Exhibit 10.15
SECOND EXTENSION AGREEMENT
BETWEEN:
XXXXXXX XXXXXX, businesswoman (herein "Xxxxxx"), of #000 000 Xxxxxxxxx
Xx., Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
AND:
NAPTAU GOLD CORPORATION, a Delaware Corporation (herein "NAPTAU"),
having its registered offices at 11th Floor, Xxxxxx
Square North, 00xx xxx Xxxxxx Xxxxxxx,
Xxxxxxxxxx, Xxx Xxxxxx Xxxxxx, Xxxxxxxx 00000
WITNESS THAT
WHEREAS
(1) NAPTAU and Xxxxxx entered into an agreement on the 12th day of October, 1995
for the acquisition by NAPTAU of Placer Lease #1160 in the Cariboo Mining
Division of British Columbia, in the area of Likely, British Columbia, Canada
(the "Agreement");
(2) Pursuant to the Agreement NAPTAU was obligated, in part, to pay the sum of
USD$200,000 to Xxxxxx on or before December 12, 1995;
(3) By an agreement dated April 30, 1996, NAPTAU was granted an extension of the
time for performance of its obligation to make the above payment to October 12,
1996 (the "Extension Agreement"). The Extension Agreement also included terms
reflecting settlement of any interest due on the above sum.
(4) The Extension Agreement has now expired and NAPTAU has not as yet made the
payment above referred to; and
(5) Both Xxxxxx and NAPTAU would like to extend the time for payment of the said
principal sum on mutually satisfactory terms;
IT IS NOW AGREED that in consideration of the payment of TEN DOLLARS ($10) by
NAPTAU to Xxxxxx, the receipt and sufficiency of which is hereby acknowledged,
and the further mutual covenants and agreements following that:
1. The amount agreed to be paid by NAPTAU to Xxxxxx in para.2 above shall be
paid on or before the 12th day of October, 1997.
2. NAPTAU hereby agrees to pay Xxxxxx 100 ounces of raw gold from its share of
the gold produced from the mining operations on all of its placer mining leases
in the Cariboo Mining Division of British Columbia (the "Leases").
3. The total number of ounces of raw gold to be paid to Xxxxxx under the terms
of this agreement shall be distributed to Xxxxxx from NAPTAU's share of the raw
gold due to it for the 1997 placer mining operations on the Leases, immediately
following the accumulation by NAPTAU of sufficient ounces of raw gold to meet
its obligations and commitments to Noble Metal Group Incorporated under prior
agreements for the 1997 placer mining season, but in advance of any other party
including NAPTAU itself.
4. NAPTAU may not, without Dennis's consent substitute refined gold or its
equivalent in value for raw gold.
IN WITNESS WHEREOF THE PARTIES HERETO, IF CORPORATE PARTIES HAVING BEEN DULY
AUTHORIZED BY THEIR RESPECTIVE BOARDS OF DIRECTORS, HAVE SET THEIR HANDS AND
SEALS AS OF THE ___ DAY OF OCTOBER, 1996.
NAPTAU GOLD CORPORATION
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BY: XXXXXX X. XXXXX, President
EXECUTED BY XXXXXXX XXXXXX )
IN THE PRESENCE OF: )
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Name: )
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Address: )
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Occupation: )
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