LOAN AGREEMENT March 1, 2024
Exhibit 4.25
March 1, 2024
Fairtide Ventures (the “Lender”) of 000 Xxx Xx Xxxxx 000, Xxxxxxx Xxx, Xxxxxxx X0X 0X0, advanced total of US$10,040(the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 0000 Xxxxxx Xxxxxx, Xxxx, Xxxx 000, Xxxxxxxxx, XX X0X 0X0. At the request of the Borrower, the funds were wired to the Borrower’s wholly-owned subsidiary, Minera Polymet SpA, with an address at 0000 Xxxxxxxxx Xxxxx, Xxxxxxxx, Xxxxx.
The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the date of this loan agreement. The Borrower is liable for repayment of the Principal Sum and accrued Interest and any costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
| XXXXXX | XXXXXXXX | |
| Fairtide Ventures | Red Metal Resources Ltd. | |
| Per: | Per: | |
| /s/ Xxxxxxx X. Xxxxx | /s/ Xxxx xx Xxxxx | |
| Xxxxxxx X. Xxxxx | Xxxx xx Xxxxx, CFO |
PROMISSORY NOTE
| Principal Amount: US$10,040 | March 1, 2024 | |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Fairtide Ventures (the “Lender”) the sum of $10,040 lawful money of the United States of America (the “Principal Sum”) together with interest on the Principal Sum accrued from the date of the Loan Agreement, as explicitly specified in that Loan Agreement dated for reference March 1, 2024 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.
For the purposes of this promissory note, Interest Rate means 8 per cent per year. Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Payment Date (for an effective rate of 8.3% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.
The Borrower retains the right but not an obligation, to repay the Principal Sum and the Interest in whole or in part at any time.
The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| /s/ Xxxx xx Xxxxx | |
| Xxxx xx Xxxxx, CFO |
