Document:

f8k090110ex10i_nxt.htm

Exhibit 10.1

MODIFICATION AND AMENDMENT AGREEMENT

 

THIS MODIFICATION AND AMENDMENT AGREEMENT (“Agreement”) is made effective this 1st day of September, 2010 (the “Execution Date”), by and among NXT Nutritionals Holdings, Inc., a Delaware corporation (the “Company”), and each of the investors set forth on the signature page hereto (individually, an “Investor” and collectively, the "Investors").  Parties to this Agreement are individually referred to as the “Party,” and collectively referred to as the “Parties.” Capitalized terms used herein but not otherwise defined shall the meanings ascribed to them in the Transaction Documents (defined below).

RECITALS

 

WHEREAS, the Company is a public company currently traded on the Over the Counter Bulletin Board.

 

WHEREAS, the Company and the Investors entered into a securities purchase agreement on February 17, 2010 or February 26, 2010, as the case may be (the “Securities Purchase Agreement”), pursuant to which the Company raised total proceeds of $5,667,743 through the sale of (i) 0% Original Issue Discount Senior Secured Convertible Notes (the “Notes”) convertible into shares of Common Stock at a Conversion Price of $1.00 per share and (ii) a number of five-year warrants (the “Warrants”) exercisable into a number of shares of Common Stock equal to 100% of the number of common shares underlying the Notes at an Exercise Price of $1.25 per share to certain accredited investors (the “Purchasers”). The Securities Purchase Agreement, the Notes and the Warrants are hereinafter collectively referred to as the Transaction Agreements.

 

WHEREAS, pursuant to Section 5.5 of the Securities Purchase Agreement, Section 9(e) of the Note and Section 5(l) of the Warrant, provisions of the Transaction Documents may be modified and amended by the Company and the Purchasers holding at least 67% in the Securities outstanding.

 

WHEREAS, the Parties desire to amend the Transaction Documents to modify the rights and obligations of the Company and the Purchasers set forth thereunder.

 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties identified below hereby agree as follows:

1.           The Notes are hereby amended and modified as follows:

(a) The Parties wish to postpone the commencement of the Monthly Redemption Date by three calendar months and extend the Maturity Date to August 1, 2011. Accordingly,

 

  

1

  

(i) the definition of the Monthly Redemption Date is hereby cancelled and restated as follows:

	
a.  

	
“Monthly Redemption Date” means the 1st of each month, commencing immediately upon December 1, 2010, and terminating upon the full redemption of this Note.

(ii) the second paragraph of the Note is hereby cancelled and restated as follows:

	
a.  

	
“FOR VALUE RECEIVED, the Company promises to pay to ________________________ or its registered assigns (the “Holder”), or shall have paid pursuant to the terms hereunder, the principal sum of $_______________ on August 1, 2011 (the “Maturity Date”), or such earlier date as this Note is required or permitted to be repaid as provided hereunder.  This Note is subject to the following additional provisions:”

(b) The Parties wish to modify the limitations set forth in Section 6(b) on the Company’s option to redeem the Monthly Redemption Amount in Conversion Shares. Accordingly, Section 6(b) is hereby cancelled and restated as follows:

(i)  Monthly Redemption.  On each Monthly Redemption Date, the Company shall redeem the Monthly Redemption Amount (the “Monthly Redemption”). The Monthly Redemption Amount payable on each Monthly Redemption Date shall be paid in cash; provided, however, as to any Monthly Redemption and upon twenty (20) Trading Days’ prior written irrevocable notice (the “Monthly Redemption Notice”), in lieu of a cash redemption payment the Company may elect to pay all or part of a Monthly Redemption Amount in Conversion Shares based on a conversion price equal to the lesser of (i) the then Conversion Price and (ii) 85% of the average of the VWAPs for the 20 consecutive Trading Days ending on the Trading Day immediately prior to the applicable Monthly Redemption Date (subject to adjustment for any stock dividend, stock split, stock combination or other similar event affecting the Common Stock during such 20 Trading Day period) (the “Monthly Redemption Price” and such 20 Trading Day period, the “Monthly Redemption Period”); provided, however, that if such Monthly Redemption Price is less than $0.40, subject to adjustment for any stock dividend, stock split, stock combination or other similar event affecting the Common Stock, the Company shall obtain the Holder’s prior written consent to pay the Monthly Redemption Amount in Conversion Shares; provided, further, that the Company may not pay the Monthly Redemption Amount in Conversion Shares unless (y) from the date the Holder receives the duly delivered Monthly Redemption Notice through and until the date such Monthly Redemption is paid in full, the Equity Conditions have been satisfied, unless waived in writing by the Holder, and (z) as to such Monthly Redemption, prior to such Monthly Redemption Date (but not more than 5 Trading Days prior to the commencement of the Monthly Redemption Period), the Company shall have delivered to the Holder’s account with The Depository Trust Company a number of Conversion Shares to be applied against such Monthly Redemption Amount equal to the quotient of (x) the applicable Monthly Redemption Amount divided by (y) the lesser of (A) the Conversion Price and (B) 85% of the average of the VWAPs for the 20 consecutive Trading Days ending on the 3rd Trading Day immediately prior to the applicable date of the Monthly Redemption Notice (the “Pre-Redemption Conversion Shares”).  The Holder may convert, pursuant to Section 4(a), any Principal Amount of this Note subject to a Monthly Redemption at any time prior to the date that the Monthly Redemption Amount plus 

 

  

2

  

 

liquidated damages and any other amounts then owing to the Holder are due and paid in full.  Unless otherwise indicated by the Holder in the applicable Notice of Conversion, any Principal Amount of this Note converted during the applicable Monthly Redemption Period until the date the Monthly Redemption Amount is paid in full shall be first applied to the Principal Amount subject to the Monthly Redemption Amount payable in cash and then to the Monthly Redemption Amount payable in Conversion Shares.  Any Principal Amount of this Note converted during the applicable Monthly Redemption Period in excess of the Monthly Redemption Amount shall be applied against the last Principal Amount of this Note scheduled to be redeemed hereunder, in reverse time order from the Maturity Date; provided, however, if any such conversion is applied against such Monthly Redemption Amount, the Pre-Redemption Conversion Shares, if any were issued in connection with such Monthly Redemption or were not already applied to such conversions, shall be first applied against such conversion.  Failure of the Company to issue the Conversion Shares on each Monthly Redemption Date shall otherwise be subject to the provisions of Section 4, including but not limited to Buy-In and partial liquidated damages.  The Company covenants and agrees that it will honor all Notices of Conversion tendered up until such amounts are paid in full.  The Company’s determination to pay a Monthly Redemption in cash, shares of Common Stock or a combination thereof shall be applied ratably to all of the holders of the then outstanding Notes based on their (or their predecessor’s) initial purchases of Notes pursuant to the Purchase Agreement.  At any time the Company delivers a notice to the Holder of its election to pay the Monthly Redemption Amount in shares of Common Stock, the Company shall file a prospectus supplement pursuant to Rule 424 disclosing such election.

(c)   The Parties wish to reduce the Conversion Price from $1.00 to $0.40. Accordingly, Section 4 (b) is hereby cancelled and restated as follows:

	
(i)  

	
“b) Conversion Price. The conversion price in effect on any Conversion Date shall be equal to $0.40, subject to adjustment herein (the “Conversion Price”).”

2.           The Warrants are hereby amended and modified as follows:

(a) The parties wish to reduce the Exercise Price from $1.25 per share to $0.40 per share. Accordingly, Section 2(b) of the Warrants is hereby cancelled and restated as follows:

	
(i)  

	
“b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $0.40, subject to adjustment hereunder (the “Exercise Price”).”

 

  

3

  

 

3.           All questions concerning the construction, validity, enforcement and interpretation of this Agreement 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 conflict of laws thereof.  Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this Agreement shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).  Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), 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 such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding.  Each party hereby irrevocably waives 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 such party 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 other manner permitted by applicable law. Each party hereto hereby irrevocably waives, 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 Agreement or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred

4.           The Company represents and warrants to the Investors that it has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder.  The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such Company and no further action is required by such Company, its board of directors or its stockholders in connection therewith.  This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

5.           The Investor acknowledges that the exercise price of the warrants issuable to Garden State Securities, Inc. at the Closing as partial compensation for its services rendered as the placement agent of the Company shall be reduced to $0.50 per share upon the Effectiveness (defined below).

6.           The Company shall file with the Commission, a Form 8-K describing the material terms of the modifications contemplated hereby within one (1) Business Day following the Effectiveness, as defined below.

7.           When the terms and provisions contained in the Transaction Documents in any way conflict with the terms and provisions contained in this Agreement, the terms and provisions herein contained shall prevail.

 

  

4

  

 

8.           Except as amended and modified by this Agreement, all of the terms, representations, warranties, covenants, indemnifications, agreements and all other provisions of the Transaction Documents shall continue to remain in full force and effect.

9.           Capitalized terms and phrases used in this Agreement without definition shall have the respective meanings set forth in the Securities Purchase Agreement, unless otherwise specified.

10.         This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile signature.

11.         The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

12.         If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

13.         Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

14.         No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers holding at least 67% in interest of the Securities then outstanding.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

15.         This Agreement will become effective at the time that it is joined into by the Company and the Purchasers of at least 67% of the aggregate number of Securities issued and issuable under the Securities Purchase Agreement (the “Effectiveness”), and the amendments and modifications made hereunder shall be binding on all Purchasers as applicable.

[Signature Pages Follow]

 

  

5

  

 

IN WITNESS WHEREOF, the Company has caused its respective signature page to this Modification and Amendment Agreement to be duly executed as of the date first written above.

 

	  	
COMPANY:

 

	  	
NXT NUTRITIONALS HOLDINGS, INC.

 

By:  Michael McCarthy         

        Name: Michael McCarthy

        Title: Chief Executive Officer

 

[Investor Signature Page Follows]

 

  

6

  

IN WITNESS WHEREOF, each of the Investors has caused its respective signature page to this Modification and Amendment Agreement to be duly executed as of the date first written above.

	
  

	
INVESTOR

 

 

	  	
_______________________________

	  	
Print Name of Investor

 

 

By: ____________________________

       Name:

       Title:

       Number of Securities Held:

       Percentage of Securities Outstanding:

 

7f8k082710ex10i_worldvest.htm

Exhibit 10.1

 

 

THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "1933 ACT"), NOR REGISTERED UNDER ANY STATE SECURITIES LAW. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY.

AGREEMENT FOR THE EXCHANGE OF COMMON STOCK

AGREEMENT made this 27th day of August 2010, by and between WorldVest, Inc., a Florida corporation (hereinafter, called "ISSUER") and CIM Mineral Investors, S.A. a BVI company hereto and made an integral part hereof (hereinafter, called "CIM Minerals"), which CIM Minerals owns 99.9% of Chile Inversiones de Minerales, Ltda. for (hereinafter, called “CIM”).

In consideration of the mutual promises, covenants, and representations contained herein, and other good and valuable consideration,

THE PARTIES HERETO AGREE AS FOLLOWS:

	
1.

	
EXCHANGE OF SECURITIES. Subject to the terms and conditions of this Agreement, the ISSUER agrees to issue to CIM Minerals, 20,000,000 shares of common stock of the ISSUER, $0.001 par value and 12,000,000 shares of Series D Convertible Preferred Stock (to be automatically converted at time of WorldVest, Inc. completes its redomicile to Cayman Islands and increases its authorized capital stock) of the ISSUER, $0.001 par value (hereinafter, called the "SHARES"), in exchange for shares representing 99.9% ownership of CIM, such that CIM shall become majority owned subsidiary of the ISSUER.

 

CIM Minerals will also transfer its rights to the ISSUER to acquire the final 0.01% of the stock in CIM for a nominal value of US$1.00 which can be exercised upon the change of incorporation of the company from a Limitada “Ltda” to a Society “S.A.” under the laws of the Country of Chile.

 

The ISSUER also agrees to issue 7,500,000 transferrable warrants to CIM Minerals with exercise prices as follows:  1,500,000 at $2.00, 3,000,000 at $3.50 and 3,000,000 at $5.00.  These warrants will be exercisable for 7 years from the date of issuance.

	
2.

	
REPRESENTATIONS AND WARRANTIES. ISSUER represents and warrants to CIM Minerals the following:

	
  

	
i

	
Organization. ISSUER is a corporation duly organized under the laws of Florida and has all the necessary corporate powers to own properties and carry on a business, and is duly qualified to do business in Florida. All actions taken by the incorporators, directors and shareholders of the ISSUER have been valid and in accordance with the laws of the State of Florida.

	
  

	
ii

	
Capital. The authorized capital stock of the ISSUER is 80,000,000 shares of common stock, $0.001 par value, of which there are 59,065,000 issued and outstanding shares and 20,000,000 shares of preferred stock, $0.001 par value, of which there are 5,000,000 issued and outstanding.  All outstanding shares are fully paid and non-assessable, free of liens, encumbrances, options, restrictions, and legal or equitable rights of others not a party to this Agreement. At closing, there will be no outstanding subscriptions, options, rights, warrants, convertible securities, or other agreements or commitments obligating ISSUER to issue or to transfer from the treasury any additional shares of its capital stock. None of the outstanding shares of the ISSUER are subject to any stock restriction agreements. All of the shareholders of the ISSUER have valid title to such shares and acquired their shares in a lawful transaction and in accordance with the laws of the State of Florida.

 

  

1

  

 

	
iii.  

	
Financial Statements.   The Financial Statements of WorldVest are accurately stated in the December 31, 2009 10K annual filing and the March 31, 2010 and June 30, 2010 quarterly 10Q filings.

 

	
  

	
iv.

	
Absence of Change. Since the date of the balance sheet, there has not been any change in the financial condition or operations of the ISSUER, except changes in the ordinary course of business, which changes have not, in the aggregate, been materially adverse.

 

	
  

	
v

	
Liabilities. ISSUER does not have any debt, liability, or obligation of any nature, whether accrued, absolute, contingent, or otherwise, and whether due or to become due, that is not reflected on the ISSUER'S financial statement. ISSUER is not aware of any other pending, threatened or asserted claims, lawsuits or contingencies involving the ISSUER or its common stock.

	
  

	
vi

	
Ability to Carry out Obligation. ISSUER has the right, power, and authority to enter into and perform its obligations under this Agreement. The execution and delivery of this Agreement by ISSUER and the performance by ISSUER of its obligations hereunder will not cause, constitute, or conflict with or result in (a) any breach or violation or the provisions of, or constitute a default under any license, indenture, mortgage, charter, instrument, articles of incorporation, bylaw, or other agreement or instrument to which the ISSUER or its shareholders are a party, or by which they may be bound, nor will any consents or authorizations of any party other than those hereto be required, (b) any event that would cause the ISSUER to be liable to any party, or (c) any event that would result in the creation or imposition or any lien, charge or encumbrance on any assets of the ISSUER or upon the securities of the ISSUER to be acquired by CIM Minerals.

	
  

	
vii.

	
Full Disclosure. None of the representations and warranties made by the ISSUER, or any certificate or memorandum furnished or to be furnished by the ISSUER, contains or will contain any untrue statement of a material fact, or omit any material fact the omission of which would be misleading.

	 	viii.	
Compliance with the Laws. ISSUER has complied with, and is not in violation of any federal, state or local statue, law, and/or regulation pertaining to ISSUER. ISSUER has complied with all federal and state securities laws in connection with the issuance, sale and distribution of its securities.

	
 

	ix.	
Litigation. ISSUER is not (and has not been) a party to any suit, action, arbitration, or legal, administrative, or other proceeding, or pending governmental investigation. To the best of the knowledge of the ISSUER, there is no basis for any such action or proceeding and no such action or proceeding is threatened against the ISSUER and ISSUER is not subject to or in default with respect to any order, writ, injunction, or decree of any federal, state, local, or foreign court, department, agency, or instrumentality.

	
  

	
x.

	
Conduct of Business. Prior to the closing, the ISSUER shall conduct business in the normal course, and shall not (a) sell, pledge, or assign any assets, (b) amend its article of incorporation or By-laws, (c) declare dividends, redeem or sell stock or other securities, (d) incur any liabilities, (e) acquire or dispose of any assets, enter into any contract, guarantee obligations of any third party, or (f) enter into any other transaction

 

  

2

  

 

	
  

	
xi.

	
Corporate Documents. Copies of each of the following documents, which are true, complete and correct in all material respects, will be attached hereto and made an integral part hereof to this Agreement:

 

	
  

	
(1)

	
Articles of Incorporation;

	
  

	
(2)

	
By-laws;

	
  

	
(3)

	
Minutes of Shareholders Meetings;

	
  

	
(4)

	
Minutes of Directors Meetings;

	
  

	
(5)

	
List of Officers and Directors;

	
  

	
(6)

	
Balance Sheet as described in Section 2(iii); and

	
  

	
(7)

	
Stock register and stock records of the ISSUER and a current, accurate list of the

	
  

	
ISSUER's shareholders.

	
  

	
xii.

	
Documents. All minutes, consents or other documents pertaining to the ISSUER to be delivered at the closing shall be valid and in accordance with the laws of the State of Florida.

	
  

	
xiii

	
Title. The Shares to be issued to CIM Minerals will be, at the closing, free and clear of all liens, security interests, pledges, charges, claims, encumbrances and restrictions of any kind. None of such Shares are or will be subject to any voting trust or agreement. No person holds or has any right to receive any proxy or similar instrument with respect to such shares, except as provided for in this Agreement, the ISSUER is not a party to any agreement which offers or grants to any person the right to purchase or acquire any of the securities to be issued to CIM Minerals. There is no applicable local, state or federal law, rule or regulation, or decree which would, as a result of the issuance of the Shares to CIM Minerals, impair, restrict, or delay CIM Minerals voting rights with respect to the Shares.

3.      CIM Minerals and CIM represent and warrant to the ISSUER the following:

	
    i.  

	
Organization. CIM is an iron ore mining and investment company incorporated under the laws of Chile.  Any actions taken by the owners and shareholders of the CIM have been valid and in accordance with the laws of Chile.

	
   ii.

	
Shareholders and Issued Stock. CIM Minerals owns 99.9% of all capital stock of CIM.

	
  

	
iii

	
Ability to Carry out Obligation. CIM has the right, power, and authority to enter into and perform its obligations under this Agreement. The execution and delivery of this Agreement by CIM and the performance by CIM of its obligations hereunder will not cause, constitute, or conflict with or result in (a) any breach or violation or the provisions of, or constitute a default under any license, indenture, mortgage, charter, instrument, articles of incorporation, bylaw, or other agreement or instrument to which the CIM or its shareholders are a party, or by which they may be bound, nor will any consents or authorizations of any party other than those hereto be required, (b) any event that would cause the CIM to be liable to any party, or (c) any event that would result in the creation or imposition or any lien, charge or encumbrance on any assets of the CIM or upon the securities to be acquired by the ISSUER.

	
  

	
iv.

	
Financial Statements.   N/A.  It is stipulated by CIM Minerals and CIM that full financial disclosures have been made on all assets and operations of CIM.

	
  

	
v.

	
Absence of Change. Since the date of the balance sheet, there has not been any change in the financial condition or operations of the CIM, except changes in the ordinary course of business, which changes have not, in the aggregate, been materially adverse.

 

  

3

  

 

	
  

	
vi.

	
Liabilities. CIM does not have any debt, liability, or obligation of any nature, whether accrued, absolute, contingent, or otherwise, and whether due or to become due, that is not reflected on the CIM’S financial statement. CIM is not aware of any other pending, threatened or asserted claims, lawsuits or contingencies involving the CIM or its common stock.

 

	
       vii.  

	
Corporate Documents. Copies of each of the following documents, which are true, complete  and correct in all material respects, will be attached hereto and made an integral part hereof to this Agreement:

 

	 	(1)	Articles of Incorporation;
	 	(2)	 
By-laws;

	 	(3)	Minutes of Shareholders Meetings;
	 	(4)	Minutes of Directors Meetings;
	 	(5)	List of Officers and Directors;
	 	(6)	Financial Statement and
	 	(7)	Stock register and stock records of the CIM and a current, accurate list of the shareholders.
	 	(8)	All Mineral Concession records and files including all records pertaining to the Atacama Desert Iron Ore Mine and the Tocopilla Sands Property.
	 	(9)	All current LOI’s and Port Agreements held by the company and all information and introductions for Mineral or Port negotiations.

	
  

	
vii.

	
Documents. All minutes, consents or other documents pertaining to the CIM to be delivered at the closing shall be valid and in accordance with the laws of the State of Florida.

	
4.

	
INVESTMENT INTENT. CIM Minerals agrees that the Shares of CIM being transferred pursuant to this Agreement (hereinafter called a "Transfer") may be sold, pledged, assigned, hypothecated or otherwise transferred, with or without consideration, and the said TRANSFER shall come into force only pursuant to an effective registration statement under the 1933 Act, or pursuant to an exemption from registration under the 1933 Act, the availability of which is to be established to the satisfaction of the ISSUER. CIM Minerals agrees prior to any Transfer, to give written notice to the ISSUER expressing SHAREHOLDER's desire to affect such Transfer and describing the proposed Transfer.

	
5.

	
CLOSING. The closing of this transaction shall take place at the offices of CIM upon receipt or exchange, as the case may be of the items referenced in Section 6, below. If the closing of this transaction does not take place on or before August 31st, 2010 then either party may terminate this Agreement.

	
6.

	
DOCUMENTATION TO BE DELIVERED AT CLOSING.

	
  

	 

	
  

	
i.

	
By the ISSUER

	
(1)  

	
Board of Directors Minutes authorizing the issuance of 20,000,000 common shares and 12,000,000 Series D Convertible Preferred Shares registered in the name of CIM Mineral Investors, S.A.

 

	
(2)  

	
Board of Director Minutes authorizing the issuance of 7,500,000 transferrable warrants exercisable at $2.00, $3.50 and $5.00 as agreed.

 

	
(3)  

	
Stock Certificates representing a total of 20,000,000 common shares of common stock and 12,000,000 Series D Convertible Preferred Shares in the ISSUER issued CIM Mineral Investors, S.A.  These shares are automatically converted on the redomicile of WorldVest.

 

	
(4)  

	
Warrants representing the right to purchase a total of 7,500,000 shares of common stock in the ISSUER issued CIM Mineral Investors, S.A. or assignee.

 

	
(5)  

	
Such other minutes of ISSUER's shareholders or directors as may reasonably required by CIM Minerals.

 

  

4

  

 

	
  

	
ii.

	
By CIM Minerals and CIM:

	
  

	
(1)

	
Delivery to the ISSUER, share certificates representing 50,000 representing 100% of the ownership of CIM.

 

	
(2)   

	
Consents signed by a majority shareholders of CIM Minerals consenting to the terms of this Agreement.

 

7.      REMEDIES.

	
i.  

	
Arbitration. Any controversy or claim arising out of, or relating to, this Agreement, or the making, performance, or interpretation thereof, shall be settled by arbitration in the State of California in accordance with the Rules of the American Arbitration Association then existing, and judgment on the arbitration award may be entered in any court having jurisdiction over the subject matter of the controversy. The venue of such arbitration shall be in State of California under the laws of the state of California.

 

	
8.

	
MISCELLANEOUS.

	
  

	
i.

	
Captions and Headings. The Article and paragraph headings throughout this Agreement are for convenience and reference only, and shall in no way be deemed to define, limit, or add to the meaning of any provision of this Agreement.

	
  

	
ii.

	
No Oral Change. The Agreement and any provision hereof, may not be waived, changed, modified, or discharged orally, but only by agreement in writing signed by the party against whom enforcement of any waiver, change, modification, or discharge is sought.

	
  

	
iii.

	
Non Waiver. Except as otherwise expressly provided herein, no waiver of any covenant, condition, or provision of this Agreement shall be deemed to have been made unless expressly in writing and signed by the party against whom such waiver is charged; and (i) the failure of any party to insist in any one or more cases upon the performance of any of the provisions, covenants, or conditions of this Agreement or to exercise any option herein contained shall not be construed as a waiver or relinquishment for the future of any such provisions, covenants, or conditions, (ii) the acceptance of performance of anything required by this Agreement to be performed with knowledge of the breach or failure of a covenant, condition or provision hereof shall not be deemed a waiver of such breach or failure, and (iii) no waiver by any party of one breach by another party shall be construed as a waiver with respect to any other or subsequent breach.

	
  

	
iv.

	
Time of Essence. Time is of the essence of the Agreement and of each and every provision hereof.

	
  

	
v.

	
Entire Agreement. This Agreement contains the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings.

	
  

	
vi.

	
Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed as original, but all of which together shall constitute one and the same instrument.

	
  

	
vii.

	
Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service if served personally on the party to whom the notice is to be given, or the third day after mailing if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly address, and by fax, as follows:

	
  

	 

 

  

5

  

 

	CIM Mineral Investors, S.A:	 	Issuer:
	CIM Mineral Investors, S.A.	 	WorldVest, Inc.
	PO Box 146	 	295 Madison Avenue, 12th Floor
	Road Town, Tortola, BVI	 	New York, NY 10067
	 	 	 

 

                                                              

IN WITNESS WHEREOF, the undersigned has executed this Agreement this 27th day of August 2010.

 

	CIM Mineral Investors, S.A.     	 	 	WorldVest, Inc.	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/

	 	 	
/s/ 

	 
	
David Goldring as per Shareholders   

	 	 	
Garrett K. Krause as per the Shareholders

	 
	
Resolution of CIM Mineral Investors, S.A.

	 	 	
and Directors of WorldVest, Inc.

	 

 

                                                               

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}]]