Exhibit 10.2
[LETTERHEAD OF SUNERGY, INC.]
Commercial Short Term Loan Agreement
March __,2011
Between: Allied Mining and Supply, LLC, Borrower
14362 N Xxxxx Xxxxx Xxxxxx Blvd Suite 1000
Xxxxxxxxxx, XX 00000
And: Sunergy, Inc, Guarantor
14362 N Xxxxx Xxxxx Xxxxxx Blvd Suite 1000
Xxxxxxxxxx, XX 00000
And ___________________________________ Lender
___________________________________
___________________________________
Allied Mining and Supply, LLC, a Sunergy wholly owned subsidiary, has purchased
3 commercial dredges custom built for recovering gold, diamonds and rare earth
elements (REE's) on its Xxxxxxx River Concession in Sierra Leone, West Africa.
Allied is desirous of obtaining short term loan financing for operating these
dredges. The dredge operations should produce adequate cash flow to repay this
loan.
Allied is offering the following terms for financing: Upon receipt of $ 15,000,
Allied will repay in 90 days an amount equal to $17,500 as full payment plus
interest. As an inducement to lender to enter into this agreement, Sunergy,
Inc., the parent company of Allied , will issue 300,000 restricted common shares
with 300,000 share purchase warrants priced at $0.0075 valid for 1 year
immediately upon receipt of the $15,000. In addition, as additional security,
should lender not receive his payment in full on or before the due date,
Sunergy, Inc, as guarantor, will be responsible for a $100/ day default penalty
and remain fully responsible for any and all outstanding debt owed to lender
under this agreement. This loan is collateralized by 5,000,000 common shares
plus 5,000,000 share purchase warrants at $0.0075 exercisable for 1 year. In the
event of any default, lender shall be able to convert the outstanding balance
owed to the common share collateral provided by Sunergy.
Jurisdiction for any disputes pertaining to this agreement is in the State of
Nevada and shall be resolved by Arbitration.
This is the entire agreement between the parties.
Agreed and accepted on the date above referenced by:
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Allied Mining and Supply, LLC, Borrower
Xxxx Xxxxxxxx, President 707.758.5859 xxxx@xxxxxxxxxxxxxxxxxxxxx.xxx
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Sunergy, Inc, Guarantor
Xxxxx Xxxxxx, President 707.738.4280 xxxxx@xxxxxxxxxxxxxxxxxxxxx.xxx
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Lender
Attached as a part of this agreement: Purchase agreement for Dredge
Sunergy, Inc Bank Info for wiring funds:
Chase Bank NA
00000 X Xxx Xxxxx
Xxxxxxxxxx XX 00000
Account
ABA 000000000
Sunergy Inc
00000 X. Xxxxx Xxxxx Xxxxxx Xxxx
Xxxxxxxxxx, XX 00000
480.399.7222
