Document:

f10q1109ex10ii_saracreek.htm

     

    Exhibit 10.2

     

    THIS SHARE PURCHASE OPTION AMENDING
AGREEMENT #2 (the “Amendment Agreement #2”) is dated effective as of
the 30th day
of December, 2009 (the “Effective Date”).

    

    BETWEEN:

    

    SARA CREEK GOLD CORP., a
company incorporated under the laws of the State of Nevada and having an address
for notice and deliver located at 5348 Vegas Drive, #236, Las Vegas, NV
89108

    

    (“Sara Creek”)

    OF
THE FIRST PART

    AND:

    

    KAPELKA EXPLORATION INC., a
company incorporated under the laws of the Province of Alberta and having an
address for delivery at 46 Royal Ridge Rise NW, Calgary, Alberta, T3G
4V2

    

    (“Kapelka”)

    OF
THE SECOND PART

    

    WHEREAS:

    

    
      	
              A.  

            	
              This
      Amendment Agreement #2 is supplemental to a Share Purchase Option
      Agreement (the “Option
      Agreement”), dated October 5, 2009, and an Amendment Agreement
      dated November 15, 2009, between Sara Creek and Kapelka with respect to
      the grant by Kapelka of an option to Sara Creek to acquire an undivided
      100% interest in one (1) share in the capital of Orion Resources, N.V.;
      and

            

    

    

    
      	
              B.  

            	
              Sara
      Creek and Kapelka have agreed to amend the Option Agreement as herein set
      out.

            

    

    

    

    NOW THEREFORE in consideration
of the mutual covenants and agreements herein contained, and for other good and
valuable consideration (the receipt and sufficiency of which are acknowledged by
each party), the parties agree with one another as follows:

    

    
      	
              1.  

            	
              The
      recitals to this Amendment Agreement # 2 are true and correct in substance
      and in fact.  Capitalized terms used in this Amendment Agreement
      and not defined herein shall have the same meaning as set out in the
      Option Agreement.

            

    

    

    
      	
              2.  

            	
              Each
      of the parties represents and warrants to the other that they have the
      full right, power and authority to enter into and accept the terms of this
      Amendment Agreement and to carry out the transactions contemplated
      herein.

            

    

    

    
      	
              3.  

            	
              The
      Option Agreement shall be amended by deleting subsection 2.2(a) in its
      entirety and replacing it with the following, which amendment shall be in
      effect from and after the Effective
Date:

            

    

    

    
      	
               
      

            	
              “(a)

            	
              pay
      a total of US$6,500,000 for Expenditures associated with the exploration
      and development of the Property, which Expenditures may be made by Sara
      Creek in such increments as Sara Creek in its sole discretion determines
      (so long as the aggregate amount of such Expenditures are made by or
      before September 30, 2011 and that a minimum amount of US$250,000 per
      month is paid towards the Expenditures commencing on or before February 1,
      2010); and”

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              4.  

            	
              The
      parties confirm that in all other respects, the terms, covenants and
      conditions of the Option Agreement remain unchanged and in full force and
      effect.

            

    

    

    
      	
              5.  

            	
              Kapelka
      acknowledges that as at the Effective Date, Sara Creek is in good standing
      under the Option Agreement.

            

    

    

    
      	
              6.  

            	
              This
      Amendment Agreement shall enure to the benefit and be binding upon the
      parties hereto and their respective heirs, executors, administrators and
      assigns as the case may be.

            

    

    

    
      	
              7.  

            	
              Time
      shall be of the essence of this Amendment
  Agreement.

            

    

    

    
      	
              8.  

            	
              This
      Amendment Agreement and the rights and obligations and relations of the
      parties shall be governed by and construed in accordance with the laws of
      the State of Nevada.  The parties agree that the courts of
      Nevada shall have the exclusive jurisdiction to entertain any action or
      other legal proceedings based on any provisions of this Amendment
      Agreement.  Each party attorns to the exclusive jurisdiction of
      the courts of Nevada.

            

    

    

    
      	
              9.  

            	
              Any
      provision or part of a provision in this Amendment Agreement determined by
      a court of competent jurisdiction to be invalid, illegal or unenforceable
      shall be deemed stricken to the extent necessary to eliminate any
      invalidity, illegality or unenforceability, and the rest of this Amendment
      Agreement and all other provisions and parts thereof shall remain in full
      force and effect and be binding upon the parties hereto as though the said
      illegal and/or unenforceable provision or part thereof had never been
      included in this Amendment
Agreement.

            

    

    

    
      	
              10.  

            	
              This
      Amendment Agreement may be executed in any number of counterparts and by
      facsimile transmission or pdf email attachment with the same effect as if
      all parties hereto had signed the same document.  All
      counterparts shall be construed together and constitute one and the same
      agreement.

            

    

    

    IN WITNESS WHEREOF the parties
have signed this Agreement as of the Effective Date.

    

    

    
      	
              SARA
      CREEK GOLD CORP.

              per:

              /s/ Jean Pomerleau          

              Authorized
      Signatory

            	 
      	 
      

    

    

    

    
      	
              KAPELKA
      EXPLORATION INC.

              per:

               

              /s/ Riaz Sumar            

              Authorized
      Signatory

            	 
      	 
      

    

    
 

    2f10q1109ex10iii_saracreek.htm

    Exhibit 10.3

     

    
      

       

      THE
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), OR
THE SECURITIES LAWS OF ANY JURISDICTION. IN
ADDITION, THE NOTE MAY NOT BE TRANSFERRED UNLESS SUCH TRANSFER COMPLIES WITH THE
PROVISIONS OF THE NOTE, NO TRANSFER OF THE NOTE WILL BE MADE ON THE BOOKS OF THE
COMPANY UNLESS ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF THE NOTE.
THE NOTE IS ALSO SUBJECT TO OTHER RIGHTS AND OBLIGATIONS AS SET FORTH IN THE
NOTE.

       

       

      
        OPHIR
EXPLORATION INC.

         

        UNSECURED
PROMISSORY NOTE

         

        DUE
DECEMBER 11, 2010

      

       

      
        

        December
11, 2009 

        US$30,000

         

        
          FOR VALUE
RECEIVED, the undersigned, OPHIR EXPLORATION INC., an Alberta Corporation
(herein called the -Company",
which includes any successor corporation or subsidiary thereof), hereby
promises to pay to Sara Creek Gold Corp, or its registered assigns (the
"Holder") on or
before December 11, 2010 (the "Maturity Date"), the
principal sum of THIRTY THOUSAND UNITED STATES DOLLARS, US DOLLARS ($30,000)
plus interest of 5% per annum.

           

          
            This Note
has not been registered under the U.S. Securities Act or the securities laws of
any state or province, and is being offered and sold to an accredited investor
in a transaction not requiring
registration under the U.S. Securities Act or Canadian Regulations, and
accordingly the Note will
be a  "restricted
security" in the United States within the meaning of Rule 144(a)(3) of 
the
U.S. Securities Act

             

            
              Section
1. Payments; Prepayment

            

             

            
              (a) All
payments of principal hereunder shall be made in lawful money of the T
Jnited States of America at Calgary, Alberta or at such other place as
the Company shall have designated by written notice to the Holder of this Note
as provided below.

            

             

            
              (b) The
Note may be prepaid at any time by the Company without penalty.

               

              
                (c) Each
and any payment hereon shall reduce the outstanding interest and then principal
amount of this Note.

                 

                
                  Section 2. Pledge; The
Company shall also execute and deliver to Holder any documents, instruments and
agreements, and take all such further actions, as Holder may deem desirable in
obtaining the full benefits of this Note and of the rights and powers herein
granted.

                   

                   

                  
                    
                      
                      

                    

                    
                      1

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                

                 

                
                  

                   

                  Section 3. Representations and
Warranties. Each of the representations and warranties contained
herein that are not qualified by materiality shall be true and correct as of the
Closing Date and each of the representations and warranties that are qualified
by materiality shall be true and correct in all material respects as of the
Closing Date, with the same force and effect as if made as
of the- Closing Date (other than such representations and warranties as
are made as of another date, which shall have been true and correct in all
material respects as of such other date and such representations and warranties
not qualified by materiality shall he true and correct as of such other
date).

                     

                    
                      Section 4, Default. If the
Company fails to comply with any term of this Note (an "Event of Default"), and such Event of
Default is continuing, the principal of this Note shall automatically become due
and payable.

                       

                      
                        Section 5. Costs and Attorneys' Fees.
All costs and expenses, including reasonable attorneys' fees, incurred in
exercising any right, power or remedy conferred by this Note or in the
enforcement thereof, shall become part of the indebtedness.

                         

                        
                          Section 6, Further Assurances_
Company agrees that at any time and from time to time upon the written
request of Holder, Company will execute and deliver such further documents and
do such further acts and things as Holder may reasonably request in order to
effect the purposes of this Note.

                           

                          
                            Section 7 Severability. Any provision
of this Note which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other
jurisdiction.

                          

                           

                          
                            Section 8, No Waiver; Cumulative
Remedies. Holder shall not by any act, delay, omission or otherwise
be deemed tr, have waived any of its rights or
remedies hereunder, and no waiver shall be valid unless in writing, signed by
Holder, and then only to the extent therein set forth. A waiver by Holder of any
right or remedy hereunder on any one occasion shall not be construed as a bar to
any right or remedy which Holder would otherwise have on any future occasion.
Neither failure on the part of Holder to exercise, nor any delay in exercising
on the part of Holder, any right, power or privilege hereunder shall preclude
any other or f1
..11%11—1 a
exercise thereof or
the exercise of any other right, power or privilege. The rights and
remedies herein provided are cumulative and may be exercised singly or
concurrently, and are not exclusive of any rights or remedies provided by
law.

                          

                          
                             

                            Section 9. Waiver. The
Company waives presentment, demand, notice, protest and all other demands and
notices in connection with the delivery, acceptance, performance, default or
enforcement of this Note.

                             

                          

                          
                            Section 10. Amendments. None
of the terms or provisions of this Note may be waived, altered, modified or
amended except by an instrument in writing, duly executed by the parties hereto.
This Note and all obligations of the Company hereunder shall together with the
rights and remedies of Holder hereunder, inure to the benefit of Holder and its
successors and assigns.

                             

                          

                        

                      

                       

                      
                        
                          
                          

                        

                        
                          2

                          
                            

                          

                        

                        
                          
                          

                        

                      

                    

                  

                

                 

                
                  Section
11. Recourse Obligation.
Company hereby acknowledges and agrees that Holder's recourse hereunder
shall be fully recourse to the Company.

                

                 

                
                  Section
12. Notices.
All notices
and communications provided for hereunder shall be in writing and will be
deemed given only when actually received by;

                   

                

                
                  (a)
Telefacsimile if the sender on the same day sends
a confirming copy of such notice by
a recognized overnight delivery service
(charges prepaid), or

                

                 

                
                  (b) 
registered or
certified
mail with return receipt requested (postage prepaid), or

                   

                  
                    (c) a recognised overnight
delivery service (with charges prepaid). Any such notire  must
be sent:

                  

                

                 

                
                  If to the
Company:

                

                 

                
                  OPHIR
EXPLORATION INC. 

                  46 Royal
Ridge Rise NW 

                  Calgary,
AB

                  T3G
4V2

                   

                

                
                  If to
the Holder:

                

                 

                
                  Sara
Creek Gold Corp

                

                
                  Nevada

                

                 

                Section
13. Governing Law. This Note
shall be construed
and enforced
in accordance with, and the
rights of the parties shall be governed by, the laws of the Province of
Alberta.

                 

                
                  The
Company has caused this Note to be duly executed.

                

                 

                 

                

                 

                 3

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