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EXHIBIT 10.(xvii)
[LOGO]
NEVADA MANHATTAN MINING, INC.
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Mining - Development - Exploration
September 25, 1996
Xx. Xxxx Xxxxxxx
P.O. Box 456
Drexel Hill, PA 19026-0456
Dear Xx. Xxxxxxx:
This letter will confirm our understanding with respect to your loan
of $200,000 for a period of ninety (90) days to Nevada Manhattan Mining. The
loan will bear an interest rate of twelve (12%) percent per annum and be
secured by three hundred thousand (300,000) Common Shares in the Company.
Should the Company default on said loan, the amount of shares will be increased
to a total of six hundred thousand (600,000) Common Shares in the Company with
piggy-back registration rights. The commencement date of the loan will be
acknowledged upon receipt of good funds.
Additionally, upon consummation of the terms above, you will be issued
a subscription for warrants to purchase Common Stock in the Company in the
amount of one hundred thousand (100,000) shares at a price of One Dollar and
50/100 ($1.50) per share for a period of eighteen (18) months from date of
issue.
Should the above terms be acceptable, please acknowledge where
provided below.
Sincerely Acknowledged and Accepted,
Xxxx X Xxxxxxx 10/3/96
______________________________
Xxxxxxx X. Xxxxxx Xxxx Xxxxxxx Date
Sr. Vice President
cc: Xxxx Xxxx
First Colonial Securities
0000 X. Xxxxxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxxxx, Xxxxxxxxxx
Office: (000) 000-0000 - fax: (000) 000-0000
_______________________________________________________________________________
Los Angeles, California a Manhattan. Nevada
