SILVERTON ADVENTURES, INC. NOVATION AGREEMENT
NOVATION AGREEMENT
SILVERTON ADVENTURES, INC., a corporation organized and existing under the laws of the State of Nevada, with an address of 0000-X, Xxxxx Xxxxxx Xxxx Xxxxxxxxx, Xxx Xxxxx, Xxxxxx 00000, hereinafter referred to as the Company, and XXXXX XXXXXXX an individual hereinafter referred to as “XXXXX XXXXXXX” in consideration of the promises made herein, agree as follows:
1. Agreement. On April 15, 2013, the Company and XXXXX XXXXXXX entered into an AGREEMENT under which the Company agreed to pay XXXXX XXXXXXX as further described in the agreement attached hereto as Exhibit A for monies forwarded to Silverton Adventures, Inc., and its subsidiaries between September 4, 2008 and March 2, 2013.
2. Novation. Company and XXXXX XXXXXXX hereby agree to extinguish the agreement referred to in Paragraph 1. Each party hereby relinquishes any claim that they had or may have had under that agreement and stipulates that this agreement constitutes a novation with respect to the agreement.
3. New Agreement. Company and XXXXX XXXXXXX agree to replace 100% of the amount owed from the Agreement (Exhibit A) with the following new agreement: Company shall issue to XXXXX XXXXXXX, Thirty Six Thousand Six Hundred Forty Nine (36,649) shares of Class “C” Preferred shares of stock pursuant to an agreement to convert the accrued principal and interest amount of $91,623.00 to Preferred Stock at a price of $2.50 USD per share.
4. Approval by Board of Directors. The Board of Directors approved the issuance of the above referenced shares by Unanimous Written Consent in Lieu of Meeting dated April 15, 2013.
Executed this 15th day of APRIL, 2013
/s/ Xxx Xxxxxx
Xxx Xxxxxx, CEO
