California NewsTech
California
NewsTech
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Loan
Agreement and Promissory Note
This
Loan
Agreement and Promissory Note is made this 30th
day of
June
2005, by
and among California News Tech a corporation organized under the laws of the
State of Nevada (hereinafter known as “BORROWER”) and
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(hereinafter
known as “LENDER”).
PROMISORY
NOTE
FOR
VALUE
RECEIVED, BORROWER, promises to pay to the order of LENDER, the sum of
$25,000.00 together with interest at an annual rate of 6% or $750.00 for 6
months.
The
entire outstanding Loan Amount (including principal and interest) shall be
fully
paid by BORROWER to LENDER, or any subsequent assignee of this Note, at the
end
of 6 months from the date of this note or on December
31, 2005, whichever is later.
On
the
Due Date, Lender has the option to demand that the Loan Amount (including
principal and interest) be paid in cash or, in lieu of cash, Lender may request
to be paid in 25,000 shares of common stock of California News Tech, plus 25,000
warrants exercisable at $2/share for a period of 5 (five) years as payment
in
full for all amounts due for principal and interest under this loan agreement
.
Lender understands that both the common shares as well as the common shares
for
the warrants may be exchanged will not be registered, therefore they will not
be
tradable for 12 months for the common shares and, for the warrants, 12 months
following the date of exercise of the warrants. If Lender wishes to exercise
the
option of repayment of the Loan amount in shares and warrants, they shall inform
the company in writing of their decision to exercise the option no less than
10
days before the date repayment is due.
Lender
has the option to request the Borrower to register the common shares if Lender
covers the legal expenses related to the registration statement.
Method
of
Repayment:
BORROWER
shall pay off the loan (including principal and interest) under this agreement
by sending a check to:
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If
LENDER
gives written notice that a different address should be used for making the
payment to pay off this loan, BORROWER shall use the new address so given by
LENDER.
This
offer expires at the end of day on Thursday, June 30, 2005.
This
Agreement should be interpreted under and governed by the laws of the State
of
Nevada.
In
WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing,
the
BORROWER and LENDER affix their signatures hereto.
BORROWER LENDER
California
News Tech /s/
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/s/
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By
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It’s
President and CEO
Dated:
7-1-05
Dated:
6-30-05