Document:

Exhibit 10.24

 

US GOLD CORPORATION

 

&

 

2083089 Ontario Inc.

 

 

MANAGEMENT SERVICE AGREEMENT

 

 

February 1st, 2007

 

 

	
  THIS AGREEMENT made as of the 1st day of February 2007,

  
	
   

  
	
  BETWEEN:

  
	
   

  
	
  2083089 ONTARIO INC., incorporated under

  
	
  the laws of Ontario, Canada (hereinafter
  called “208”)

  
	
   

  
	
  &

  
	
   

  
	
  U.S. GOLD CORPORATION, incorporated under

  
	
  the laws of Colorado, U.S.A. (hereinafter
  called “US Gold”)

  

 

THE PARTIES HERETO AGREE AS FOLLOWS:

 

1.               208 shall, while
this Agreement is in effect, supply US Gold with such services and facilities
(the “Services”) as US Gold may reasonably require from 208. The Services shall
include, but shall not be limited to, such assistance with the following as may
from time to time be agreed between the parties:

 

a)              Public and investor
relations;

b)             market analysis and
research;

c)              property evaluation;

d)             banking management
and investment advice;

e)              sales and marketing;

f)                administrative
support; and

g)             such other services
as US Gold may from time to time reasonably request in order to properly
perform its functions as a mining exploration company.

 

2.               In consideration of
the Services to be provided by 208, US Gold shall pay to 208 the sum of
$391,596.00 Canadian Dollars through the term of this Agreement, December 31,
2007, unless terminated earlier as provided herein. The first payment of
$65,266.00 shall be due on the February 1st, 2007, with
subsequent payments in ten equal monthly installments of $32,633.00, due on the
first business day of each consecutive month.

 

3.               208 hereby covenants
and agrees with US Gold that it shall supply the Services with a view to:

 

a)              providing US Gold
and its subsidiaries with an efficient office (or offices) for the proper
conduct of its business and affairs; and

b)             enabling US Gold to
meet its business goals and objectives.

 

4.               The parties hereto
agree that 208 may charge US Gold, from time to time, additional amounts on an
actual cost recovery basis for necessary and reasonable expenses not included
in the budgeted amount set forth in Paragraph 2, but incurred by 208 or its
affiliates (consultants or contractors), as the case may be, from the effective
date of this Agreement. US Gold shall review in good faith any invoices for
such additional amounts but shall not be obligated for such additional amounts until
and unless the invoices are approved by an independent committee of the Board
of Directors. Such additional expense may included, but shall not be limited
to, the following:

 

a)              General overhead
expenditures – rent, utilities, insurance;

b)             compensation and
benefits;

c)              office supplies and
equipment;

 

2

 

d)             sundry expenses and
disbursements;

e)              such other expenses
as US Gold may from time to time reasonably require in order to properly
perform its functions as a mining exploration company.

 

5.               It is hereby
understood and agreed that nothing herein contained shall in any way inhibit or
restrict the choice and discretion of the officers and directors of US Gold in
conducting its business or in appointing any person as an officer or director
of US Gold.

 

6.               208 shall provide
copies, upon written request from US Gold, of its unaudited annual financial
statements to US Gold’s board of directors. In addition, 208 shall provide a
quarterly statement summarizing the expenditures made by 208 on behalf of US
Gold, such statements shall be provided within 15 days after the end of each
quarter ending March 30th, June 30th, September 30th,
and December 31st.

 

7.               Any notice given
hereunder shall be deemed to be given, if delivered personally to an officer of
the party to which the notice is to be given, transmitted by facsimile or
email, or forwarded by registered mail.

 

8.               The period of this
Agreement shall commence as of the date first above written and shall continue
until December 31, 2007, or until terminated by 60 days’ prior written
notice by any party hereto at the sole discretion to the other parties hereto.
In the event of any such termination, 208 shall render a final invoice with
respect to Services provided hereunder and, subject to the provisions of
paragraph 4 hereof, US Gold shall pay such amount within 30 days of receipt of
such invoice.

 

9.               US Gold
acknowledges and agrees that 208 may provide services to other parties not
mentioned herein, and that certain of those parties may also be engaged in the
mining business, including the exploration and development of mineral resource
properties.

 

10.         208 agrees that all
confidential information related to US Gold obtained by 208 in the performance
of this Agreement shall be held in confidence unless such information is
generally available to the public, or is established to be in the public
domain.

 

11.         This Agreement shall
endure to the benefit of and be binding upon the parties hereto and their
respective successors.

 

12.          The parties shall meet within 45 days after
the end of the calendar year to review the operation of this Agreement, and to
evaluate the fairness of the resulting allocation of costs and expenses. In the
course of those discussions and utilizing the 2007 quarterly statements of
expenditures, the parties shall reconcile such expenses, and consider in good
faith whether adjustments to the provisions of this Agreement are appropriate.

 

13.         This Agreement shall be
interpreted and constructed in accordance with the laws of the Province of
Ontario, Canada.

 

3

 

IN WITNESS WHEREOF the parties hereto have duly executed this Agreement
as of the date and year first above written.

 

	
  2083089 Ontario Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Per: /s/ Stefan Spears

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  U.S. Gold Corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Per: /s/ Leanne Baker

  	
   

  

 

4Exhibit
10.25

 

US GOLD CORPORATION

 

&

 

2083089 Ontario Inc.

 

 

MANAGEMENT SERVICE AGREEMENT

 

 

January 14st, 2008

 

 

	
  THIS AGREEMENT made as of the 14th day of January 2008,

  
	
   

  
	
  BETWEEN:

  
	
  2083089 ONTARIO INC., incorporated under

  
	
  the laws of Ontario, Canada (hereinafter
  called “208”)

  
	
   

  
	
  &

  
	
   

  
	
  U.S. GOLD CORPORATION, incorporated under

  
	
  the laws of Colorado, U.S.A. (hereinafter
  called “US Gold”)

  

 

THE PARTIES HERETO AGREE AS FOLLOWS:

 

1.               208 shall, while
this Agreement is in effect, supply US Gold with such services and facilities
(the “Services”) as US Gold may reasonably require from 208. The Services shall
include, but shall not be limited to, such assistance with the following as may
from time to time be agreed between the parties:

 

a)              Public and investor
relations;

b)             market analysis and
research;

c)              property evaluation;

d)             banking management
and investment advice;

e)              sales and marketing;

f)                administrative
support; and

g)             such other services
as US Gold may from time to time reasonably request in order to properly
perform its functions as a mining exploration company.

 

2.               In consideration of
the Services to be provided by 208, US Gold shall pay to 208 the sum of
$350,000.00 Canadian Dollars through the term of this Agreement, December 31,
2008, unless terminated earlier as provided herein. Payments shall be made in
twelve equal monthly installments of $29,167.00, due on the first business day
of each consecutive month.

 

3.               208 hereby
covenants and agrees with US Gold that it shall supply the Services with a view
to:

 

a)              providing US Gold
and its subsidiaries with an efficient office (or offices) for the proper
conduct of its business and affairs; and

b)             enabling US Gold to
meet its business goals and objectives.

 

4.               The parties hereto
agree that 208 may charge US Gold, from time to time, additional amounts on an
actual cost recovery basis for necessary and reasonable expenses not included
in the budgeted amount set forth in Paragraph 2, but incurred by 208 or its
affiliates (consultants or contractors), as the case may be, from the effective
date of this Agreement. US Gold shall review in good faith any invoices for
such additional amounts but shall not be obligated for such additional amounts
until and unless the invoices are approved by an independent committee of the
Board of Directors. Such additional expense may included, but shall not be
limited to, the following:

 

a)              General overhead
expenditures – rent, utilities, insurance;

b)             compensation and
benefits;

c)              office supplies and
equipment;

 

2

 

d)             sundry expenses and
disbursements;

e)              such other expenses
as US Gold may from time to time reasonably require in order to properly
perform its functions as a mining exploration company.

 

5.               It is hereby
understood and agreed that nothing herein contained shall in any way inhibit or
restrict the choice and discretion of the officers and directors of US Gold in
conducting its business or in appointing any person as an officer or director
of US Gold.

 

6.               208 shall provide copies,
upon written request from US Gold, of its unaudited annual financial statements
to US Gold’s board of directors. In addition, 208 shall provide a quarterly
statement summarizing the expenditures made by 208 on behalf of US Gold, such
statements shall be provided within 15 days after the end of each quarter
ending March 30th, June 30th, September 30th,
and December 31st.

 

7.               Any notice given
hereunder shall be deemed to be given, if delivered personally to an officer of
the party to which the notice is to be given, transmitted by facsimile or
email, or forwarded by registered mail.

 

8.               The period of this
Agreement shall commence as of the date first above written and shall continue
until December 31, 2008, or until terminated by 60 days’ prior written notice
by any party hereto at the sole discretion to the other parties hereto. In the
event of any such termination, 208 shall render a final invoice with respect to
Services provided hereunder and, subject to the provisions of paragraph 4
hereof, US Gold shall pay such amount within 30 days of receipt of such
invoice.

 

9.               US Gold
acknowledges and agrees that 208 may provide services to other parties not
mentioned herein, and that certain of those parties may also be engaged in the
mining business, including the exploration and development of mineral resource
properties.

 

10.         208 agrees that all
confidential information related to US Gold obtained by 208 in the performance
of this Agreement shall be held in confidence unless such information is
generally available to the public, or is established to be in the public
domain.

 

11.         This Agreement shall
endure to the benefit of and be binding upon the parties hereto and their
respective successors.

 

12.         The parties shall meet
within 45 days after the end of the calendar year to review the operation of
this Agreement, and to evaluate the fairness of the resulting allocation of
costs and expenses. In the course of those discussions and utilizing the 2008
quarterly statements of expenditures, the parties shall reconcile such
expenses, and consider in good faith whether adjustments to the provisions of
this Agreement are appropriate.

 

13.         This Agreement shall be
interpreted and constructed in accordance with the laws of the Province of
Ontario, Canada.

 

3

 

IN WITNESS WHEREOF the parties hereto have duly executed this Agreement
as of the date and year first above written.

 

	
  2083089 Ontario Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Per: /s/ Stefan Spears

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  U.S. Gold Corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Per: /s/ Leanne Baker

  	
   

  

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]