SEC Contract Filing

Filing Date: 2018-11-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>magellan_ex1001.htm
<DESCRIPTION>FORM OF PROMISSORY NOTE
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS NOTE HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
 <TD STYLE="width: 14%; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No. [2018A-____]</FONT></TD>
 <TD STYLE="width: 14%; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
 <TD STYLE="width: 14%; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
 <TD STYLE="width: 14%; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
 <TD STYLE="width: 44%; font-family: Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. <B>$ _____,000</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
 <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD>
 <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD>
 <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD>
 <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD>
 <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Original Issue Date:&nbsp;&nbsp;___________, 2018</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SERIES 2018A 10% UNSECURED CONVERTIBLE
PROMISSORY NOTE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DUE ___________ 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS NOTE is one of a duly authorized issue
of Notes of <B>MAGELLAN GOLD CORPORATION, </B>a Nevada corporation (the &ldquo;<U>Company</U>&rdquo;), designated as its Series
2018A 10% Unsecured Convertible Promissory Notes (the &ldquo;Notes&rdquo;) due on ____________, 2018 (which date may be extended
at the option of the Company for up to an additional 12 months) (the &ldquo;<U>Maturity Date</U>&rdquo;), in an aggregate principal
amount of up to $500,000 plus accrued and unpaid interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the Company promises to pay to <B>_______</B> , the registered holder hereof (the &quot;<U>Holder</U>&quot;), the principal sum
of __________ Thousand and 00/100 Dollars (US $____,000.00) and to pay interest on the principal sum outstanding from time to time
in arrears at the rate of 10% per annum, calculated from the date of initial issuance of this Note (the &ldquo;<U>Issue Date</U>&rdquo;)
and payable quarterly in cash beginning ___________, 2019. Accrual of interest shall commence on the first such business day to
occur after the Issue Date and shall continue to accrue on a daily basis until payment in full of the principal sum has been made
or duly provided for.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay
all accrued and unpaid interest, in arrears, on each Interest Payment Date, as provided herein, and shall pay the outstanding principal
balance hereof on the earlier of (i) the Conversion Date, or (ii) the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is being
issued pursuant to the terms of the Subscription Agreement (the &ldquo;Subscription Agreement&rdquo;), to which the Company and
the Holder (or the Holder&rsquo;s predecessor in interest) are parties. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Subscription Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is subject to the following additional
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Section 1. No Collateral/Pari Passu.</U