Document:

EXHIBIT
      10.7

    

    LINE
      OF CREDIT AGREEMENT

    

    Date:
      December 29, 2004

    

    THIS
      AGREEMENT
      is
      entered into between NATURALNANO,
      INC.,
      a
      Delaware corporation having an office address at 150 Lucius Gordon Drive, West
      Henrietta, New York 14586  (the “Borrower”) and TECHNOLOGY
      INNOVATIONS, LLC,
      a New
      York limited liability company having an office address at 150 Lucius Gordon
      Drive, West Henrietta, New York 14586 (the “Lender”).

    

    The
      Lender has agreed to lend Borrower an amount up to five hundred thousand dollars
      ($500,000.00) in accordance with the terms of this Agreement. 

    

    
      	
               

            	
              1.

            	
              COMMITMENT.
                The Lender agrees to make loans to the Borrower at any time during
                this
                Agreement and prior to the Termination Date, in an aggregate principal
                amount up to but not exceeding the sum of $500,000 at any one time
                outstanding (the “Commitment”). Advances (the “Advances”) shall be
                requested and made in accordance with the terms of Section 10(a)
                hereof.
                During this period, the Borrower may use the Commitment by borrowing,
                paying, renewing or prepaying the outstanding balance as reflected
                by this
                Agreement, in whole or in part, and reborrowing, all in accordance
                with
                the terms and conditions hereof. The Commitment shall extend through
                December 31, 2005, which date shall be the Termination Date. During
                the
                term of the Commitment, Borrower’s obligations shall be represented by the
                Lender’s Promissory Note in the form attached hereto as Exhibit A (the
                “Note”).

            

    

    

    
      	
               

            	
              2.

            	
              NOTICE
                OF BORROWING.
                The Borrower shall give the Lender written notice of the date and
                the
                amount of each proposed borrowing pursuant to the Commitment, which
                notice
                shall comply with the requirements of Section 10(a) hereof.
                Notwithstanding any provision herein to the contrary, the Borrower
                must
                provide the Lender at least ten (10) days’ prior written notice before
                each Advance. On or before the date specified in such notice, the
                Lender
                will make the amount then to be loaned by it available to the Borrower.
                

            

    

    

    
      	
               

            	
              3.

            	
              INTEREST. The
                Borrower shall pay interest upon the amount at any time outstanding
                upon
                the Note, at the rate of eight percent (8%) per annum. Interest on
                the
                outstanding balance of principal advanced shall accrue and be payable
                upon
                payment or prepayment in full of the unpaid principal
                balance.

            

    

    

    
      	
               

            	
              4.

            	
              PAYMENT.
                Payment shall be made on the Termination Date in accordance with
                the terms
                of the Note. All payments (including prepayments) by the Borrower
                on
                account of principal and interest on either Note shall be made to
                the
                Lender by corporate check at the address specified in the Note or
                by wire
                transfer.

            

    

     

    
      	
               

            	
              5.

            	
              USE
                OF PROCEEDS.
                The proceeds of the loans made hereunder shall be used for the corporate
                working capital purposes of the
                Borrower.

            

    

    

    
      	
               

            	
              6.

            	
              EVENTS
                OF DEFAULT.
                Upon the occurrence and continuance of any Event of Default as defined
                in
                the Note, the Lender may, by notice to the Borrower, declare the
                Commitment immediately terminated and/or any amounts outstanding
                hereunder
                to be forthwith due and payable, whereupon the Commitment shall be
                immediately terminated and/or the outstanding principal amount of
                the
                Note, together with accrued interest thereon, shall become immediately
                due
                and payable without presentment, demand, protest, or other notice
                of any
                kind, all of which are hereby expressly waived, notwithstanding anything
                contained herein to the contrary.

            

    

    

    
      	
               

            	
              7.

            	
              MISCELLANEOUS.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    

    
      	
               

            	
              a.

            	
              Notices.
                All notices, requests, and demands to or upon the respective parties
                hereto shall be deemed to have been given or made when deposited
                in the
                mail, postage prepaid, addressed as set forth above or to such other
                address as may be hereafter designated in writing by the respective
                parties hereto.

            

    

    

    
      	
               

            	
              b.

            	
              No
                Waiver, Cumulative Remedies, Amendment.
                No failure to exercise and no delay in exercising on the part of
                the
                Lender, any right, power, or privilege hereunder or under either
                Note
                shall operate as a waiver thereof; nor shall any single or partial
                exercise of any right, power, or privilege hereunder preclude any
                other or
                further exercise thereof or the exercise of any other right, power,
                or
                privilege. The rights and remedies herein provided are cumulative
                and not
                exclusive of any rights or remedies provided by law. No modification
                or
                waiver of any provision of this Agreement nor consent to any departure
                by
                the Borrower from the provisions hereof shall be effective unless
                the same
                shall be in writing from the Lender, and then such waiver or consent
                shall
                be effective only in the specific instance and for the purpose for
                which
                it is given. No notice to the Borrower shall entitle the Borrower
                to any
                other or further notice in other similar circumstances unless expressly
                provided for herein. No course of dealing between the Borrower and
                the
                Lender shall operate as a waiver of any of the rights of the Lender
                under
                this Agreement.

            

    

    

    
      	
               

            	
              c.

            	
              Payment
                of Fees.
                The Borrower agrees to pay all reasonable costs and expenses of the
                Lender
                in connection with the enforcement of, or the preservation of rights
                arising under, the Note, including reasonable legal fees and disbursements
                arising in connection therewith.

            

    

    

    
      	
               

            	
              d.

            	
              Entire
                Agreement.
                This Agreement and Exhibit A constitute the entire agreement between
                Borrower and Lender with respect to the subject matter hereof and
                supersede all prior understandings and agreements, written or oral,
                regarding the subject matter. Unless otherwise provided herein, this
                Agreement may be modified or amended only by a written consent executed
                by
                both parties.

            

    

    

    
      	
                

            	
              e.

            	
              Successors
                and Assigns.
                This Agreement shall be binding upon and inure to the benefit of
                the
                Borrower and the Lender and their respective successors and assigns,
                except that the Borrower may not transfer or assign any of its rights
                or
                interests hereunder without the prior written consent of the
                Lender.

            

    

    

    
      	
               

            	
              f.

            	
              Construction.
                This Agreement and the rights and obligations of the parties hereunder
                and
                thereunder shall be governed by, and construed in accordance with,
                the
                laws of the State of New York. Both parties consent to the jurisdiction
                of
                the state and federal courts located in Rochester, New York with
                respect
                to any disputes arising between the
                parties.

            

    

    

    (Signature
      page to follow)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement on the date set forth
      above.

     

    
      	
               

            	
              BORROWER:

            
	
               

            	
               

            
	
               

            	
              NATURALNANO,
                INC.

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              By: 
                

            	
               
                /s/ Michael D. Riedlinger

            
	 	 	
              

              Printed
                Name: Michael Riedlinger

              
                Title:
                  President

              

            
	 	 	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              LENDER:

            
	
               

            	
               

            
	
               

            	
              TECHNOLOGY
                INNOVATIONS, LLC

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              By: 
                

            	
               
                /s/ Michael L. Weiner

            
	 	 	
              

              Printed
                Name: Michael L. Weiner

              
                Title:
                  ManagerEXHIBIT
      10.1

    

    11%
      SECURED PROMISSORY NOTE

    

    

    
      	
              $630,000

            	
              July
                7, 2006

            

    

    

    

    FOR
      VALUE
      RECEIVED, Spectre Gaming, Inc.., a Minnesota corporation (the “Maker”),
      with
      its primary offices located at 14200 23rd Avenue N., Minneapolis, MN 55447,
      promises to pay to the order of Rockmore Investment Master Fund Ltd., or its
      registered assigns (the “Payee”),
      upon
      the terms set forth below, the principal sum of Six Hundred Thirty Thousand
      Dollars ($630,000.00) plus interest on the unpaid principal sum outstanding
      at
      the rate of 11% per annum.

    

    1. Payments.
      

    

    (a)
       The
      full
      amount of principal and accrued interest under this Note shall be due on the
      earlier of (i) August 7, 2006 or (ii) at the option of the Payee, the date
      that
      the Maker consummates an equity or debt financing of, in the aggregate, at
      least
      $630,000 (in one or a series such transactions aggregated over time) (the
“Maturity
      Date”),
      unless due earlier in accordance with the terms of this Note.

    

    (b)
       The
      Maker
      shall pay interest to the Payee on the aggregate unconverted and then
      outstanding principal amount of this Note at the rate of 11% per annum, payable
      on the Maturity Date.

    

    (c)
       All
      overdue accrued and unpaid principal and interest to be paid hereunder shall
      entail a late fee at the rate of 18% per annum (or such lower maximum amount
      of
      interest permitted to be charged under applicable law) which will accrue daily,
      from the date such principal and/or interest is due hereunder through and
      including the date of payment.

    

    (d)
       Maker
      may
      not prepay, in whole or in part, the principal sum and interest under this
      Note
      without the prior written consent of Payee.

    

    2.
       Secured
      Obligation.
      As
      security for the payment in full of principal, interest and performance under
      this Note and of all other liabilities and obligations of the Maker to the
      Payee, Maker, and its subsidiaries, grants to the Payee a general security
      interest in all assets of the Maker and its subsidiaries and all proceeds
      arising therefrom and any and all products of such assets as set forth in the
      Security Agreement by and between the Maker, its subsidiaries and Payee that
      is
      being entered into simultaneously herewith evidencing.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.
      Events
      of Default.

    

    (a)
       “Event
      of Default”,
      wherever used herein, means any one of the following events (whatever the reason
      and whether it shall be voluntary or involuntary or effected by operation of
      law
      or pursuant to any judgment, decree or order of any court, or any order, rule
      or
      regulation of any administrative or governmental body):

    

    (i)
       any
      default in the payment of the principal of, or the interest on, this Note,
      as
      and when the same shall become due and payable;

    

    (ii)
       Maker
      shall fail to observe or perform any material obligation or shall breach any
      material term or provision of this Note and such failure or breach shall not
      have been remedied within five days after the date on which notice of such
      failure or breach shall have been delivered;

    

    (iii)
       Maker
      or
      any of its subsidiaries shall fail to observe or perform any of their respective
      material obligations owed to Payee or any other material covenant, agreement,
      representation or warranty contained in, or otherwise commit any material breach
      hereunder or in any other agreement executed in connection
      herewith;

    

    (iv)
       Maker
      or
      any of its subsidiaries shall commence, or there shall be commenced against
      Maker or any subsidiary a case under any applicable bankruptcy or insolvency
      laws as now or hereafter in effect or any successor thereto, or Maker or any
      subsidiary commences any other proceeding under any reorganization, arrangement,
      adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
      or
      similar law of any jurisdiction whether now or hereafter in effect relating
      to
      Maker or any subsidiary, or there is commenced against Maker or any subsidiary
      any such bankruptcy, insolvency or other proceeding which remains undismissed
      for a period of 60 days; or Maker or any subsidiary is adjudicated insolvent
      or
      bankrupt; or any order of relief or other order approving any such case or
      proceeding is entered; or Maker or any subsidiary suffers any appointment of
      any
      custodian or the like for it or any substantial part of its property which
      continues undischarged or unstayed for a period of 60 days; or Maker or any
      subsidiary makes a general assignment for the benefit of creditors; or Maker
      or
      any subsidiary shall fail to pay, or shall state that it is unable to pay,
      or
      shall be unable to pay, its debts generally as they become due; or Maker or
      any
      subsidiary shall call a meeting of its creditors with a view to arranging a
      composition, adjustment or restructuring of its debts; or Maker or any
      subsidiary shall by any act or failure to act expressly indicate its consent
      to,
      approval of or acquiescence in any of the foregoing; or any corporate or other
      action is taken by Maker or any subsidiary for the purpose of effecting any
      of
      the foregoing;

    

    
      
        2

      

      
         

        
          

        

      

      
         

      

    

    (v)
       Maker
      or
      any subsidiary shall default in any of its respective obligations under any
      other note or any mortgage, credit agreement or other facility, indenture
      agreement, factoring agreement or other instrument under which there may be
      issued, or by which there may be secured or evidenced any indebtedness for
      borrowed money or money due under any long term leasing or factoring arrangement
      of Maker or any subsidiary, whether such indebtedness now exists or shall
      hereafter be created and such default shall result in such indebtedness becoming
      or being declared due and payable prior to the date on which it would otherwise
      become due and payable; or

    

    (vi)
       Maker
      shall (a) be a party to any Change of Control Transaction (as defined below),
      (b) agree to sell or dispose all or in excess of 33% of its assets in one or
      more transactions (whether or not such sale would constitute a Change of Control
      Transaction), (c) redeem or repurchase more than a de minimis number of shares
      of Common Stock or other equity securities of Maker, or (d) make any
      distribution or declare or pay any dividends (in cash or other property, other
      than common stock) on, or purchase, acquire, redeem, or retire any of Maker's
      common stock, of any class, whether now or hereafter outstanding. "Change of
      Control Transaction" means the occurrence of any of: (i) an acquisition after
      the date hereof by an individual or legal entity or "group" (as described in
      Rule 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as
      amended) of effective control (whether through legal or beneficial ownership
      of
      capital stock of Maker, by contract or otherwise) of in excess of 66% of the
      voting securities of Maker, (ii) a replacement at one time or over time of
      more
      than one-half of the members of Maker's board of directors which is not approved
      by a majority of those individuals who are members of the board of directors
      on
      the date hereof (or by those individuals who are serving as members of the
      board
      of directors on any date whose nomination to the board of directors was approved
      by a majority of the members of the board of directors who are members on the
      date hereof), (iii) the merger of Maker with or into another entity that is
      not
      wholly-owned by Maker, consolidation or sale of 66% or more of the assets of
      Maker in one or a series of related transactions, or (iv) the execution by
      Maker
      of an agreement to which Maker is a party or by which it is bound, providing
      for
      any of the events set forth above in (i), (ii) or (iii).

    

    (b)
      If
      any Event of Default occurs, the full principal amount of this Note, together
      with all accrued interest thereon, shall become, at the Payee's election,
      immediately due and payable in cash. Commencing 5 days after the occurrence
      of
      any Event of Default that results in the acceleration of this Note, the interest
      rate on this Note shall accrue at the rate of 18% per annum, or such lower
      maximum amount of interest permitted to be charged under applicable law. The
      Payee need not provide and Maker hereby waives any presentment, demand, protest
      or other notice of any kind, and the Payee may immediately and without
      expiration of any grace period enforce any and all of its rights and remedies
      hereunder and all other remedies available to it under applicable law. Such
      declaration may be rescinded and annulled by Payee at any time prior to payment
      hereunder. No such rescission or annulment shall affect any subsequent Event
      of
      Default or impair any right consequent thereon.

    

    
      
        3

      

      
         

        
          

        

      

      
         

      

    

    4.
       Most
      Favored Nations.
      The
      Payee shall have the right, in its sole discretion, to convert the principal
      balance of this Note then outstanding plus accrued but unpaid interest, in
      whole
      or in part, into securities of the Maker (or its successor or parent) being
      issued in any private or public offering of equity securities or indebtedness
      of
      the Maker (or its successor or parent) consummated while this Note is
      outstanding, upon the terms and conditions of such offering, at a rate equal
      to,
      for each $1 of principal amount of this Note surrendered, $1 of new
      consideration offered for such securities. By way of example, if the Payee
      wishes to surrender $100,000 principal amount of this Note to the Maker as
      consideration for the purchase of new securities or indebtedness, the Payee
      shall receive, and the Maker shall issue, $100,000 of new securities or
      indebtedness to the Payee, otherwise on the same terms and conditions as the
      other participants.

    

    5.
       Negative
      Covenants.
       So
      long
      as any portion of this Note is outstanding, the Maker will not and will not
      permit any of its Subsidiaries to directly or indirectly:

    

    a) other
      than Permitted Indebtedness (as defined in the Security Agreement) and the
      indebtedness evidenced by this Note, enter into, create, incur, assume,
      guarantee or suffer to exist any indebtedness for borrowed money of any kind,
      including but not limited to, a guarantee, on or with respect to any of its
      property or assets now owned or hereafter acquired or any interest therein
      or
      any income or profits therefrom;

     

    b) other
      than Permitted Liens (as defined in the Security Agreement) and the liens
      existing in connection with this Note, enter into, create, incur, assume or
      suffer to exist any liens of any kind, on or with respect to any of its property
      or assets now owned or hereafter acquired or any interest therein or any income
      or profits therefrom;

    

    c) amend
      its
      certificate of incorporation, bylaws or other charter documents so as to
      adversely affect any rights of the Payee;

    

    d) except
      as
      contractually required by the Maker as of the date of issuance of this Note,
      repay, repurchase or offer to repay, repurchase or otherwise acquire more than
      a
      de minimis number of securities;

    

    e) enter
      into any agreement with respect to any of the foregoing;
      or

    

    
      
        4

      

      
         

        
          

        

      

      
         

      

    

    f) other
      than dividends
      on
      the Series B Preferred Stock, pay cash dividends or distributions on any equity
      securities of the Maker.

    

    6. No
      Waiver of Payee's Rights.
      All
      payments of principal and interest shall be made without setoff, deduction
      or
      counterclaim. No delay or failure on the part of the Payee in exercising any
      of
      its options, powers or rights, nor any partial or single exercise of its
      options, powers or rights shall constitute a waiver thereof or of any other
      option, power or right, and no waiver on the part of the Payee of any of its
      options, powers or rights shall constitute a waiver of any other option, power
      or right. Maker hereby waives presentment of payment, protest, and all notices
      or demands in connection with the delivery, acceptance, performance, default
      or
      endorsement of this Note. Acceptance by the Payee of less than the full amount
      due and payable hereunder shall in no way limit the right of the Payee to
      require full payment of all sums due and payable hereunder in accordance with
      the terms hereof.

    

    7.
       Modifications.
      No term
      or provision contained herein may be modified, amended or waived except by
      written agreement or consent signed by the party to be bound
      thereby.

    

    8.
       Cumulative
      Rights and Remedies; Usury.
      The
      rights and remedies of Payee expressed herein are cumulative and not exclusive
      of any rights and remedies otherwise available under this Note, the Security
      Agreements, or applicable law (including at equity). The election of Payee
      to
      avail itself of any one or more remedies shall not be a bar to any other
      available remedies, which Maker agrees Payee may take from time to time. If
      it
      shall be found that any interest due hereunder shall violate applicable laws
      governing usury, the applicable rate of interest due hereunder shall be reduced
      to the maximum permitted rate of

    interest
      under such law.

    

    9.
       Use
      of
      Proceeds.
      Maker
      shall use the proceeds from this Note hereunder for working capital purposes
      and
      not for the satisfaction of any portion of Maker’s or subsidiary’s debt (other
      than payment of trade payables in the ordinary course of Maker's business and
      prior practices), to redeem any of Maker’s or subsidiary’s equity or
      equity-equivalent securities or to settle any outstanding
      litigation.

    

    10.
       Collection
      Expenses.
      If
      Payee shall commence an action or proceeding to enforce this Note, then Maker
      shall reimburse Payee for its costs of collection and reasonable attorneys
      fees
      incurred with the investigation, preparation and prosecution of such action
      or
      proceeding.

    

    11.
       Severability.
      If any
      provision of this Note is declared by a court of competent jurisdiction to
      be in
      any way invalid, illegal or unenforceable, the balance of this Note shall remain
      in effect, and if any provision is inapplicable to any person or circumstance,
      it shall nevertheless remain applicable to all other persons and circumstances.
      If it shall be found that any interest or other amount deemed interest due
      hereunder shall violate applicable laws governing usury, the applicable rate
      of
      interest due hereunder shall automatically be lowered to equal the maximum
      permitted rate of interest.

    

    
      
        5

      

      
         

        
          

        

      

      
         

      

    

    12.
       Successors
      and Assigns.
      This
      Note shall be binding upon Maker and its successors and shall inure to the
      benefit of the Payee and its successors and assigns. The term "Payee" as used
      herein, shall also include any endorsee, assignee or other holder of this
      Note.

    

    13.
       Lost
      or Stolen Promissory Note.
      If this
      Note is lost, stolen, mutilated or otherwise destroyed, Maker shall execute
      and
      deliver to the Payee a new promissory note containing the same terms, and in
      the
      same form, as this Note. In such event, Maker may require the Payee to deliver
      to Maker an affidavit of lost instrument and customary indemnity in respect
      thereof as a condition to the delivery of any such new promissory
      note.

    

    14.
       Due
      Authorization.
      This
      Note has been duly authorized, executed and delivered by Maker and is the legal
      obligation of Maker, enforceable against Maker in accordance with its terms.
      No
      consent of any other party and no consent, license, approval or authorization
      of, or registration or declaration with, any governmental authority, bureau
      or
      agency is required in connection with the execution, delivery or performance
      by
      the Maker, or the validity or enforceability of this Note other than such as
      have been met or obtained. The execution, delivery and performance of this
      Note
      and all other agreements and instruments executed and delivered or to be
      executed and delivered pursuant hereto or thereto or the securities issuable
      upon conversion of this will not violate any provision of any existing law
      or
      regulation or any order or decree of any court, regulatory body or
      administrative agency or the certificate of incorporation or by-laws of the
      Maker or any mortgage, indenture, contract or other agreement to which the
      Maker
      is a party or by which the Maker or any property or assets of the Maker may
      be
      bound. Notwithstanding
      the foregoing, Payees acknowledge that Maker has disclosed that (1) it is
      prohibited from incurring indebtedness for borrowed money (including
      indebtedness evidenced by this Note) pursuant to the terms of the Certificate
      of
      Designation of its Series B Variable Rate Convertible Preferred Stock, (2)
      Section 4.13 of the Securities Purchase Agreement dated October 27, 2005 by
      and
      between the Maker and the signatories thereto (the “Securities
      Purchase Agreement”)
      provides a right of first refusal to the Purchasers (as defined therein) with
      regard to any Subsequent Financing (as defined therein); and (iii) Section
      4.14
      of the Securities Purchase Agreement prohibits Variable Rate Transactions (as
      defined therein) for so long as any Purchaser holds Securities (as defined
      therein).

    

    15.
       Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Note shall be governed by and construed and enforced in accordance
      with
      the internal laws of the State of New York, without regard to the principles
      of
      conflicts of law thereof. Each of Maker and Payee agree that all legal
      proceedings concerning the interpretations, enforcement and defense of this
      Note
      shall be commenced in the state and federal courts sitting in the City of New
      York, Borough of Manhattan (the "New York Courts"). Each of Maker and Payee
      hereby irrevocably 

     

    
      
        6

      

      
         

        
          

        

      

      
         

      

    

     

    submit
      to
      the exclusive jurisdiction of the New York Courts for the adjudication of any
      dispute hereunder (including with respect to the enforcement of this Note),
      and
      hereby irrevocably waives, and agrees not to assert in any suit, action or
      proceeding, any claim that it is not personally subject to the jurisdiction
      of
      any such court, that such suit, action or proceeding is improper. Each of Maker
      and Payee hereby irrevocably waive personal service of process and consents
      to
      process being served in any such suit, action or proceeding by mailing a copy
      thereof via registered or certified mail or overnight delivery (with evidence
      of
      delivery) to the other at the address in effect for notices to it under this
      Note and agrees that such service shall constitute good and sufficient service
      of process and notice thereof. Nothing contained herein shall be deemed to
      limit
      in any way any right to serve process in any manner permitted by law. Each
      of
      Maker and Payee hereby irrevocably waive, to the fullest extent permitted by
      applicable law, any and all right to trial by jury in any legal proceeding
      arising out of or relating to this Note or the transactions contemplated
      hereby.

    

    16. Notice. 
      Any and
      all notices or other communications or deliveries to be provided by the Payee
      hereunder, including, without limitation, any conversion notice, shall be in
      writing and delivered personally, by facsimile, sent by a nationally recognized
      overnight courier service or sent by certified or registered mail, postage
      prepaid, addressed to the Maker, 14200 23rd Avenue N., Minneapolis, MN 55447,
      or
      such other address or facsimile number as the Maker may specify for such
      purposes by notice to the Payee delivered in accordance with this paragraph.
      Any
      and all notices or other communications or deliveries to be provided by the
      Maker hereunder shall be in writing and delivered personally, by facsimile,
      sent
      by a nationally recognized overnight courier service or sent by certified or
      registered mail, postage prepaid, addressed to each Payee at the address of
      such
      Payee appearing on the books of the Maker, or if no such address appears, at
      the
      principal place of business of the Payee. Any notice or other communication
      or
      deliveries hereunder shall be deemed given and effective on the earliest of
      (i)
      the date of transmission if delivered by
      hand
      or by telecopy that has been confirmed as received by 5:00 P.M. on a business
      day,
      (ii)
one
      business day after being sent by nationally recognized overnight courier or
      received by telecopy after 5:00 P.M. on any day,
      or
      (iii) five
      business
      days
      after being sent by certified or registered mail, postage and charges prepaid,
      return receipt requested.

    

    17. Representation,
      Warranties and Covenants.
      Except
      as set forth on the disclosure schedule attached hereto or otherwise disclosed
      herein, if any, the Maker hereby represents and warrants to the Payee that
      its
      representations and warranties listed in Section 3.1 of the Securities Purchase
      Agreement are true and correct as of the date hereof. All covenants under the
      Securities Purchase Agreement required to be made by the Maker have been
      performed as of the date hereof.

     

    18. Issuance
      of Warrants.
      As
      additional consideration for advancing the funds to the Maker, the Maker hereby
      issues to the Payee a common stock purchase warrant (the “Warrant”)
      to
      purchase up to 1,260,000 shares of Common Stock with an exercise price of $1.84,
      subject to adjustment therein.

    

    
      
        7

      

      
         

        
          

        

      

      
         

      

    

    19. Delivery
      of Opinion.
      Concurrently herewith, the Maker shall deliver to the Payee an opinion of
      outside counsel regarding the issuance of this Note and the Warrants in form
      and
      substance reasonably acceptable to the Payee.

    

    20. Public
      Disclosure.
      The
      Maker shall, on the business day following the date hereof, issue a Current
      Report on Form 8-K, reasonably acceptable to the Payee, disclosing the material
      terms of the transactions contemplated hereby, and shall attach this Note and
      the Warrant thereto. The Maker shall consult with the Payee in issuing any
      other
      press releases with respect to the transactions contemplated
      hereby.

    

    

    The
      undersigned signs this Note as a maker and not as a surety or guarantor or
      in
      any other capacity.

    

     

    
      	
              SPECTRE
                GAMING, INC.

            
	 
	
              BY: 
                /S/ KEVIN M.
                GREER                            
                

            
	
              NAME:
                KEVIN M. GREER

            
	
              TITLE:
                CHIEF FINANCIAL OFFICER

            

    

    

    

    
      
        8

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