Loan Amount: $150,000
Loan Amount: $150,000
Agreed Interest Payment: $50,000 & 100,000 warrants to purchase iMedia common stock at a
conversion price set at trading price at the end of day of funding or 50 cents whichever is less.
An additional 100,000 warrants at a conversion price set at the trading price as of the end of the
day of execution of the first extension. (Extension Date: 4/15/10) An additional 100,000 warrants
at a conversion price set at the trading price as of the end of the day of execution of the second
extension. (Extension Date: 5/20/10)
Maximum Loan Term: 60 days (Funding Date — 2/1/2010)
iMedia International Inc, has entered into this agreement for bridge financing to enable fiduciary
responsibilities and payroll commitments until a larger funding of 2.5 million dollars US is
completed.
This loan is guaranteed paid in full within 60 days of the date of funding, using collateral of
common stock and or assets of the company, and a total debt service payment not to exceed $200,000
in cash value. In addition lender earns warrants to purchase common stock in iMedia International
at the agreed conversion price. There will be a forty seven (47) day extension granted from 4/15/10
to service the debt ending 6-1-10.
This loan is secured and collateralized by common stock of iMedia International Inc. This loan is
guaranteed unconditionally from the company’s Chairman and CEO, and both lender and borrower agree
to hold the other party harmless to any additional damages beyond the cash value of the loan plus
the agreed interest amount.
By signing below both parties hereby agree to the terms represented on this document and will
perform using best efforts to reach dates and deadlines of said agreement.
| By Lender: | iMedia International Inc. | |||||
| SAWTOOTH PROPERTIES, LLLP | ||||||
Print Name:
|
Xxxxx Xxxxxxxxxx — Chairman and CEO | |||||
| Date: / / | Date: / / | |||||
