SEC Contract Filing

Filing Date: 2016-06-02

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>strongbowformofdebentureforc.htm
<DESCRIPTION>FORM OF DEBENTURE
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<DIV style="width:624px"><P style="margin-top:13.333px; margin-bottom:0px; font-family:'Calibri,Times New Roman'" align=justify><B>THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), 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.</B></P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:'Calibri,Times New Roman'" align=justify><B>Issued Date: May ____, 2016</B></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:624px; font-family:'Calibri,Times New Roman'; float:left" align=right><B>US$200,000.00</B></P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:'Calibri,Times New Roman'; clear:left" align=center><B>10% SECURED CONVERTIBLE DEBENTURE</B></P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:'Calibri,Times New Roman'" align=justify>FOR VALUE RECEIVED, <B>STRONGBOW RESOURCES INC., </B>a Nevada corporation (the &#147;<B>Company</B>&#148;) promises to pay to <B>___________________</B> or its registered assigns (the &#147;<B>Holder</B>&#148;), the principal sum of <B>two hundred thousand dollars</B> ($200,000) in lawful currency of the United States (the <B>&#147;Principal Amount&#148;</B>) on November ____, 2016 (the&nbsp;&#147;<B>Maturity Date</B>&#148;), and to pay interest to the Holder on the aggregate then outstanding principal amount of this Debenture at a rate of 10% per annum, subject to Section 4 below, payable on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) in cash. &nbsp;Interest shall be calculated on the basis of a 360-day year and shall accrue daily commencing on the Issue Date until conversion or payment in full of the Principal Amount, together with all accrued and unpaid interest and other amounts which may become due hereunder, has been made.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:'Calibri,Times New Roman'" align=justify>This Debenture is subject to the following additional provisions:</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:96px; font-family:'Calibri,Times New Roman'; float:left"><B>1.</B></P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:'Calibri,Times New Roman'" align=justify><B>Subscription Agreement</B></P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:'Calibri,Times New Roman'; clear:left" align=justify>This Debenture has been issued pursuant to a subscription agreement between the Company and the Holder dated May ____, 2016 (the &#147;<B>Subscription Agreement</B>&#148;) pursuant to which the Holder purchased this Debenture, and this Debenture is subject in all respects to the terms of the Subscription Agreement and incorporates the terms of the Subscription Agreement to the extent that they do not conflict with the terms of this Debenture. &nbsp;This Debenture may not be transferred, assigned or exchanged.</P>
<A NAME="_Ref117514752"></A><P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:96px; font-family:'Calibri,Times New Roman'; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:'Calibri,Times New Roman'" align=justify><B>Events of Default</B></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:96px; clear:left; float:left">2.1</P>
<P style="margin:0px; text-indent:-2px; font-family:'Calibri,Times New Roman'" align=justify>&#147;<U>Event of Default</U>&#148;, wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">(a)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:'Calibri,Times New Roman'" align=justify>any default in the payment of the Principal Amount of this Debenture, the Subscription Agreement or under the General Security Agreement, as defined below, when the same becomes due hereunder or thereunder, or if the Company makes default in the observance or performance of something required to be done or some covenant or condition required to be observed or performed herein, the Subscription Agreement or in the General Security Agreement and, if such default is capable of being cured by the Company, the same is not cured within 15 calendar days (or, if such default is capable of being cured by the Company but not within such period of time and the Company has commenced taking action to cure such default within such period of time and diligently and in good faith continues taking such action, such greater period of time, not exceeding an additional 15 cal