LOAN AGREEMENT June 10, 2009
EXHIBIT
10.23
June 10,
2009
Xxxxxxx X. Xxxxx (the
“Lender”) of 0 Xxxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxx, XX00XX, advanced US$7,500 (the “Principal Sum”)
to Red Metal Resources Ltd. (the “Borrower”) of 000 Xxxx Xxxxxx, Xxxxxxx Xxx,
Xxxxxxx, X0X 0X0. The Lender advanced the funds on June 10,
2009
The
Borrower agrees to repay the Principal Sum on demand, together with interest
calculated and compounded monthly at the rate of 8% per year (the “Interest”)
from June 10, 2009.. The Borrower is liable for repayment for the
Principal Sum and accrued Interest and any costs that the Lender incurs in
trying to collect the Principal Sum and the Interest.
The
Borrower will evidence the debt and its repayment of the Principal Sum and the
Interest with a promissory note in the attached form.
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LENDER
Xxxxxxx X.
Xxxxx
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BORROWER
Red Metal Resources
Ltd.
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| Per: | Per: | |||
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/s/
Xxxxxxx X.
Xxxxx
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/s/
Xxxxxxx
Xxxxx
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Xxxxxxx
X. Xxxxx
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Authorized
Signatory
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1
PROMISSORY
NOTE
| Principal Amount: US$7,500 | June 10, 2009 |
For value received Red
Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of
Xxxxxxx X. Xxxxx (the “Lender”) the sum
of $7,500 lawful money of United States of America (the “Principal Sum”)
together with interest on the Principal Sum from June 10, 2009 (“Effective
Date”) both before and after maturity, default and judgment at the Interest Rate
as defined below.
For the
purposes of this promissory note, Interest Rate means 8 per cent per
year. Interest at the Interest Rate must be calculated and compounded
monthly not in advance from and including the Effective Date (for an effective
rate of 8.3% per annum calculated monthly), and is payable together with the
Principal Sum when the Principal Sum is repaid.
The
Borrower may repay the Principal Sum and the Interest in whole or in part at any
time.
The
Borrower waives presentment, protest, notice of protest and notice of dishonour
of this promissory note.
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BORROWER
Red
Metal Resources Ltd.
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| Per: | ||||
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“Xxxxxxx
Xxxxx”
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Authorized
signatory
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