that this Agreement is valid and binding upon it and it is bound by it and obliged to act in accordance with its terms; and that the execution and performance by it of this Agreement, and compliance therewith, and the consummation of the transactions contemplated by this Agreement will not result in any violation of and will not conflict with, or result in a breach of any of the terms of, or constitute a default under, any document, other obligation, law, regulation or order to which it is or will be party or by which it is or will be bound;

 

	
  

	
8.3

	
that all actions on its part and on the part of its directors, required for the authorization, execution, and performance by it, of this Agreement, and the consummation of all the transactions contemplated herein, have been obtained, or that they will be obtained within 30 days of the date hereof and until such time as they are obtained no use will be made of the Loan, which will, until such time, be deemed held in trust for Lender by Borrower;

 

	
  

	
8.4

	
that this Agreement and the entire contents thereof do not require that any notice be made to any authorities, other than notice which has already been made by Borrower or which will be made by Borrower in a timely manner (such as a Form 8-K), in accordance with all laws and regulations by which Borrower is bound, in accordance with directions which Borrower will receive from its US Legal Counsel.

 

	
9.

	
Events of Default

 

The occurrence and continuation of any of the following events shall be considered an Event of Default upon the occurrence of which the entire unpaid balance of the Loan and Interest, and all reasonable costs of collection, including reasonable attorney fees and expenses, shall become immediately due and payable:

 

	
  

	
9.1

	
Borrower shall fail to make any payment which it is obliged to make under the terms of this Agreement and such failure is not fully remedied within thirty (30) days after the occurrence thereof;

 

	
  

	
9.2

	
for the avoidance of doubt it is hereby stipulated and emphasized that it is the fundamental obligation and undertaking of Borrower to repay the Loan and pay the Interest, in accordance with the schedule set forth herein, and that failure by Borrower to repay the Loan and pay the Interest in such manner shall be considered an Event of Default, regardless of the reason for such failure, and without Lender being required to deliver any kind of notice to Borrower;

 

	
  

	
9.3

	
Borrower shall default in the performance of any material covenant or obligation contained herein or in any other agreement, debenture, pledge, promissory note or other instrument of indebtedness with Lender and such default is not remedied within thirty (30) days after the occurrence thereof;

 

	
  

	
9.4

	
Borrower uses and/or attempts and/or permits use of the Loan, or any part thereof, for any purpose other than the Specified Purpose;

 

	
  

	
9.5

	
any representation or warranty made by or on behalf of Borrower to Lender, howsoever in connection with the Loan and/or this Agreement, shall at any time prove to have been incorrect or misleading;

 

	
  

	
9.6

	
any judgment materially affecting the ability of Borrower to repay the Loan and pay the Interest shall be entered against Borrower or any attachment, levy or execution against a substantial portion of its properties shall remain unpaid, or shall not be released, discharged, dismissed, suspended or stayed for a period of thirty (30) days or more after its entry, issue or levy, as the case may be;

 

	
  

	
9.7

	
any proceedings seeking to declare Borrower bankrupt, or insolvent, or seeking liquidation, winding up, reorganization, arrangement with creditors, composition of debts or any other similar proceedings shall be initiated against Borrower, and such proceeding shall not be dismissed within thirty (30) days;

 

	
  

	
9.8

	
any event shall occur materially affecting the ability of Borrower to repay the Loan and pay the Interest under the terms of this Agreement.

 

	 	 	 	 
	 
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Loan Agreement

HOMI – Cohen

Execution Copy

	 

 

	
10.

	
Miscellaneous

 

	
  

	
10.1

	
In view of the fact that Lender is a shareholder in Borrower and holds office as a Director and as President of Borrower, Lender hereby agrees that, so long as he owns more than 1% of Borrower’s issued and outstanding share capital or is a member of Borrower’s Board of Directors or management, he will not participate in any vote taken by any of the organs within Borrower’s corporate structure in connection with this Agreement. This clause is in addition to, and without derogating from, the provisions of applicable law that may apply to this Agreement in connection with its being an agreement between a corporation and individuals who are shareholders and directors of that corporation.

 

	
  

	
10.2

	
Lender shall be entitled, at any time and without requiring the consent of Borrower or any other individual, to assign all or any part of his rights under this Agreement, to any other entity. Borrower shall not be entitled to assign all or any part of its rights and/or obligations under this Agreement, without Lender’s advance written consent.

 

	
  

	
10.3

	
No Amendment to this Agreement, or any part thereof, shall be valid or binding upon the Parties unless drawn up in writing and signed by both Parties.

 

	
  

	
10.4

	
As used in this Agreement, the term “including”, and all derivations thereof, shall mean “including, without limitation”, unless expressly stipulated to the contrary. Where the context permits, use of the singular number includes the plural and vice versa and words denoting any gender shall include all genders. The Preamble, and any Appendices, Exhibits or Schedules to this Agreement, constitute an integral part hereof. Section headings are for convenience purposes only, and may not be used in the construction or interpretation of this Agreement.

 

	
  

	
10.5

	
No failure or delay on the part of any party in exercising any right and/or remedy to which it may be entitled hereunder and/or by law shall operate as a waiver by that party of any right whatsoever. No waiver of any right under this Agreement shall be deemed as a waiver of any further or future right hereunder, whether or not such right is the same kind of right as was waived in a previous instance.

 

	
  

	
10.6

	
In case any provision of the Agreement shall be declared invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and shall continue in full force and effect.

 

	
  

	
10.7

	
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and replaces any previous agreements between the parties, if at all, whether written or verbal, pertaining to any of the subject-matter hereof.

 

	
  

	
10.8

	
This Agreement shall be governed by and construed in accordance with the laws of Israel, without regard to its rules of conflict of laws. The parties hereby agree and submit to the exclusive jurisdiction of the competent courts in the city of Tel-Aviv, with respect to any claim or dispute arising out of and/or in connection with this Agreement. For this purpose, Borrower hereby gives notice that an address for service of court papers in any action relating to this Agreement shall be c/o HOMI Israel Ltd., 1 Aba Even Street, Merkazim Bldg. A, Herzliya Pituach 46725, Israel.

 

	
  

	
10.9

	
Notices sent by one party to the other under this Agreement will be sent by registered mail to the addresses specified herein, delivered by hand, or transmitted by fax and will be deemed to have reached their destination within 5 days of being deposited with the Post Office for dispatch as registered mail (10 days in the case of air mail), upon actual delivery when delivered by hand, and upon receipt of the recipient’s confirmation of receipt when sent by fax.

 

	
  

	
10.10

	
This Agreement may be executed in any number of counterparts, in original or by facsimile, and each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute one and the same agreement.

 

	 	 	 	 
	 
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Loan Agreement

HOMI – Cohen

Execution Copy

	 

 

In witness whereof the parties have executed this

Loan Agreement on the date first above written:

 

	
SIGNED for and on behalf of

	
)

	
Hotel Outsource Management International, Inc.

	
)

	  	  
	
By: Jacky Ronnel, Bella Kivilis

	
)

	  	  
	
SIGNED by:

	
)

	
Daniel Cohen

	
)

 

	 	 	 	 
	 
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Exhibit 10.1

 

	
 

	  	

	
 

	  
	  	  
	  	  
	
 

	
 

	

APN#        n/A Mining         

	

Recoding Requested by and Return To:

	  	  
	  	  
	  	  
	Name              Richard R. Redfern                                                                                     
	Address                     1982 Ruby View Dr                                                                        
	City/State/Zip            Elko NV 89801                                                                              
	  	  
	  	  
	  	  

 

 

 

 

 

                  Purchase Agreement, mining                  

(Title of Document)

 

 

 

 

 

This cover page must be type or printed.

 

  

  

  

 

	 	 		679271	
10/07/2013

002 of 16

 

September 23, 2013                     

 

Richard R. Redfern

dba RMIC Gold

1982 Ruby View Drive

Elko, Nevada 89801

 

Dear Sirs:

 

Re:           Purchase Agreement, Ivanhoe Creek Property, Elko County, Nevada

 

This letter will confirm in writing the agreement made between us today with respect to the 22 unpatented lode mining claims situated in Elko County, Nevada, set out in more detail in Exhibit "A" attached hereto, and collectively called the "Property" in this letter agreement.

 

1.    Richard R. Redfern ("Redfern"), doing business as RMIC Gold ("RMIC GOLD", and collectively with Redfern, the "Seller") has represented to Rimrock Gold Corp. and Rimrock Mining Inc. (collectively "Rimrock Gold" or "Buyer") that:

 

	
  

	
(a)

	
the Seller has located the lode mining claims comprising the Property, and has recorded them in the name of Redfern in the County Court House for Elko County Nevada and has filed and paid for them in 2013 within the prescribed time period in the office of the U.S. Bureau of Land Management (the "BLM"):

 

	
  

	
(b)

	
upon the execution and delivery of this agreement and the recordation of the quit claims (in the form set out in Exhibit "C" hereto) by Redfern with respect to the claims recorded in his name, Rimrock Gold will own a 100% beneficial interest in and to the Property, and Rimrock Gold will be the recorded owner of a 100% interest in the Property, subject to a one percent (1%) Net Smelter Return Royalty granted herein to Redfern as stipulated and described in Exhibit B hereto;

 

	
  

	
(c)

	
the Property is free and clear of all charges, liens and encumbrances of every nature;

 

	
  

	
(d)

	
the lode mining claims constituting the Property have been staked and are now recorded and in good standing in compliance with all applicable laws, regulations and policies in effect in Nevada;

 

	
  

	
(f)

	
to the best of the Seller's knowledge, between the time of staking of the claims comprising the Property and the time of recordation, the use of the Property has complied with all applicable laws, regulations and policies relating to environmental matters and no hazardous material has been released into the environment on or near the Property;

 

  

  

  

 

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(g)

	
the Seller has all right and authority to enter into this agreement and to grant to Rimrock Gold the exclusive option to acquire a 100% beneficial and recorded interest in and to the Property;

 

	
  

	
(h)

	
no third party has the right to receive any payment in the nature of a rent or royalty with respect to production of minerals from the Property, nor has the right to receive production in kind, except for usage rights and mining rights owned by Kent Exploration Inc. for the IC Bentonite placer claims. Redfern owns a one percent (1%) Net Smelter Return royalty granted to him by Kent Exploration for mineral production from the IC Bentonite placer mining claims in the Property area and this royalty is separate from and is not subject to provisions of this agreement with Buyer; and

 

	
  

	
(i)

	
no other third party has made any legal claim to, nor has any right to make a legal claim to, the mineral rights which constitute the Property apart from the IC Bentonite claims.

 

2.           Redfern shall, promptly following the execution and delivery of this agreement, record in the name of Buyer the claims comprising the Property in the office of the BLM, and shall then invoice Rimrock Gold for the recording fees and disbursements relating to such recording. Rimrock Gold shall reimburse Redfern for such costs within 30 days following the receipt of the invoice.

 

3.          The Seller hereby grants to Rimrock Gold the exclusive option (the "Option") to acquire a 100% beneficial and recorded interest in and to the Property by paying the Seller by issuing 150,000 common shares in the capital of Rimrock Gold Corp. on or before three months following the Effective Date upon the execution and delivery of this agreement and the recording of the claims comprising the Property in the office of the BLM. These shares will have the normal Six month hold period as stipulated by regulatory authorities.

 

4.          If the Purchase contemplated herein is executed, and Rimrock Gold subsequently wishes to abandon claims comprising all or a part of the Property, Rimrock Gold shall quitclaim the claims in Exhibit A back to RMIC Gold at least 30 days prior to September 1 of the year contemplated for dropping of these claims. If the Seller gives Rimrock Gold notice that it wishes to acquire all or some of such claims at least 15 days prior to the effective date of abandonment, Rimrock Gold shall execute and deliver to the Seller quit claims in recordable form, such that the Seller may record in its name the claims proposed to be abandoned.

 

5.          Rimrock Gold may at any point in time buy-out one percent (1%) Net Smelter Return royalty thereby reducing RMIC Gold's interest to 0% NSR, by payment to RMIC Gold of $1,000,000.

 

6.          Forthwith following the execution and delivery of this agreement, the Seller will deliver to Rimrock Gold all of the reports, maps, surveys and other data in its possession or under its control relating to the mineral potential of the Property.

 

  

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7.           Upon the execution and delivery of this agreement, the Seller and Rimrock Gold shall execute a memorandum of this agreement, substantially in the form attached as Exhibit "C" hereto, for recording in the Elko County Court House, to provide public notice of the existence of this  agreement.

 

8.           This agreement shall be construed and interpreted in accordance with the laws in effect in the State of Nevada, including those laws dealing with conflict of laws. Any disputes shall be settled in accordance with the Commercial Arbitration Rules of the American Arbitration Association, in Nevada.

 

9.           If Rimrock Gold fails to make any payment or share issuance on or before the last day provided for such payment or performance under this agreement, the Seller may terminate this agreement but only if:

 

	
  

	
(a)

	
it shall have first given to Rimrock Gold written notice of the failure, containing particulars of the payment which Rimrock Gold has not made or the act which Rimrock Gold has not performed; and

 

	
  

	
(b)

	
Rimrock Gold has not within 30 days following delivery of the Seller's notice given notice to the Seller that it has cured such failure or commenced proceedings to cure such failure by appropriate payment or performance (Rimrock Gold hereby agreeing that should it so commence to cure any failure it will prosecute the same to completion without undue delay).

 

10.         Upon any relinquishment of the claims back to seller, buyer shall deliver to RMIC Gold copies of all non-interpretive factual data regarding the Property in Rimrock Gold's possession at the time of termination and which have not been hitherto been delivered to the Seller. Rimrock Gold agrees that it will, within 30 days after receipt of the written request of the Seller, deliver to the Seller copies of all such non-interpretive factual data. Rimrock Gold does not make, and shall not be deemed to have made, directly or indirectly, any express or implied representation or warranty to the Seller as to the accuracy or completeness of any such data delivered to the Seller except that it was developed and delivered in good faith. Rimrock Gold shall not have any liability arising out of the use of or reliance on any non-interpretive factual data delivered to the Seller hereunder so long as Rimrock Gold developed and delivered it in good faith.

 

11.         The Seller hereby waives all and any extra-lateral rights to each of the lode mining claims constituting the Property.

 

12.         The various conveyancing documents referred to herein shall be in the form of those attached as Exhibit "C" hereto.

 

If the foregoing accurately sets out our agreement, please execute the duplicate copy of this letter and return it to us, whereupon this shall constitute a valid and binding agreement between us, enforceable in accordance with its terms. This letter agreement shall be the sole agreement between us with respect to the Property.

 

  

3

  

 

	 	 		679271	
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005 of 16

 

Yours truly,

 

RIMROCK GOLD CORP.

RIMROCK MINING INC.

 

	
/s/ Jordan Starkman

	 	 	 	 
	
Jordan Starkman, President

	 	 	 	 

 

Agreed to and accepted as of the 23rd day of September, 2013,

 

	
/s/ Richard R. Redfern

	 	 	 	 
	
Richard R. Redfern

	 	 	 	 

 

This is page 4 of that certain option agreement dated as of 23rd day of September, 2013, between Rimrock Gold Corp. and Rimrock Mining Inc. of the first part and Richard R. Redfern, dba RMIC Gold of the second part relating to the Ivanhoe Creek Property, Elko County, Nevada.

 

	
STATE OF NEVADA 

	
)

	  
	  	
)

	
 

	
CITY OF     ELKO          

	
)

	  

 

On  Sep 23rd, 2013   (date) personally appeared before me, a notary public (or judge or either person, as the case may be), Richard R. Redfern, personally known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that he/she  xecuted the instrument.

 

	 	 	 

  

  

  

 

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EXHIBIT "A"

 

	 	
TO THAT CERTAIN AGREEMENT MADE AS OF THE 23rd DAY OF SEPTEMBER, 2013, BETWEEN RIMROCK GOLD CORP. OF THE FIRST PART AND RICHARD R. REDFERN, DBA RMIC GOLD OF THE SECOND PART

	 

 

THE "PROPERTY"

 

22 unpatented lode mining claims situated in Sections 17-20, T. 38 N., R. 48 E and Sections 13 and 24, T. 38 N., R. 47 E., Mt. Diablo Principal Meridian, Elko County, Nevada, as follows:

 

Exhibit A

 

Ivanhoe Creek Property

 

	Claim Names	 	BLM Serial Numbers	 	 	 
	 	 	 	 	 	 
	IC No. 1	 	NMC1001209	 	 	 
	IC No. 3	 	NMC1001210	 	 	 
	IC No. 5	 	NMC1001211 	 	 	 
	IC No. 6	 	NMC1001212	 	 	 
	IC No. 7	 	NMC1001213	 	 	 
	IC No. 8	 	NMC1001214	 	 	 
	IC No. 9	 	NMC1001215	 	 	 
	IC No. 11 	 	NMC1001216	 	 	 
	IC No. 21 	 	NMC1001218 	 	 	 
	IC No. 22 	 	NMC1001219	 	 	 
	IC No. 23 	 	NMC1001220	 	 	 
	IC No. 24 	 	NMC1001221	 	 	 
	IC No. 25 	 	NMC1001222 	 	 	 
	IC No. 26 	 	NMC1001223	 	 	 
	IC No. 27 	 	NMC1001224	 	 	 
	IC No. 28 	 	NMC1001225 	 	 	 
	IC No. 43 	 	NMC1001226	 	 	 
	IC No. 44 	 	NMC1001227 	 	 	 
	IC No. 65 	 	NMC1001228	 	 	 
	IC No. 66 	 	NMC1001229	 	 	 
	IC No. 67 	 	NMC1001230	 	 	 
	IC No. 68	 	NMC1001231	 	 	 

  

  

  

 

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EXHIBIT "B"

 

	 	
TO THAT CERTAIN AGREEMENT MADE AS OF THE 23rd DAY OF SEPTEMBER, 2013„ BETWEEN RIMROCK GOLD CORP. AND RIMROCK MINING INC. (COLLECTIVELY THE "PAYOR") OF THE FIRST PART AND RICHARD R. REDFERN, DBA RMIC GOLD (COLLECTIVELY THE "OWNER") OF THE SECOND PART

	 

 

NET SMELTER RETURNS

 

1.           In the Agreement, "Net Smelter Returns" means the net amount of money received by the Payor for its own account from the sale of ore, or ore concentrates or other products from the Property to a smelter or other ore buyer after deduction of smelter and/or refining charges, ore treatment charges, penalties and any and all charges made by the purchaser of ore or concentrates, less any and all transportation costs which may be incurred in connection with the transportation of ore or concentrates, less all umpire charges which the purchaser may be required to pay. In this section, "transportation costs" shall mean actual costs of transportation (including freight, insurance, security transaction taxes, handling, port demurrage, delay and forwarding expenses incurred by reason of or in the course of transportation) of the product from the Property to the smelter or refinery and from the smelter or refinery to the place of sale, but in no event shall charges or costs of transportation of ore from any mine on the Property to an autoclave, concentrator, crusher roasting plant, heap leach or other leach facility, mill or other similar facility or plant situated outside the Area of Interest be deductible from the Net Smelter Payable to Owner.

 

2.           Payment of Net Smelter Returns by the Payor to the Owner shall be made semi-annually within 60 days after the end of each fiscal half year of the Payor and shall be accompanied by unaudited financial statements pertaining to the operations carried out by the Payor on the Property. Taxes payable with respect to the payment of Net Smelter Returns to the Owner shall be for the sole account of the Owner. Within 90 days after the end of each fiscal year of the Payor in which Net Smelter Returns are payable to the Owner, the records relating to the calculation of Net Smelter Returns for such year shall be audited and any resulting adjustments in the payment of Net Smelter Returns payable to the Owner shall be made forthwith. A copy of the said audit shall be delivered to the Owner within 30 days of the end of such 90-day period.

 

3.           Each annual audit shall be final and not subject to adjustment unless the Owner delivers to the Payor written exceptions in reasonable detail within six months after the Owner receives the report. The Owner, or its representative duly authorized in writing, at its expense, shall have the right to audit the books and records of the Payor related to Net Smelter Returns to determine the accuracy of the report, but shall not have

 

  

  

  

 

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access to any other books and records of the Payor. The audit shall be conducted by a chartered or certified public accountant of recognized standing. The Payor shall have the right to condition access to its books and records on execution of a written agreement by the auditor that all information will be held in confidence and used solely for purposes of audit and resolution of any disputes related to the report. A copy of the Owner's report shall be delivered to the Payor upon completion, and any discrepancy between the amount actually paid by the Payor and the amount which should have been paid according to the Owner's report shall be paid forthwith, one party to the other. In the event that the said discrepancy is to the detriment of the Owner and exceeds 5% of the amount actually paid by the Payor, then the Payor shall pay the entire cost of the audit.

 

4.           Any dispute arising out of or related to any report, payment, calculation or audit shall be resolved solely by arbitration as provided in the Agreement. No error in accounting or in interpretation of the Agreement shall be the basis for a claim of breach of fiduciary duty, or the like, or give rise to a claim for exemplary or punitive damages or for termination or rescission of the Agreement or the estate and rights acquired and held by the Payor under the terms of the Agreement.

 

5.           Rimrock Gold may at any point in time buy-out one percent (1%) Net Smelter Return royalty thereby reducing RMIC Gold's interest to 0% NSR, by payment to RMIC Gold of $1,000,000.

 

  

2

  

 

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EXHIBIT "C"

 

	 	
TO THAT CERTAIN AGREEMENT MADE AS OF THE 23rd DAY OF SEPTEMBER, 2013, BETWEEN RIMROCK GOLD CORP. AND RIMROCK MINING INC. OF THE FIRST PART AND RICHARD R. REDFERN DBA RMIC GOLD OF THE SECOND PART

	 

 

FORM OF DOCUMENTS FOR RECORDATION

 

A.           MINING DEED

 

Recorded at the request of 

and when recorded return to:

Richard R. Redfern

c/o Richard R. Redfern

1982 Ruby View Drive

Elko, Nevada 89801

 

MINING DEED

 

             This Mining Deed (this "Deed") is made by Rimrock Gold Corp. and Rimrock Mining Inc. (collectively the "Grantor"), to Richard R. Redfern, an individual as to an undivided 100% interest (the "Grantee").

 

             For and in consideration of Ten Dollars ($10.00) United States currency and other good and valuable consideration delivered by the Grantor to the Grantee, the receipt and sufficiency of which are acknowledged, the Grantor grants, bargains and sells to the Grantee and his assigns and successors forever, the unpatented lode mining claims situated in Elko County, Nevada, the county recording and United States Bureau of Land Management filing information for which are described in Exhibit A attached to and by this reference incorporated in this Mining Deed, together with all appurtenances, easements, hereditaments and rights-of-way, part of or related to the unpatented mining claims, encumbrances or liens against or in the unpatented mining claims subject to this Mining Deed created by, through or under the Grantor, and the Grantor covenants and warrants to defend the Grantee's title against any such claims, encumbrances and all other claims of adverse title created by, through or under the Payor.

 

 The Grantor has executed this Mining Deed effected September 23, 2013

 

 

	 	 	By:	
/s/ Jordan Starkman

	 
	 	 	 	Jordan Starkman	 
	 	 	Title:	
President

	 

 

  

  

  

 

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PROVINCE OF ONTARIO

	
)

	  
	  	
)

	
ss.

	
CITY OF TORONTO

	
)

	  

This Mining Deed was acknowledged before me on ___________, 2013, by Jordan Starkman as President of Rimrock Gold Corp.

	 		 
	 	
Notary Public

	 
	 	 	 
	 	
My commission expires:         Never       

	 
	 	 	 
	 		 

 

  

2

  

 

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B.   MEMORANDUM

 

MEMORANDUM

 

MEMORANDUM OF MINING OPTION is made this 23rd day of September, 2013 (the "Effective Date"), by and between RICHARD R. REDFERN, a married man (the -Seller") and RIMROCK GOLD CORP. AND RIMROCK MINING INC. corporations having their principal place of business at 3651 Lindell Rd, Suite #D155, Las Vegas, NV, 89103 ("Rimrock Gold").

 

1.           Option and Term

 

              (a)            Seller sells to Rimrock Gold all the property described in Exhibit A, together with, all:

 

	
  

	
(i)

	
tailings, dumps and mine wastes;

	
  

	
(ii)

	
surface rights, easements and rights-or-way appurtenant or incident thereto; and

	
  

	
(iii)

	
mining and mineral rights appurtenant or incident thereto useful or convenient for mining and related uses ("Property").

 

(b)          Seller shall have the right to receive a royalty on production from the Property equal to 1% of Net Smelter Returns.

 

2.           Exclusive Possession

 

             Rimrock Gold shall have exclusive possession and quiet enjoyment of the Property upon purchase.

 

3.           Additional Terms

 

             Additional terms and conditions are contained in the full agreement between parties. This Memorandum of the Option shall not modify said Agreement.

 

  

  

  

 

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C.           QUITCLAIM DEED

 

QUITCLAIM DEED

 

              This indenture, made this 23 day of September, 2013, between Richard R. Redfern of the county of Elko, State of Nevada, party of the first part, and Rimrock Gold Corp. and Rimrock Mining Inc. of 3651 Lindell Rd, Suite #D155, Las Vegas, NV, 89103 Nevada, party of the second part.

 

Witnesseth

(Nevada)

 

              The said party of the first part, for and in the consideration of the sum of $10.00 dollars to him in hand paid by said party of the second part, the receipt whereof is hereby acknowledged, does by these present remise, release and forever quitclaim unto said party of the second part, its successors and assigns, forever, all that certain "Ivanhoe Creek" lode mining claim situate lying and being in the county of Elko, State of Nevada, and more particularly described as follows to wit:

 

Twenty-two lode mining claims with BLM serial numbers NMC1001209 through NMC1001231, otherwise known as the "Ivanhoe Creek" lode claims.

 

              Together with all and singular the tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining and the revision and reversions, remainder and remainders, rents, issues and profits thereof.

 

              To have and to hold, all and singular the said premises together with the appurtenances unto said party of the second part, and to his heirs and assigns forever.

 

              In witness whereof, the party of the first part hereto set his hand and seal the day and year first above written.

 

	
/s/ Richard R. Redfern

	  

Richard R. Redfern

 

  

  

  

 

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D.          DEED OF NET SMELTER RETURNS ROYALTY

 

DEED OF NET SMELTER RETURNS ROYALTY

 

This Deed of Net Smelter Returns Royalty (this “Deed") is made and entered into by and among Rimrock Gold Corp., a Delaware corporation and Rimrock Mining Inc., a Nevada corporation (collectively "Grantor"), and Richard R. Redfern, a married man, of 1982 Ruby View Drive, Elko, Nevada 89801 ("Grantee")

 

Recitals

 

A.          Grantor is the owner of the unpatented lode mining claims (collectively the “Claims") located in Elko County, Nevada, the Bureau of Land Management filing information and Elko County, Nevada recording information for which are more particularly described in Exhibit A attached hereto to and by this reference incorporated in this Deed.

 

B.          Grantor and Grantee are parties to the Ivanhoe Creek Property Sale Agreement concerning the Claims in accordance with which Grantor is obligated to convey and grant to Grantee a production royalty in the Claims.

 

              For and in consideration of Grantee's payment to Grantor of the sum of Ten Dollars ($10.00) United States currency and other good and valuable consideration, the receipt and sufficiency of which Grantor acknowledges, Grantor conveys and grants forever to Grantee, and Grantee's successors and assigns, a production royalty of one percent (1%) of the Net Smelter Returns from the production of minerals and mineral ores which are extracted or mined or, in or under the Claims. The Net Smelter Returns production royalty is granted to the Grantee as to an undivided 100% interest. The Net Smelter Returns production royalty shall be calculated, determined and paid to Grantee and Grantor shall perform the obligations described in Exhibit B attached to and by this reference incorporated in this Deed.

 

              Rimrock Gold may at any point in time buy-out one percent (1%) Net Smelter Return royalty thereby reducing RMIC Gold's interest to 0% NSR, by payment to RMIC Gold of $1,000,000.

 

              The Net Smelter Returns production royalty granted to Grantee under this Deed shall burden and run with the Claims, including any amendments, conversions to a lease or other form of tenure, relocations or patent of all or any of the unpatented mining claims which comprise all or part of the Claims. On amendment, conversion to a lease or other form of tenure or relocation or on patenting of any of the unpatented mining claims which comprise all or part of the Claims, Grantor is covenanted and obligated to execute, deliver and record in the Office of the Recorder of Elko County, Nevada, an instrument by which Grantor grants to Grantee the Net Smelter Returns production royalty and subjects the amended, converted or relocated unpatented mining claims and the patented claims, as applicable, to all of the burdens, conditions, obligation and term of this Deed.

 

  

  

  

 

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Grantor has executed this Deed effective September 23, 2013.

 

	  	
Rimrock Gold Corp.

	 
	  	
Rimrock Mining Inc.

	 
	  	  	  	 
	  	
By:

	
/s/ Jordan Starkman

	 
	 	 	Jordan Starkman	 
	  	
Title:

	
President

	 

              This Deed of Net Smelter Returns Royalty was acknowledged before me on Sept. 23, 2013, by Jordan Starkman as President of Rimrock Gold Corp. and President of Rimrock Mining Inc.

	  		 
	  	
Notary Public

	 
	 	 	 
	 		 

 

 

  

  

  

 

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E.           DEED WITH RESERVATION OF NET SMELTER RETURNS ROYALTY

 

DEED WITH RESERVATION OF NET SMELTER RETURNS ROYALTY

 

              This deed With Reservation of Net Smelter Returns Royalty (this “Deed") is made and entered into by and between Richard R. Redfern. a married man, of 1982 Ruby View Drive, Elko, Nevada 89801 ("Grantor"), and Rimrock Gold Corp., a Delaware corporation and Rimrock Mining Inc., a Nevada corporation (collectively "Grantee")

 

              For and in consideration of Grantee's payment to Grantor the sum of Ten Dollars ($10.00) United States currency, and other good and valuable consideration, the receipt and sufficiency of which Grantor acknowledges, Grantor conveys forever to Grantee, and Grantee's successors and assigns, all those unpatented mining claims (collectively the "Claims") located in Elko County, Nevada, the Bureau of Land Management filing information and Elko County, Nevada recording information for which are more particularly described in Exhibit A attached to and by this reference incorporated in this Deed, subject to the reservation in Grantor of the Net Smelter Returns production royalty described in this Deed.

 

              Grantor conveys forever to Grantee, and Grantee's successors and assigns, all of the minerals, mineral compounds and ores, in or under the Claims, and appurtenances, hereditaments and tenements which pertain to the Claims, to have and to hold all of the same to Grantee and its successors and assigns forever, subject to the reservation in Grantor of the Net Smelter Returns production royalty described in this Deed.

 

              Grantor grants, reserves and retains to itself, and Grantor's successors and assigns forever, and Grantee is covenanted and obligated to pay to Grantor, and Grantor's successors and assigns, a production royalty of one percent (1%) of the Net Smelter Returns from the production of minerals and mineral ores which are extracted or mined on, in or under the Claims. The production royalty is granted to Grantor as to an undivided 100% interest. The Net Smelter Returns production royalty shall be calculated, determined and paid to Grantor and Grantee shall perform the obligations described in Exhibit B attached to and by this reference incorporated in this Deed.

 

Rimrock Gold may at any point in time buy-out one percent (1%) Net Smelter Return royalty thereby reducing RMIC Gold's interest to 0% NSR, by payment to RMIC Gold of $1,000,000.

 

              The Net Smelter Returns production royalty reserved to Grantor under this Deed shall burden and run with the Claims, including any amendments, conversions to a lease or other form of tenure, relocations or patent of all or any of the unpatented mining claims which comprise of all part of Claims. On amendment, conversion to a lease or other form of tenure or relocation or on patenting of any of the unpatented mining claims which comprise all or part of the Claims, Grantee is covenanted and obligated to execute, deliver and record in the Office of the Recorder of Elko County, Nevada, an instrument by which Grantee grants to Grantor the Net Smelter Returns production royalty and subjects the amended, converted or relocated unpatented mining claims and the patented claims, as applicable, to all of the burdens, conditions, obligations and terms of this Deed.

 

  

  

  

 

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              Grantor has executed this Deed effective September 23, 2013.

 

	  	
/s/ Richard R. Redfern

	 
	  	
Richard R. Redfern

	 

	
STATE OF NEVADA

	
)

	  	
)

	
COUNTY OF             ELKO                

	
)

 

This Deed With Reservation of Net Smelter Returns Royalty was acknowledged before me on September 23rd, 2013 by Richard R. Redfern.

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