Document:

clgl_ex1020.htm

Exhibit 10.20

 

Strictly Private & Confidential

 

December 18, 2013

 

George Duggan

c/o Incorporated Communications Services

4515 Ocean View Blvd., Suite 305

La Canada, CA 91011

Re:            California Gold Corp. Settlement and Release Agreement

Dear George:

 

This letter is to acknowledge that (i) California Gold Corp. (the “Company”) has paid to you, Incorporated Communications Service (“ICS”), the sum of $6,234.64 in cash, as settlement in full (the “Settlement Payment”) of all obligations and fees owed to ICS by the Company under ICS invoice number 8768 (the “ICS Outstanding Invoice”) and under the ICS Services Agreement with the Company dated January 2, 2012 as renewed (the “ICS Agreement”) with respect to consulting services provided to the Company by ICS; (ii) having received the Settlement Payment by ICS, the Company is deemed by ICS to have paid and fully satisfied all debts and obligations to ICS with respect to the ICS Outstanding Invoice and the ICS Agreement; (iii) having received the Settlement Payment, the ICS Agreement is terminated as of the end of the August 2013; (iv) ICS agrees, having received the Settlement Payment, to completely release and forever discharge the Company (together with the Company’s present, future and former officers, directors, shareholders, partners, principals,  members, employees, agents, servants, attorneys, parents, subsidiaries, affiliates or other representatives, heirs, executors, administrators, successors and assigns (collectively, the “Released Parties”)), of and from any and all past, present or future claims, demands, obligations, actions, causes of action, rights, damages, costs, loss of services, expenses and compensation which ICS now has, or which may hereafter accrue or otherwise be acquired by ICS, on account of, or in any way growing out or relating to the ICS Outstanding Invoice and the ICS Agreement; and (v) ICS agrees, having received the Settlement Payment, not to initiate or voluntarily participate in any legal action, charge or complaint against any of the Released Parties with respect to the ICS Outstanding Invoice or the ICS Agreement.

We thank you for your consideration.

Very truly yours,

California Gold Corp.

 

 

/s/ James D. Davidson

Name: James D. Davidson

Title: President

 

 

ACCEPTED AND AGREED to on this 18th day of December, 2013

Incorporated Communications Services

/s/ George Duggan

Name: George Duggan

Title: Managing Partnerclgl_ex1021.htm

Exhibit 10.21

 

 

Strictly Private & Confidential

Revised, January 9, 2014

Adam S. Gottbetter

Gottbetter & Partners, LLP

488 Madison Avenue, 12th Floor

New York, NY 10022

Re:            Gottbetter & Partners, LLP Settlement and Release Agreement

Dear Adam:

This letter is to acknowledge that (i) California Gold Corp. (the “Company”) has agreed to issue to you, Gottbetter & Partners, LLP (“G&P”), a number of shares of the Company’s to be authorized and designated Series B Convertible Preferred stock, $0.001 par value per share (the “Series B Preferred Stock”), convertible into shares of the Company’s restricted common stock, $0.001 par value per share (the “Common Stock”), on a one-for-one basis, equal to $79,529.54 (the “G&P Outstanding Amount”) divided by a pre-reverse split Series B Preferred Stock price of $0.01 per share as adjusted for a reverse stock split of the Company’s common stock at a reverse split ratio to be determined by the Board of Directors of the Company1, as settlement in full (the “Settlement Shares”) of the G&P Outstanding Amount, being all obligations and fees owed G&P by the Company under  G&P invoice Nos. 5906 and 5907 with respect to legal services provided to the Company by G&P; (ii) upon receipt of the Settlement Shares by G&P following completion of the reverse split and authorization of the Series B Preferred Stock, the Company shall be deemed by G&P to have paid and fully satisfied all debts and obligations to G&P with respect to the G&P Outstanding Amount; (iii) G&P agrees, upon receipt of the Settlement Shares, to completely release and forever discharge the Company (together with the Company’s present, future and former officers, directors, shareholders, partners, principals, members, employees, agents, servants, attorneys, parents, subsidiaries, affiliates or other representatives, heirs, executors, administrators, successors and assigns (collectively, the “Released Parties”)), of and from any and all past, present or future claims, demands, obligations, actions, causes of action, rights, damages, costs, loss of services, expenses and compensation which G&P now has, or which may hereafter accrue or otherwise be acquired by G&P, on account of, or in any way growing out or relating to the G&P Outstanding Amount; and (iv) G&P agrees, contingent upon receipt of the Settlement Shares, not to initiate or voluntarily participate in any legal action, charge or complaint against any of the Released Parties with respect to the G&P Outstanding Amount.

This agreement supersedes all previous understandings with respect to the Settlement shares.

 

California Gold Corp.

 

 

/s/ James D. Davidson

Name: James D. Davidson, President

 

 

ACCEPTED AND AGREED to on this 9th day of January, 2014

Gottbetter & Partners, LLP

/s/ Adam S. Gottbetter

Name: Adam S. Gottbetter, Managing Partner

 

_____________________  
1 For avoidance of doubt, if the reverse split ratio is 1:1,000, G&P will receive 7,953 shares of Series B Preferred Stock convertible into 7,9,53 shares of restricted Common Stock.clgl_ex1023.htm

Exhibit 10.23

 

AMENDMENT TO CALIFORNIA GOLD CORP.

SECURITIES PURCHASE AGREEMENT,

10% CONVERTIBLE NOTES

AND

WARRANT EXCHANGE AGREEMENT

 

This (i) Amendment (the “Amendment”) to the Securities Purchase Agreement (the “Securities Purchase Agreement”) dated November 15, 2013 of California Gold Corp., a Nevada corporation (the “Company”), and related 10% Convertible Notes (the “Convertible Notes”) and (ii) Warrant Exchange Agreement (the “Exchange Agreement”) with respect to certain warrants (the “Warrants”) to purchase shares of  the Company’s common stock, par value $0.01 per share (the “Common Stock”), is entered into as of the 6th day of February 2014, by and between the Company and the undersigned holder (the “Holder”) of one of the Convertible Notes and certain of the Warrants.  Unless otherwise defined herein, capitalized terms used in this Amendment shall have the meaning given to them in the Securities Purchase Agreement, the Convertible Notes and the Warrants, as applicable.

 

WHEREAS, the Holder owns the Convertible Notes listed on Schedule A hereto, which Convertible Notes represent all of the Holder’s Convertible Notes acquired from the Company in a private placement offering (the “Offering”) that closed on November 15, 2013 (the “Closing Date”); and

 

WHEREAS, the Holder owns the Warrants listed on Schedule B hereto, which Warrants represent all of the Holder’s Warrants acquired from the Company in the Offering on the Closing Date; and

 

WHEREAS, in connection with a proposed corporate acquisition, the Company wishes to modify its capital structure including by changing certain terms of the Convertible Notes and exchanging the Warrants for shares of Common Stock, and the Holders agree to these modifications.

 

NOW, THEREFORE, for valuable consideration the sufficiency of which is hereby acknowledged by the parties, the Company and the Holder agree as follows:

 

1.            Change in Reverse Split Ratio.  The Reverse Split shall be effected at a ratio of one for one hundred (1:100) such that the Conversion Price of the Convertible Notes adjusted for the Reverse Split shall be $0.10 per share and the Holder, upon mandatory conversion of the Convertible Notes, shall receive the number of shares of Company’s Series B Convertible Preferred Stock indicated in Column C of Schedule A.

 

2.     Warrants Exchange.  Simultaneously with the execution of this Amendment, the Holder hereby agrees that the Warrants shall automatically, without the necessity of any action by the Holder or the Company, be exchanged into the right to receive, upon effectiveness of the Reverse Split, that number of restricted shares (the “Exchange Shares”) of the Company’s common stock indicated in Column C of Schedule B, calculated at the exchange ratio listed in Column B of Schedule B.  Upon such exchange, the Warrants shall no longer be outstanding and shall be canceled by the Company.  Following effectiveness of the Reverse Split, the Company shall promptly cause to be delivered to the Holder certificates representing the Exchange Shares.

  

  

  

 

3.     The Holder acknowledges that the representations and warranties made by the Holder in Section 2 of the Securities Purchase Agreement are true and correct as of the date hereof and with respect to the Exchange Shares.

4.     In connection with the Warrant exchange hereunder, on or about the date hereof the Holder shall surrender such Holder’s Warrants to a nationally recognized overnight delivery service for delivery to the Company at the following address: c/o Gottbetter & Partners, LLP (“G&P”), 488 Madison Avenue, 12th Floor, New York, NY 10022, attention: Kathleen Rush, if the Warrants are not already held by G&P.

5.     This Amendment may be executed in multiple counterparts, each of which may be executed by less than all of the parties and shall be deemed to be an original instrument which shall be enforceable against the parties actually executing such counterparts and all of which together shall constitute one and the same instrument. The exchange of copies of this Amendment and of signature pages by facsimile transmission or in pdf format shall constitute effective execution and delivery of this Amendment as to the parties and may be used in lieu of the original Amendment for all purposes. Signatures of the parties transmitted by facsimile or in pdf format shall be deemed to be their original signatures for all purposes.

 

 

 

 [Signature Page Follows]

 

  

  

  

 

IN WITNESS WHEREOF, this Amendment and Exchange Agreement has been executed by the Company and the holder of the Company Notes and Warrants as of the date first written above.

 

	  	
CALIFORNIA GOLD CORP.

	  	  
	  	  
	  	
By: _____________________________                                                      

	  	
Name:  James D. Davidson

	  	
Title:   Chief Executive Officer and President

	  	  
	  	
ACCEPTED AND AGREED BY HOLDER:

	  	  
	  	  
	  	  
	  	
By: __________________________________

Name:

Title:

	  	  

 

 

  

  

  

SCHEDULE A

	
(A)

Principal Amount of the Notes

	 	
(B)

Post-Amendment

Conversion Price

	 	
(C)

No. of Shares Issuable

Upon Conversion at the

Post-Amendment Conversion Price

	  
	  	 	$	 0.10	 	  
	  	 	 	 	 	  
	  	 	 	 	 	  
	  	 	 	 	 	  

 

  

  

  

 

SCHEDULE B

 

	
(A)

Number of Warrant Shares

	
(B)

Exchange Ratio

	
(C)

Number of Post-Exchange Common Shares

	  	
1.23077

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