Document:

cgfia_ex102.htm

Exhibit 10.2

 

CONTRACT FOR PURCHASE

 

THIS PURCHASE AGREEMENT dated as of 2 November 2012, is between Jo Grant Mining Company, Inc. (“Seller”), and Colorado Goldfields Inc., (“Purchaser,” or “Company”).

NOW, THEREFORE, in consideration of the mutual agreements herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.  Sale.  Seller hereby grants, assigns, sells, transfers, sets over and delivers unto Purchaser all of Seller’s rights and interest in the properties described in Exhibit A, upon the following terms and conditions.

 

2. Purchase.  Buyer hereby agrees, in exchange for the properties described in Exhibit A of this Contract for Purchase, to the following:

 

3. 

 

	
3.1.  

	
Issue to Jo Grant Mining Company, Inc. Twenty Four Million (24,000,000) four-year restricted shares of CGFIA Class A Common Stock on or before January 6, 2013.

 

	
3.2.  

	
The Purchaser shall pay $3,000,000 to Jo Grant Mining, Inc. only for the purpose of consummating Seller’s Contract to Buy and Sell Real Estate (Land), between Jo Grant Mining, Inc. (as the Buyer), and Sultan Mountain, LLC, a Texas limited liability company, (as the Seller), dated October 9, 2012, no later than January 6, 2013; and

 

	
3.3.  

	
To pay to Jo Grant Mining Company, Inc a sum of $50,000, no later than January 6, 2013.

 

	
3.4.  

	
Provide Jo Grant Mining Company for a period of 99 years a 5% Net Smelter Royalty (“NSR”), on the claims listed in Exhibit A.  The payment of the NSR shall be made not more than 45 days after the close of the month during which the payment is received from the smelter or buyer on which such NSR is calculated.

 

4. Transfer of Title.  Jo Grant hereby agrees that it shall transfer fee simple title and all associated rights listed in Exhibit A free and clear of all liens, property taxes, encumbrances, and restrictions, upon fulfillment of all conditions of this Contract for Purchase.

 

5. Restrictions on Stock.  The undersigned Seller hereby agrees that for a period commencing on the issuance date of the Class A Common Stock that the Class A Common Stock issued pursuant to paragraph 3.1 of this Agreement and expiring four years from the purchase agreement date, he, she or it will not, directly or indirectly, issue, offer, agree or offer to sell, sell, grant an option for the purchase or sale of, transfer, pledge, assign, hypothecate, distribute or otherwise encumber or dispose of any securities of the Company issued pursuant to this Agreement, including common stock or options, rights, warrants or other securities underlying, convertible into, exchangeable or exercisable for or evidencing any right to purchase or subscribe for any common stock (whether or not beneficially owned by the undersigned), or any beneficial interest therein (collectively, the “Securities”).

 

	
5.1.  

	
In order to enable this Paragraph 5 to be enforced, the undersigned Seller hereby consents and Buyer/Issuer agrees that for a period not to exceed four years from the issuance date of the Class A Common Stock to the placing of legends and/or stop-transfer orders with the transfer agent of the Company’s securities with respect to any of the Securities registered in the name of the undersigned Seller or beneficially owned by the undersigned Seller that are issued pursuant to this Agreement.

 

  

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5.2.  

	
The undersigned Buyer and Seller understands and acknowledges that this Paragraph 5 is revocable by the undersigned Seller under the following circumstances.

 

	
5.2.1.  

	
Any change in the ownership or control of common stock of the Company which results in more than 30% of the issued and outstanding common stock of the Company being owned or controlled by a person or entity, or a group of persons or entities, who did not own or control more than 30% of the issued and outstanding common stock of the Company as of the date of this Agreement; provided, however, that it shall not be deemed a "Change of Control" under this subsection (a) if the change in ownership of more than 30% of the issued and outstanding common stock of the Company is pursuant to a public or private offering of common stock by the Company for capital raising purposes, and such offering was approved by the Board of Directors of the Company;

 

	
5.2.2.  

	
A merger or consolidation of the Company with another entity such that more than 30% of the issued and outstanding voting stock of the surviving entity is owned or controlled by a person or entity, or a group of persons or entities, who did not own or control more than 30% of the issued and outstanding common stock of the Company as of the date of this Agreement.

 

6. Default.  If Purchaser has any default remaining uncured for a period of 60 days, or has not closed on or before January 6, 2013, issued the stock described in Paragraph 3.1, then this Purchase Agreement is cancelled.

 

7. Binding Effect.  This Agreement may not be assigned by either party hereto.  Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors or permitted assigns.

 

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

 

9. Entire Agreement; Modifications.  This instrument contains the entire agreement between the parties hereto with respect to the transactions contemplated hereby.  Neither this Agreement nor any provisions hereof may be waived, modified, amended, discharged or terminated except by an instrument in writing signed by the party to be charged, and then only to the extent set forth in such instrument.

 

10. Headings.  Descriptive headings contained herein are for convenience of reference only and shall not affect the meaning or interpretation hereof.

 

11. Counterparts.  This Agreement may be executed simultaneously or in two or more counterparts, each of which together shall constitute one and the same instrument.

 

12. Applicable Law/Attorney’s Fees.  The rights and obligations of the parties to this Agreement shall be governed by the laws of the State of Colorado applicable to contracts made or to be performed entirely within such state.  The prevailing party in any such proceeding shall be entitled to recover its reasonable attorneys’ fees and costs incurred in the proceeding (including those incurred in any bankruptcy proceeding or appeal) from the non-prevailing party.

 

13. Further Assurances.  Each party hereto agrees to execute any and all documents, and to perform such other acts, whether before or after the date hereof, that may be reasonably necessary or expedient to further the purposes of this Agreement or to further assure the benefits intended to be conferred hereby.

 

  

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14. Survival.  All representations, warranties, obligations and under-takings of the parties set forth herein shall survive the execution and delivery of this Agreement and Sale and other transactions contemplated hereby.

 

 

	/s/ C. Stephen Guyer	 	 	 
	PURCHASER:  	Colorado Goldfields Inc.	 
	 	C. Stephen Guyer, Chief Financial Officer	 
	
Date signed:    2 November 2012

	 	 

 

 

	/s/ Stephen C. Fearn	 	 	 
	 	Jo Grant Mining Company, Inc.	 
	SELLER:   	Stephen C. Fearn, President	 
	
Date signed:   2 November 2012

	 	 

 

  

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EXHIBIT A

 

	
Claim Name

	 	
US Survey No.

	 	 	
Patent No.

	 	 	
Acres

	 
	
Belle Conklin

	 	 	899	 	 	 	7431	 	 	 	10.330	 
	
Chicago

	 	 	16046	 	 	 	39721	 	 	 	6.680	 
	
Florence R

	 	 	18291	 	 	 	47075	 	 	 	0.900	 
	
Indiana

	 	 	14696	 	 	 	35280	 	 	 	10.000	 
	
Keystone

	 	 	19674	 	 	 	817450	 	 	 	10.304	 
	
Last Chance

	 	 	16610	 	 	 	40216	 	 	 	3.934	 
	
Little Maud

	 	 	498	 	 	 	23826	 	 	 	7.900	 
	
Overlook

	 	 	19674	 	 	 	817450	 	 	 	3.512	 
	
Sam E

	 	 	19674	 	 	 	817450	 	 	 	5.661	 
	
Sultan

	 	 	15154	 	 	 	38486	 	 	 	6.806	 
	
Thunder

	 	 	19674	 	 	 	817450	 	 	 	5.650	 
	
Aletha

	 	 	670	 	 	 	14433	 	 	 	6.000	 
	
Blue Jay

	 	 	14322	 	 	 	35422	 	 	 	1.698	 
	
Bryan

	 	 	19674	 	 	 	817450	 	 	 	4.182	 
	
Champion

	 	 	14696	 	 	 	35280	 	 	 	10.000	 
	
Champion No. 2

	 	 	14696	 	 	 	35280	 	 	 	10.000	 
	
Cocktail

	 	 	446	 	 	 	6021	 	 	 	7.000	 
	
Emblem

	 	 	487	 	 	 	6165	 	 	 	10.000	 
	
Empire

	 	 	647 - A	 	 	 	6336	 	 	 	10.000	 
	
Empire M.S.

	 	 	647 - B	 	 	 	6336	 	 	 	5.000	 
	
Empire Tunnel

	 	 	14806 - A	 	 	 	36113	 	 	 	10.300	 
	
Excelsior

	 	 	13757 - A	 	 	 	33980	 	 	 	10.312	 
	
Fairview

	 	 	19674	 	 	 	817450	 	 	 	10.282	 
	
Florence R Fraction

	 	 	18291	 	 	 	47075	 	 	 	13.858	 
	
Fraction

	 	 	14328	 	 	 	36053	 	 	 	3.505	 
	
Great Central

	 	 	650	 	 	 	10757	 	 	 	4.200	 
	
Great Republic

	 	 	649 - A	 	 	 	28836	 	 	 	8.200	 
	
Great Republic M.S.

	 	 	649 - B	 	 	 	28836	 	 	 	5.000	 
	
Hawkeye

	 	 	486	 	 	 	6030	 	 	 	8.700	 
	
Hercules

	 	 	648 - A	 	 	 	6337	 	 	 	7.700	 
	
Hercules M.S.

	 	 	648 - B	 	 	 	6337	 	 	 	5.000	 
	
Ida The Maid

	 	 	1807	 	 	 	11163	 	 	 	7.640	 
	
Jennie Parker

	 	 	207	 	 	 	3793	 	 	 	6.100	 
	
Justice

	 	 	19674	 	 	 	817450	 	 	 	3.679	 
	
Little Dora

	 	 	981	 	 	 	7636	 	 	 	7.500	 
	
Little Mollie

	 	 	17833	 	 	 	45022	 	 	 	8.906	 
	
Melville M.S.

	 	 	652 - B	 	 	 	6348	 	 	 	5.000	 
	
Neglected

	 	 	18291	 	 	 	47075	 	 	 	10.310	 
	
Oregon

	 	 	14696	 	 	 	35280	 	 	 	10.000	 
	
Seal

	 	 	488	 	 	 	7574	 	 	 	10.300	 
	
Silverton Park

	 	 	14806 - A	 	 	 	36113	 	 	 	10.300	 
	
Silverton Park M. S.

	 	 	14806 - B	 	 	 	36113	 	 	 	3.973	 
	
Smith

	 	 	17849 - A	 	 	 	45020	 	 	 	10.331	 
	
Smith M. S. (less surface rights)

	 	 	17849 - B	 	 	 	45020	 	 	 	4.522	 
	
Stadaconda

	 	 	2624	 	 	 	23275	 	 	 	0.631	 
	
State Street

	 	 	13757	 	 	 	33980	 	 	 	10.331	 
	
victoria

	 	 	1051 - A	 	 	 	8345	 	 	 	7.300	 
	
Victoria M. S.

	 	 	1051 - B	 	 	 	8345	 	 	 	5.000	 
	
Water Witch

	 	 	651	 	 	 	5.816	 	 	 	4.100	 
	
Whitman M.S.

	 	 	1051 - B	 	 	 	36007	 	 	 	4.990	 
	
     Total Acres

	 	 	 	 	 	 	 	 	 	 	353.527	 

 

 

A-1clth_ex1030.htm

EXHIBIT 10.30

AMENDMENT No. 7

TO PROMISSORY NOTE

This Amendment No. 7 to the Promissory Note, originally dated September 1, 2010 (the “Note”), previously amended February 11, 2011, May 31, 2011, July 29, 2011, November 7, 2011, March 27, 2012 and July 31, 2012 (the “Amendments”), is entered into as of the 1st day of November, 2012, by and between CMS Acquisition, LLC (“CMS”) and CleanTech Biofuels, Inc. (“CTB”).

WHEREAS, the Note is secured by the CTB owned U.S. Patent No. 6,306,248 pursuant to a Security Agreement dated as of September 1, 2010, between CMS and CTB (the “Security Agreement”);

 

WHEREAS, a payment of $25,000 was made on February 11, 2011 for interest to date and principal, by CTB on the Note;

 

WHEREAS, as of May 16, 2011, the rate to accrue interest increased to 10.0% per annum (from 9.0% per annum);

 

WHEREAS, as of November 7, 2011, Warrant A1 issued with the original Note on September 1, 2010 was re-dated to November 7, 2011; and

 

WHEREAS, the parties wish to amend the terms of the Note as set forth below.

 

NOW THEREFORE, the parties hereto agree as follows:

 

1.             The Maturity Date, as defined in the Amendments, shall be changed to December 22, 2012 from October 27, 2012.

 

2.             All remaining terms and conditions of the Note, Security Agreement and Warrant shall continue in full force and effect.

 

IN WITNESS WHEREOF, CTB and CMS have caused this Amendment No. 7 to the Note to be executed and delivered by their duly authorized officers as of the day and year set forth above.

 

 

	 	
CLEANTECH BIOFUELS, INC.:

	 
	 	 	 	 
	 	
By: 

	 	 
	 	Name: 	Edward P. Hennessey	 
	 	Title: 	CEO	 

 

 

	 	

CMS Acquisition, LLC:

	 
	 	 	 	 
	 	
By: 

	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

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