Document:

Exhibit 10.11

 

CLAIRE OIL & GAS, INC.

7060 Phelan Blvd., Suite 102

Beaumont, Texas  77706-5978

 

August 1, 2011

 

Vanguard Energy Corporation

1330 Post Oak Boulevard

Suite 1600

Houston, Texas  77056

 

Re:                               FARMOUT LETTER AGREEMENT EXTENSION

Lots 14 thru 31, Josephine Milhorn Survey, A-387

Hardin County, Texas

 

Gentlemen:

 

By letter agreement (“Agreement”) dated March 15, 2011, Claire Oil & Gas, Inc., as the owner and holder of oil and gas rights in and under certain lands in the Josephine Milhorn Survey, A-387, Hardin County, Texas, more particularly described as follows to-wit:

 

Tomlinson Tract:

 

100 acres, more or less, out of the Josephine Milhorn Survey, A-387, Hardin County, Texas, sometimes referred to as the Tomlinson Unit, and being Lots 14 through 31 described in an instrument dated March 29, 2006, from WFMMS, Inc. to Claire and recorded at Vol. 1550, Page 146, Official Records of Hardin County, Texas (see also Exhibit “A”) hereinafter referred to collectively as “said land”,

 

which desires said land to be further explored and developed farmed out certain exploration and development rights to Vanguard Energy Corporation, which desires to conduct further operations for the exploration and development of said land for the mutual benefit of Claire Oil & Gas, Inc., and Vanguard Energy Corporation under the terms hereof.

 

Pursuant to the request for an extension of time in which to commence the drilling of Vanguard’s initial “Test Well” at a mutually agreeable legal location on said land under said Agreement, Claire Oil & Gas, Inc. hereby agrees to such request provided Vanguard shall commence on or before October 15, 2011, time being of the essence, the actual drilling of said well with a rig capable of drilling from the surface to total depth and shall prosecute such drilling with reasonable diligence, prudence, and in a workmanlike manner, with no cessation of over thirty (30) consecutive days, to a depth (the “Contract Depth”) which shall be a subsurface depth equal to 100 feet below the stratigraphic equivalent of the deepest depth drilled in any current well, producing or not, on said land; provided, however, that if Vanguard encounters a commercially productive horizon, zone or formation before reaching such depth, and elects to

 

 

make a completion attempt at that depth, then the depth at which the completion attempt is made shall be deemed to be the “Contract Depth”.  If, after reaching Contract Depth, Vanguard determines that a completion attempt is not justified or an attempted completion fails to achieve a Commercial Well, as hereinafter defined, then the Test Well shall be plugged and abandoned in accordance with paragraph 23 below.  The term “actual drilling operations,” as used in this Agreement, means that a rig capable of drilling to the Contract Depth is properly positioned and anchored over the hole, the Kelly has been picked up and the first joint of drill pipe is ready to be lowered into the hole.  Vanguard shall perform all work necessary to complete said well as a well capable of producing oil and/or gas in paying quantities from such formation, provided that, in the event said well cannot be completed in such formation, Vanguard may complete it in any other formation encountered in said land or as a dry hole.  Vanguard shall complete said well within thirty (30) days from the date of cessation of actual drilling thereon and the completion date shall be deemed to be the date approved by the applicable regulatory body as the completion date or the date of plugging and abandonment, as the case may be.

 

Except as to the Test Well commencement hereby extended until October 15, 2011, at 5:00 p.m., and the extension of all dates in the Agreement which are measured from or by the Test Well commencement date, being likewise extended and computed from October 15, 2011, the Agreement date March 15, 2011, affecting the herein described lands shall remain in effect under the terms thereof.

 

	
 
    	
Respectfully   yours,
    
	
 
    	
 
    
	
 
    	
/s/   Crystal Rae Smith
    
	
 
    	
 
    
	
 
    	
Crystal   Rae Smith, President
    

 

 

RKW/rc

 

Agreed and accepted this

12th day of August, 2011

 

 

Vanguard Energy Corporation

 

	
/s/   Warren M. Dillard
    	
 
    	
 
    
	
 
    	
 
    
	
Warren   M. Dillard
    	
 
    
	
PresidentRoyal Mines And Minerals Corp.: Exhibit 10.42 - Filed by newsfilecorp.com

CONSULTING SERVICES AGREEMENT

       THIS AGREEMENT is dated
for reference as of the 8th day of September, 2011, between ROYAL MINES AND
MINERALS CORP., a Nevada corporation, having a corporate office at 2580
Anthem Village Drive, Suite 112, Henderson, NV 89052 (the “Company”), and
JAMES MACK of 1101 Broadmor Dr., Tempe, AZ 85282 (the “Consultant”), 

       NOW THEREFORE THIS AGREEMENT
WITNESSES THAT for good and valuable consideration, the sufficiency and
receipt of which is hereby acknowledged, the parties hereto agree as
follows:

1.           Services.
The Consultant will provide marketing consulting services (the "Services")
to the Company in connection with its advanced mineral recovery technology
including, but not limited to the following:

	 	(a) 	
      Liaising with government;

	 	(b) 	
      Liaising with technical and general press;

	 	(c) 	
      Assisting in marketing the Company's
technology;

	 	(d) 	
      Developing plans for expansion of the technology;
    and

	 	(e) 	
      Introducing potential joint venture partners for plants
      utilizing the technology.

2.           Compensation.
In consideration of the Services to be provided, the Company shall issue the
following securities to the Consultant:

	 	(a) 	
      A bonus on signing of this Agreement of 160,000 shares of
      common stock in the capital of the Company and 1,030,000 warrants (the
      "Warrants") as follows:

	 	 	 	 
	 		(i) 	
      One million (1,000,000) warrants, with each warrant
      exercisable for a period of two years to purchase one share of common
      stock at a price of $0.10 per share; and

	 	 	 	 
	 		(ii) 	
      Thirty thousand (30,000) warrants, with each warrant
      exercisable for a period of two years to purchase one share of common
      stock at a price of $0.25 per share.

	 	 	 	 
	 	(b) 	
      Monthly compensation of $8,000 or at the option of the
      Consultant 160,000 shares of the Company's common stock payable on the 1st
      day of each calendar month during the nine- month period covered by this
      Agreement.

3.           Term
and Termination. The Consultant agrees to provide the Services for a period
beginning upon the execution of this Agreement by each of the parties and ending
on the date that is nine (9) months after the date of this Agreement.
Notwithstanding the foregoing, the Consultant and the Company may terminate this
Agreement prior to the end of the term set forth above by complying with the
following:

	 	(a) 	
      If the Consultant has not completed the Services as set
      out in Section 1, then the Company will provide the Consultant with
      written notice of such non-performance. The Consultant will have 30 days
      from date of notice to rectify the non-performance. If after the 30 day
      notice period, the Consultant has not rectified the non-performance, then
      the Company may immediately terminate this Agreement; and

	 	 	 
	 	(b) 	
      The Consultant may terminate this Agreement at any time,
      whether for just cause or without just cause, by providing the Company
      with thirty (30) days advance written notice of such
  termination.

4.           Relationship.
The Consultant shall provide the Services in a good and workmanlike fashion,
diligently, in good faith and without waste, interruption or delay except for
causes beyond the reasonable control of the Consultant, and the Consultant shall
at all times use its best efforts to advance the interests of the Company. At
all times the Consultant shall be deemed to be an independent contractor and
neither he nor any employees of the Consultant shall be deemed to be a
representative, agent, or employee of the Company and the Consultant shall indemnify and save the Company harmless from and against
any and all liability for any loss, damage, injury or death, including any
expenses, costs and legal fees incurred in connection therewith, except
liability as may arise out of the sole negligence of the Company. The Consultant
agrees not to engage in any activities that would bring the Company’s reputation
into disrepute.

2

5.           Compliance
with Law. The Consultant shall comply with all applicable federal, state and
local laws, statutes and regulations and the lawful requirements and directions
of any governmental or administrative authority having jurisdiction with respect
to the Services.

6.          
US Securities Matters. The Consultant covenants with, and represents and
warrants to, the Company as follows, and acknowledges and agrees that the
Company is relying upon such covenants representations and warranties in
entering into this Agreement: 

	 	(a) 	
      The Consultant is not a registered broker or dealer under
      the United States Securities Exchange Act of 1934, as amended (the
      "Exchange Act") or under any other applicable securities laws, and, will
      not during the term of this Agreement, engage in any activities that would
      require the Consultant to register as a broker or dealer under the
      Exchange Act or under any other applicable securities laws.

	 	 	 
	 	(b) 	
      The Consultant qualifies as an “accredited investor” as
      that term is defined in Regulation D promulgated under the United States
      Securities Act of 1933, as amended (the "Securities Act").

	 	 	 
	 	(c) 	
      The Consultant acknowledges that any securities issued
      under this Agreement or on exercise of the Warrants are being offered and
      sold to the Consultant pursuant to exemptions from the registration
      requirements of the Securities Act, and that as such, shall be restricted
      securities within the meaning of the Securities Act and will be subject to
      restrictions on their reoffer, resale or transfer. The Consultant
      acknowledges that the offering of the securities has not been reviewed by
      the United States Securities and Exchange Commission (the “SEC”) or any
      other securities commission, administrator or regulator. All certificates
      representing any securities issued under this Agreement or on exercise of
      the Warrants will be endorsed with a restrictive legend substantially
      similar to the following:

	
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
      "ACT"), AND HAVE BEEN OFFERED AND SOLD IN RELIANCE UPON
      EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT. SUCH
      SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
      TRANSFERRED UNLESS THEY ARE REGISTERED UNDER THE APPLICABLE
      PROVISIONS OF THE ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
      THE REGISTRATION REQUIREMENTS OF THE ACT.”

	 	(d) 	
      The Consultant shall reoffer or resell the securities
      issued under this Agreement or on exercise of the Warrants only (i)
      pursuant to an effective registration under the Securities Act; or (ii)
      pursuant to an available exemption from the registration requirements of
      the Securities Act. The Consultant acknowledges and agrees that the
      Company will refuse to register any transfer of the securities not made in
      compliance with this Agreement.

	 	 	 
	 	(e) 	
      The Consultant is acquiring the securities as an
      investment for the Consultant’s own account, not as a nominee or agent for
      any other person, and not with a view to the resale or distribution of any
      part thereof, and the Consultant has no present intention of selling,
      granting any participation in, or otherwise distributing the same. The
      Consultant does not have any contract, undertaking, agreement or
      arrangement with any person to sell, transfer or grant participations to such person or to any third
    person, with respect to any of the securities.

3

	 	(f) 	
      The Consultant acknowledges that an investment in the
      Company is highly speculative, and involves a high degree of risk as the
      Company is in the early stages of developing its business, and may require
      substantial financing in the near future, and that only persons who can
      afford the loss of their entire investment should consider investing in
      the Company. The Consultant is an investor in securities of businesses in
      the development stage and acknowledges that the Consultant is able to fend
      for himself, can bear the economic risk of his investment, and has such
      knowledge and experience in financial or business matters such that the
      Consultant is capable of evaluating the merits and risks of an investment
      in the securities.

	 	 	 
	 	(g) 	
      The Consultant has had full opportunity to review the
      Company’s periodic filings with the SEC pursuant to the Exchange Act,
      including, but not limited to, the Company’s annual reports, quarterly
      reports, current reports and additional information regarding the business
      and financial condition of the Company. The Consultant has had full
      opportunity to ask questions and receive answers from the Company
      regarding this information, and to review and discuss this information
      with the Consultant's legal and financial advisors. The Consultant
      believes he has received all the information he considers necessary or
      appropriate for deciding whether to purchase the securities.

	 	 	 
	 	(h) 	
      The Consultant is not aware of any advertisement or
      general solicitation regarding the offer or sale of the Company’s
      securities.

	 	 	 
	 	(i) 	
      The Consultant has satisfied himself as to the full
      observance of the laws of the Consultant's jurisdiction in connection with
      the offer and purchase of the securities, including (i) the legal
      requirements within the Consultant's jurisdiction for the purchase of the
      securities; (ii) any foreign exchange restrictions applicable to such
      purchase; (iii) any governmental or other consents that may need to be
      obtained; (iv) the income tax and other tax consequences, if any, that may
      be relevant to an investment in the securities; and (v) any restrictions
      on transfer applicable to any disposition of the securities imposed by the
      jurisdiction in which the Consultant is
resident.

	7. 	
      Miscellaneous.

	 	(a) 	
      Any notice required or permitted to be given under this
      Agreement shall be in writing and may be delivered personally or by fax,
      or by prepaid registered post addressed to the parties at such address of
      which notice may be given by either of such parties. Any notice shall be
      deemed to have been received, if personally delivered or by fax, on the
      date of delivery, and, if mailed as aforesaid, then on the fifth business
      day after and excluding the day of mailing.

	 	 	 
	 	(b) 	
      This Agreement constitutes the entire agreement between
      the parties, relating to the subject matter hereof and supersedes every
      previous agreement, communication, expectation, negotiation,
      representation or understanding, whether oral or written, express or
      implied, statutory or otherwise.

	 	 	 
	 	(c) 	
      This 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 and the federal laws of the United
      States applicable therein (but without giving effect to any conflict of
      laws rules). The parties agree that the courts of the State of Nevada
      shall have jurisdiction to entertain any action or other legal proceedings
      based on any provisions of this agreement. Each party attorns to the
      jurisdiction of the courts of the State of
Nevada.

4

	 	(d) 	
      Time shall be of the essence of this Agreement and of
      every part of it and no extension or variation of this Agreement shall
      operate as a waiver of this provision.

	 	 	 
	 	(e) 	
      This Agreement shall enure to the benefit of and be
      binding on the parties and their respective heirs, executors,
      administrators, successors and assigns.

	 	 	 
	 	(f) 	
      This Agreement may be executed in one or more
      counterparts, each of which so executed shall constitute an original and
      all of which together shall constitute one and the same
  agreement.

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

	ROYAL MINES AND MINERALS CORP. 
	by its authorized signatory: 
	 
	/s/ K. Ian
      Matheson 
	Signature of Authorized Signatory 
	 
	K. Ian
      Matheson 
	Name of Authorized Signatory 
	 
	CEO &
      President 
	Position of Authorized Signatory 
	 
	THE CONSULTANT 
	 
	/s/ James
      Mack 
	Signature of Consultant 
	 
	JAMES MACK    
	Name of Consultant 
	 
	 
	Address of
      Consultant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}]]